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Don't Panic, Global Financial Bubble Won't Burst: BPIAI
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The onus for acting sensibly lies on our part as we are the world's largest BPO hub, says the Business Process Industry Association of India (BPIAI).
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Wednesday, October 15, 2008:
Analysing the challenges and opportunities ahead of the Indian business process outsourcing (BPO) sector, the Confederation of Indian Industry (CII) and the Business Process Industry Association of India jointly organised a Business Process Industry Leaders Forum. Elaborating the global failed credit control, Samir Chopra, president, Business Process Industry Association of India and founder and promoter, PKCL Group, said, "The present scenario in the backdrop of the global financial meltdown is credited to complex financial components."
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According to K.V.Subramanian, chief financial officer, Oracle Financial Services BPO, "There is no need to panic as things will settle down. India offers huge talent pool and productive human recourses. I agree that we are in a midst of a crisis, but at the same time we need to brainstorm the opportunities this crisis brings along."
Praveen Senger, head, software, services and industry, vertical research, IDC India Limited presented a five point agenda towards balanced development of the industry. He said, "We are in an urgent need to centralise our operations and move towards technology-enabled unique models to market our skills. We should follow a five point strategy namely centralise, standardise, modularise, optimise and outsource. As around 60 per cent of the BPO business comes from the United States of America and maximum of this is from the financial and banking institution. In the wake of failed global financial machinery, we have to look towards the domestic BPO segment and reach out to the remote and rural bases to expand the scope of business."
Holding the future of the BPO industry in the rural markets, Kartik Raman from Source for Change said, "Currently we are celebrating a successful BPO story; at the same time we have to see the future as well. High skilled domains of outsourcing like KPOs and LPOs can be continued with the urban educated base, however we can spread our domains towards highly prosperous rural base. Training the rural resource, cost cutting and developing better facilities is an intelligent option available to the Indian BPOs. He highlighted a case study followed by Source for Changes on an all women rural BPO."
Taking the discussion further, Chopra said, "We need not panic at present as the global financial bubble will settle down. We need to think on the prospects for beating recession; the onus for acting sensibly lies on our part as we are the world's largest BPO hub."
Elucidating a socially responsible approach towards the development of BPO sector in the rural areas, Deepak Wadhawan, senior advisor, KPMG said, "The future of this industry lies in domestic BPO driven by people inclined towards social development."
The discussion held that the domestic BPO business is going to be immense in the coming years. The rural areas present a dynamic scope for development and the intelligent BPO companies will be amongst the pioneers in settling bases in the remotest corners of the country.
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