Demand for BPM firm amid slowdown fears
Retail ecommerce, BFSI players all are looking to acquire new customers, cross-sell & up-sell to their existing customers; Hence, they’re relooking at their business processes on the revenue side
Embracing New Normal
- However, there may be some challenges due to recession
- But direction-wise, it remains strong
- Like IT services, global demand for BPM rose during Covid period
- Nature of businesses changing
- So, business processes to adopt to the change
- This is resulting in more demand for BPM services
Bengaluru: Demand for BPM (business process management) services continues to remain strong among enterprises despite possible slowdown fears. Industry officials said businesses are adopting BPM services for acquiring new customers apart from saving costs.
"In the retail ecommerce space or even in the BFSI space, all are looking to acquire new customers, cross-sell & up-sell to their existing customers. So, they're relooking at their business processes on the revenue side. On the costs side, all of them are looking to optimize their cost, optimize their supply chain, optimize their inefficiencies across the board. And for both of these activities, businesses require more business process management work. So, demand for digital IT and BPM continues to be strong," Arjun Ramaraju, CEO of Conneqt Business Solution, told the BizzBuzz.
"There may be some challenges due to the possible recession, but direction-wise, it remains strong," he added. Conneqt Business Solution, part of Quess Corp Group, is a leading digital IT and BPM services provider.
Like IT services, the global demand for BPM services has also witnessed an uptick during the Covid period. With businesses changing, the business processes to adopt to the new normal, the demand for several BPM services is on an upswing.
Recently, one of the leading BPM services providers- WNS has raised its FY24 revenue guidance on the back of robust deal pipeline.
"Despite the weakening macro environment, we continue to see stability in our existing relationships and strength in demand for our solutions, which deliver both strategic transformational benefits and cost savings. With this healthy backdrop for BPM, WNS is investing for the future by adding differentiated capabilities which we believe help us address the expanding and evolving BPM market," Keshav Murugesh, CEO of WNS, said after the recent announcement of Q1 results.
He also said that in case of an economic slowdown, BPM companies will benefit as clients will look for more cost-cutting measures.
"People have been talking about this forthcoming recession and the downswing and company's fortunes and the clients fortunes, economies fortunes, country's fortunes for a while now. And what we're actually seeing is our experience has been that the nature of services that we actually provide, has become so strategic that when there is a decline in the overall economic position, it actually accelerates the fervour for our business," Murugesh said.
Meanwhile, industry officials said that high employee attrition numbers are coming down with the measures taken by companies.
On the costs side, all of them are looking to optimize their cost, optimize their supply chain, optimize their inefficiencies across the board. And for both of these activities, businesses require more business process management work. So, demand for digital IT and BPM continues to be strong
- Arjun Ramaraju, CEO, Conneqt Business Solution