High quality work delivered by Indian BPOs has led to the gradual development of another aspect to global outsourcing: Knowledge Process Outsourcing (KPO). Knowledge Process Outsourcing is information driven and a niche industry that is constantly engaged in the process of creating and dispersing business-centric information. According to a report by GlobalSourcing, the Global KPO industry is worth USD 17 billion, of which India is expected to attract as much as USD 12 billion. The Indian KPO industry plans to mop up this money by growing to a 250,000 strong professional sector, probably one of the largest in the world.
What Makes India An Attractive Destination for KPO Services?
Well, India has a huge English speaking population, technically trained and qualified in a diverse number of sectors. Indian companies deliver high value to companies by providing domain specific expertise rather than mere process expertise. These processes demand advanced analytical and specialized skills from knowledge workers who have extensive domain experience to their credit. In hindsight, outsourcing of knowledge process functions is more challenging than Business Process Outsourcing. Knowledge professionals in India have extensive knowledge of domains such as:
- Biotechnology
- Education & Training
- Engineering
- Analytics
- Design & Animation
- Research & Development
- Paralegal Content
- Intelligence services
Recently, an increasing number of companies have started outsourcing their high-end knowledge work to India in order to trim costs, benefit from operational efficiencies, get access to a highly talented workforce and improve their quality of service. Several Indian companies are providing a host of services under the KPO umbrella. Some of the services are:
- Market research services
- Significance testing
- Cross tabulation
- Secondary data collection
- Financial research services
- Economic research
- Financial statement analysis
- Insurance research
- Pharmaceutical research services
- Prescription analysis
- Study on medical practitioners
- Brand related studies
- Other KPO solutions
- Trend analysis
- Company profiling reports
- Competitor analysis
So, if you are wondering if India is well equipped to take on the mantle of being the next global Knowledge Process Outsourcing hub, the answer is a resounding yes.
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