May 17, 2020

India's BPO market could reach $250 billion

BPO
Everest Group
financial services
India
Freddie Pierce
2 min
Everest Group report suggests India’s financial services BPO sector could become a $250 billion market
India has long been the worlds largest financial services outsourcing market, but how much larger can Indian outsourcing grow? According to the Everest...

India has long been the world’s largest financial services outsourcing market, but how much larger can Indian outsourcing grow?

According to the Everest Group, a global consulting and research firm, India’s global business process outsourcing (BPO) in the financial services has the potential to grow into a $250 billion market.

The financial services BPO sector comprises a market of approximately $18 billion right now, which is nearly half of the world’s $40 billion global outsourcing market.

“India continues to play a key role in the (financial services) BPO space and offer attractive arbitrage opportunities compared to onshore locations in US, UK, and Europe,” Everest Group Partner Vikash Jain told The Hindu.

India’s greatest competitors right now in the financial services BPO industry are the Philippines and China, while Eastern Europe, Central American and South America are showing the fastest growth, according to the Everest Group’s report.

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The report also said that banking BPOs total nearly half of the overall sourcing operations within financial services BPO, with capital markets being the fastest growing sector, having grown 40 percent since 2009-2010.

“Despite challenges, such as constraints in the United States associated with the Troubled Asset Relief Programme and data protection measures in the European Union, the impact on global sourcing has been minimal,” co-author of the report Rajesh Ranjan told The Hindu.

India has long been an attractive market for financial services BPO, as the country boasts an incredibly large workforce that is skilled in the high-end financial services sector.

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Jun 21, 2021

Pandora and IBM digitise jewellery supply chain

supplychain
IBM
Pandora
omnichannel
2 min
Jewellery retailer Pandora teamed with IBM to streamline supply chains as sales of hand-finished jewellery doubled across ecommerce platforms

Pandora has overhauled its global supply chain in partnership with IBM amid an ecommerce sales boom for its hand-finished jewellery. 

The company found international success offering customisable charm bracelets and other personalised jewellery though its chain of bricks and mortar retail destinations. But in 2020, as the COVID-19 outbreak forced physical stores to close, Pandora strengthened its omnichannel operations and doubled online sales. 

A focus on customer experience included deploying IBM’s Sterling Order Management, increasing supply chain resiliency and safeguarding against disruption across the global value chain.

Pandora leverages IBM Sterling Order Management as the backbone it its omnichannel fulfilment, with Salesforce Commerce Cloud powering its ecommerce. Greater automation across its channels has boosted the jeweller’s sustainability credentials, IBM said, streamlining processes for more efficient delivery. It has also given in-store staff and virtual customer service representatives superior end-to-end visibility to better meet consumer needs. 

Jim Cruickshank, VP of Digital Development & Retail Technology, Pandora, said the digital transformation journey has brought “digital and store technology closer together and closer to the customer”, highlighting how important the customer journey remains, even during unprecedented disruption. 

"Our mission is about creating a personal experience and we've instituted massive platform changes with IBM Sterling and Salesforce to enable new digital-first capabilities that are much more individualised, localised and connected across channels and markets,” he added. 

 

Pandora’s pivot to digital 

The pandemic forced the doors closed at most of Pandora’s 2,700 retail locations. To remain competitive, it pivoted to online retail. Virtual queuing for stores and virtual product trials via augmented reality (AR) technology went someway to emulating the in-store experience and retail theatre that is the brand’s hallmark. Meanwhile digital investments in supply chain efficiency was central to delivering on consumer demand. 

“Consumer behaviour has significantly shifted and will continue to evolve with businesses needing to quickly adapt to new preferences and needs,” said Kareem Yusuf, General Manager, AI Applications and Blockchain, IBM. “To address this shift, leading retailers like Pandora rely on innovation to increase their business agility by enabling and scaling sustainable supply chain operations using AI and cloud.”

Yusuf said Pandora’s success was indicative of how to remain competitive by “finding new ways to create differentiated customer experiences that protect their enterprises from disruptions to help mitigate risk and accelerate growth”. 
 

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