Business process management firm WNS sees more business opportunities in evolving Internet of Things (IoT) and cloud computing, saying these would bring next phase of growth for Indian BPO sector.
“If you look at where business is today, I think there is a very dramatic shift taking place, which is very exciting for us. It is going to create the next phase of growth of BPO or BPM as we like to call it,” WNS CEO Keshav Murugesh said in an interview.
IoT and disruptive technologies such as mobility, cloud, 3D printing and autonomous cars are bringing in the next phase of growth, which worth around $25 billion, he said.
Clients need to be serviced in their traditional, transitional as well as in their innovative thinking businesses and firms such as WNS with their models can help them achieve this transition, he added.
“Look at the kind of change that is taking place. If you look at what is happening in banking. Brick and mortar models are giving way to mobile wallets, digital models. Branch networks have shrunk by half,” he said.
Murugesh, who heads the NYSE-listed firm said, “If you look at Europe many large banks…many of their branch networks have actually shrunk by half.”
Explaining reasons behind the shift, he said that branch networks are coming down and digital models are being introduced. The number of transactions and the number of customers with the banks have doubled.
“This is a huge opportunity for companies like us because one, the end customer needs to be serviced and second we heard about this IoT, 3D printing,” he said.
“Two years back we all laughed at this, but now some of the biggest airline companies are saying that parts of some of their aircrafts are being printed. That has become a reality,” he added.
What WNS is bullish on is that these technologies will expand end-customers for the clients and they will have to be serviced by somebody, he said.
“They will be serviced by superior providers who understand business domains very well, who understand technology interfaces very well and who have a culture of innovation. And as you see all of this has resulted in more business as opposed to less,” Murugesh noted.
According to research firm IDC, the explosive growth in cloud and number of Internet-connected devices is expected to propel the IoT market globally to $3.04 trillion by 2020. Eyeing the growth in machine-to-machine interactions and the need to a stronger back end support system for firms across the world, India’s IT-ITeS industry body Nasscom has formed council to help the country’s BPM industry deliver $50 billion in revenues by 2020.