Future of Knowledge Process Outsourcing
Knowledge Process Outsourcing (KPO) is a popular word in now globalised world. There are two major entities involved in KPO. First entity comprises of organizations in developed countries like United States, Canada, Australia and UK, and second entities are organizations from developing countries like India, China, and Philippines providing various knowledge and information-based complex services.
The prospects of growth and need for KPO services will further improve in future. According to a comprehensive study done by Evalueserve, the global KPO industry is expected to grow at a Cumulative Annual Growth Rate (CAGR) of 46 per cent from $1.2 billion in 2003 to $17 billion in 2010. A majority of growth will be visible in the already booming KPO industry in India and other Asian countries.
Here one thing is universal truth that complex processes being handled by KPO service providers are not temporary. The requirements for solution of several complex business processes will even increase along with the time. So the growth rate of KPO will not decline in coming years.
Rapid growth of research & development, automation, and digitization of Industries led to several new requirements in sectors like Finance, Web & IT Services, Medicine and Pharmaceuticals, Healthcare. These increased requirements will create new scope of opportunities for KPO and it will also require numerous skilled professionals with diverse set of knowledge, IT proficiency and business acumen. It simply means that small, medium or large enterprises in developed countries will always need cost-effective and quality solutions to business processes based on knowledge and information. It will increase career prospects in developing countries for people with high education and professional experience as well as new business and revenues prospects will be opened for KPO service providers.
Vital Areas in KPO
Knowledge Processes have great scope from outsourcing point of view. KPO industry provides services in different areas ranging from health care to IT and Finance. Some key areas in KPO are:
- Accounting
- Banking & Finance
- Taxation and Investments,
- Payroll
- Software & Web Application Development,
- Website Design and Development
- Software & Web Application Development,
- Graphic Design, Animation & Multimedia
- SEO & SEM services
All the above-mentioned business areas will grow along with the global growth of Industry and economy. That means prospects for KPO and KPO services will also grow proportionally.
