Career in Knowledge Process Outsourcing
Knowledge Process Outsourcing knowledge management is the hottest subject of the day. The question is : what is this activity called knowledge management, and why is it so important to each and every one of us? The outsourcing industry is also termed as BPO industry which has given birth to its improved form termed as Knowledge Process Outsourcing ( KPO ).
KPO is a refined form and an extension of Business Process Outsourcing ( BPO ). KPO provides value to the client through domain expertise rather than process expertise. The KPO which is an extension of BPO is the high value; high growth business that is independent of the co – existence of the BPO. According to the reports of global sourcing now the KPO is expected to reach $ 17 billion by 2010 out of which india’s share would be $ 12 billion. Knowledge Process Outsourcing, or KPO, is the latest wave to hit the outsourcing business in india.
A booming sector with tremendous potential, the KPO sector in india employs around 25,000 people currently. KPO is Knowledge Process Outsourcing. It involves outsourcing for high – end knowledge work. This includes research and work on intellectual property, equity and finance, analytics, market research and data management, etcetera.
KPO – suitability in India
- It will be socially recognized in India.
- It will be suitable to the Indian Work Culture.
- It will earn huge foreign exchange for the country.
- It will help reduce educated unemployment in India.
- It will stop brain drain from india to developed countries like usa or uk.
India has a growing population of educated people capable of handling high – end knowledge – based work and research. With a huge talent pool, india could emerge as a global KPO hub as the sector requires specialized knowledge in respective verticals. With the mushrooming of engineering and technical institutes in india, there will no shortage of skilled manpower in india.
A confederation of indian industry study states that india’s transition from a BPO destination to a KPO destination is imminent. Apart from india, countries such as russia, china, the czech republic, ireland and israel are also expected to bag a lucrative pie of the KPO industry.
Cost Advantage : More and more companies are turning to india for off shoring KPO work as quality work gets done at cheaper rates. India also offers significant cost advantages as much as 40 to 50 per cent in the areas of research and clinical trials. For instance, drafting and filing of patent applications in the us is very expensive. A typical application costs about $10,000 to $15,000 to draft and file with the united states patent and trademark office.
Companies can save up to 50 per cent of the cost by off shoring the work to india.
BPO verses KPO : Business Process Outsourcing means handing over the work of the company to outside company or agency for completion on contract basis.
It is the delegation of one or more it intensive non core business processes to an external services provide that owns, administers and managers the selected process based on defined and measurable performance metrics Knowledge Process Outsourcing is the field where the service providers, by using their specialized domain expertise, process the information in the most professional way and convert it into the most useful form for the client user and then deliver this processed information to client company for making most crucial decisions in the core business functions. In other words it is outsourcing of the core activities such as research and development analysis and crucial decision based function.
Functions : The functions covered under BPO and KPO are moderately different. These functions are basically different in its natural form as the BPO covers non core functions and KPO covers core functions.
BPO turn to KPO :
|Functions||Non Core and Routine||Core|
|Nature of Employment||For Fresh Graduates with Good Communication Skills||For Professionals like CA, MBA, Engineers, PhDs etc.|
|Professional Approach||Work on Process Expertise||Works on Domain Expertise|
|Career Difference||Considered by People as job not as a Career||Considered by Professionals as Career|
|Working hours||Type of working 24 x 7 x 365||Normal 8 hours working|
|Employees Turnover Rate||Very high ( almost 40% )||Comparatively very less|
|Growth rate||Expected to be 26%||Expected to be 46%|
KPO to Surpass BPO : India’s Business Process Outsourcing industry will soon be edged out by the emerging KPO sector as the biggest revenue grosser, according to kiran karnik, president, national association of software and services companies. The global KPO Industry is likely to become worth $17 billion by 2010, with the indian industry capturing between $12 – $14 billion of it.
Challenges for the KPO Industry :
- Maintaining data security and the confidentiality.
- Maintaining high control on the process operations.
- World class infrastructure requirements.
- Maintenance of the talent pool in the country.
- Competition from the other countries like canada philippines etc.
- Brain drain in india due to the people migration form india in search of jobs.
KPO sector offers a good working atmosphere with global exposure and an opportunity to develop skill sets in a specialized field. The remuneration is high as a person with about two years experience can draw a pay packet of around rs 6 lakh ( 6,00,000 ) to 8 lakh ( 8,00,000 ) annually, while an experienced professional gets anywhere between 15 lakh ( 1.5 million ) and 20 lakh ( 2 million ).
Like the BPO sector, KPO also faces attrition, as it is difficult for companies to retain talented and trained people. With higher pay packages and perks, people change jobs very frequently. Many people are still reluctant to join as they feel it is an unstable career. Many are unaware of the potential of this sector and the scope of future prospects. There is a lot of scope for teachers as this sector offers a good pay package. The sector also requires higher level of control, confidentiality and enhanced risk management.
Career in Knowledge Process Outsourcing – Career Building Program for KPO – Recruitment Procedure for KPO – KPO – suitability in India – BPO verses KPO – BPO turn to KPO – KPO to Surpass BPO – Challenges for the KPO Industry
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