The rise of Knowledge Process outsourcing in India can be attributed to the stupendous success tasted by Business Process Outsourcing in India. The success clients have had in the past by outsourcing businesses to Indian vendors has encouraged them to take this association further. They now outsource complex work requiring ‘intellectual capital’ provided by online market research firms flexible with market segmentation. Though the benefits remain same, the nature of work is completely different in the KPO realm in comparison to BPO.
The emergence of KPO in India has been influential in busting the myth that the nation is only good enough to churn ‘software coolies’. Indian vendors enjoy a reputation for providing seamless research services and excelling at market segmentation, services covering domains such as market research, pharmacy, medicine, law, biotechnology, education, training, engineering, design, analytics, animation, research & development, intellectual property, paralegal content, intelligence etc. The ability of online market research firms in India to provide domain expertise has resulted in them getting so much work.
As of 2010, KPO companies in India have been pegged at US $12 Billion with online market research firms employing close to 25,000 professionals. These individuals lend their expertise in diversified domains such as legal services, financial services, engineering services, writing and content development, pharmaceuticals, biotech, healthcare, education, market research and analytics, training etc.
The most impressive feature lies in the Indian understanding of diversified markets, existing and emerging alike, and their ineptness in marketing segmentation. MR organizations here understand various factors such as trends, prices, consumer reactions, product perceptions, launches, comparisons, branding, packaging etc. Their familiarity is pretty visible in their reports, which happen to be well structured and categorized. Clients find them easy to decipher and revel under the magnificence demonstrated through them.
The following factors given below are responsible for the rise of online market research firms in India.
1. Reasonable Costs.
2. Reservoir of Skilled Labor.
3. Benefitting Government Policies.
4. Infrastructure.
5. Extensive Knowledge Base.
Every calendar year, India produces close to 75,000 engineering and IT graduates along with 20,000 English speaking graduates. The number of management graduates is not less either. Lawyers, Accountants, Medical Experts, Pharmacists, Biotechnologists, Educationists, Designers, Animators, Para-legals etc. too are available in plenty. Wages range from $5,000 to $12,000, way lesser than what professionals elsewhere are compensated with. Add to this the decent back office salaries paid in the range of $3,500 to $7,500, the deal only becomes juicier. The Government of India heavily favors IT foreign ownership and rarely levies any export taxes.
The only way for KPO in India to proceed further from here is upward. The pedigree professionals take pride in, the expertise they bring to the table, their understanding of market segmentation, their ability to cater to diverse business requirements and their prowess to excel at it makes for a very strong case. Add to that the technology available at their disposal and the blend becomes unbeatable. India is a rising power and outsourcing only increases by leaps and bounds from here.
