Knowledge at its best
Like all sectors, the BPO sector has taken a hit during this recessionary phase. But emerging activities like knowledge process outsourcing or KPO can alleviate the pain inflicted by recession. KPO is one such activity which India can exploit.
DURING THIS phase of recession and global anxiety, almost all the sectors of our economy are suffering. People’s high level of expectations and the government’s constant planning and performance do not match. Like all sectors, the most prominent and the rapidly-growing Business Process Outsourcing sector or BPO sector is at stake.
But with the passage of time, many other process outsourcing opportunities have cropped up which make working in the corporate as well as other fields of expertise easier. Knowledge Process Outsourcing or KPO is one such opportunity.
KPO is a form of outsourcing, in which knowledge-related and information-related work is carried out by professionals in a different company or by professionals working in a subsidiary of the same company, which may be in the same country or in an offshore location, to save cost. It involves high-value work on the part of qualified employees, called ‘knowledge workers’, who use their academic expertise and skills in airing their opinion and understanding and delivering the client’s requirements. There are many types of services provided by the KPO sector; they are legal services, financial services, engineering R&D, market research and development, writing and content development, pharma, biotech, healthcare, education and training.
KPO is a refined form and extension of Business Process Outsourcing. KPO derives its strength from the depth of knowledge, experience and expertise; BPO, in contrast, is more about size, volume and efficiency. KPO is a step ahead of BPO. Our companies in the KPO sector are proving the statement “Indian companies are good for BPO only” wrong. They are proving to the world that Indian companies can handle complex tasks too. India boasts of highly-qualified workers in many sectors like engineering, pharmacy, R&D and biotechnology.
In India, KPO will grow because of the rigorous Indian education system that churns out a large number of qualified professionals and the other growth drivers which are available in the country. The BPO industry is expected to grow globally at a rate of over 26 per cent by 2010; KPO will grow at 46 per cent.
The future of KPO is bright in India. Apart from creating job opportunities for talented engineers, MBAs, doctors, lawyers and other professionals, the sector is spreading its wings in other directions which will lead to India’s growth.
Knowledge process outsourcing involves various knowledge processes, where the achievement of the objectives is highly dependent on the skills, domain knowledge and experience of the people carrying out the activities. The major domains for KPO include business research, investment research, market research, legal services and data analytics. A major differentiating factor between BPO and KPO is the skill set of employees. KPO, in general, requires qualified professionals from different fields. This includes engineers, MBAs, doctors, statisticians, and chemists. KPO is a step ahead of BPO. In the near future, India will experience a higher rate of growth in KPO compared to BPO. The KPO sector will heavily contribute to revenue generation and job creation owing to its accelerated growth. Therefore it has a promising future.
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