By Tapan Moharana
Bhubaneswar: Infosys BPM Services, the Business Process Management subsidiary of IT major Infosys will open its first centre in eastern India at Bhubaneswar. Odisha Chief Minister Naveen Pattnaik will inaugurate the BPM unit at Infocity on Thursday (10th August).
The Bhubaneswar centre of Infosys BPM will generate over 500 jobs in the first phase and in the subsequent expansions the employment numbers will go up to 2000.
In financial year 2022-23, the company had recorded its slowest growth since 2016-17, hurt by a decline in revenue from its top clients and the nature of deals where the bulk of the proceeds were already accounted for in the previous two years.
However, the outlook for the BPM sector looks robust as analysts predict the industry will benefit from the demand in a recessionary environment.
According to a report by the Everest group, there is a big pipeline of mega deals in the industry, and Infosys BPM is well positioned in this pipeline, hence the firm is expected to recover quickly in the current fiscal.
The Business Process Management (BPM) Industry
Business Process Management (BPM) is a systematic approach to improving and managing an organization’s business processes to enhance efficiency, effectiveness, and overall performance. It involves the design, analysis, execution, monitoring, and optimization of various processes within an organization to achieve specific goals and objectives.
The Business Process Management (BPM) industry in India is growing rapidly. In 2022, the industry generated US$44 billion in revenue, and is projected to grow at a CAGR of 12.5% to reach US$75 billion by 2027.
There are several factors driving the growth of the BPM industry in India. These include:
The increasing adoption of digital technologies by businesses. BPM can help businesses to automate their processes, improve efficiency, and reduce costs.
The availability of a skilled workforce. India has a large pool of skilled IT professionals who are well-trained in BPM.
The favorable government policies. The Indian government is supportive of the IT and BPM industries, and has implemented several policies to promote their growth.
The BPM industry in India is highly competitive. The major players in the industry include- Infosys, TCS,Wipro,Tech Mahindra,Cognizant.