A recent statement from WNS CEO Keshav Murugesh has sent shockwaves throughout the Business Process Management (BPM) industry, as he emphasizes the critical need for BPM firms to embrace Artificial Intelligence (AI) in order to stay competitive and unlock new market opportunities.
The BPM industry has experienced significant growth over the past decade, with companies increasingly outsourcing non-core functions to specialized providers. However, the rise of AI has revolutionized the way businesses operate, and BPM firms are no exception.
According to Murugesh, AI has the potential to unlock massive cost savings and market expansion for BPM firms, with a staggering 75% of opportunities remaining untapped. This represents a significant growth potential for companies that are willing to invest in AI and adapt to the changing landscape.
The integration of AI in BPM operations can bring about numerous benefits, including improved efficiency, enhanced customer experience, and increased competitiveness. AI-powered automation can help BPM firms streamline processes, reduce errors, and free up resources for more strategic and high-value tasks.
Furthermore, AI can help BPM firms expand their market reach and tap into new revenue streams. By leveraging AI-powered analytics and machine learning algorithms, companies can gain deeper insights into customer behavior and preferences, enabling them to develop more targeted and effective marketing strategies.
However, Murugesh warns that BPM firms that fail to invest in AI risk being left behind. As the industry continues to evolve, companies that are slow to adapt to the changing landscape may struggle to remain competitive. The consequences of inaction could be severe, with companies facing significant declines in market share and revenue.
In order to stay ahead of the curve, BPM firms must be willing to invest in AI and develop the necessary skills and expertise to harness its power. This may involve partnering with AI technology providers, investing in employee training and development, and establishing a culture of innovation and experimentation.
As the BPM industry continues to navigate the challenges and opportunities presented by AI, one thing is clear: the future of business will be shaped by this technology. Companies that are willing to embrace AI and adapt to the changing landscape will be well-positioned to thrive in the years to come, while those that fail to do so risk being left behind.