India continues to be the premier sourcing destination in the world for software services, still taking up a 55% market share of the $250 bn global sourcing business. There are over 1,000 global delivery centres set up by Indian IT and BPM companies. With the rapid advancements in technology, the BPM sector has been resilient to adapt new technologies like AI, RPA and voice assistant technology to make existing workflows smoother.

During COVID, this reliance on new technologies has proven to be extremely helpful, and the industry is poised to implement these changes more long term.

Here are some ways AI adoption is picking up pace in the BPM sector

Task automation: This is one of the most successful use cases for AI, and has paved the way for Robotic Process Automation to become the industry standard today. RPA can effectively manage a large volume of redundant processes, which would otherwise need extensive human labour.

Predictive analysis: AI helps understand and crunch data in an intelligent manner – meaning it can extrapolate insights and generate predictive models based on its observations of data. This is a hugely helpful tool for businesses to plan their next steps. In areas like BFSI, AI is also used to detect anomalies in large datasets and flag off concerns to compliance departments – something that humans may or may not be able to do accurately or efficiently.

Cost: The deployment of analytics, scalable cloud technologies and efficient bots are very cost effective for largescale enterprises.

Enhanced Customer Experience: Mostly in functions like RPA, there are front office and back office applications – of late, there has been a significant shift towards improving front office applications using bots. Customer satisfaction is key in client servicing, and technologies like RPA can go a long way in enhancing and maintaining these standards.

Decision-making capabilities: Sophisticated machine learning algorithms such as the decision trees and neural networks help senior management solve complex challenges and derive data for specific outputs. AI-based decision-theoretic models can assist the managers to make decisions within a business process.