| | OCTOBER 20198THOUGHT LEADERSHIPNew work and labor clas-sifications are created as and when the world goes through various social and economic cycles. Industrial age es-tablished the foundation of labor classification. It was augmented by Information age in late 20th centu-ry which helped in building global supply chains and brought an eco-nomic revolution known as `glo-balization'. Various aspects of the globalization are well documented by Thomas Friedman in the book `World is Flat'. Today, another rev-olution known as `digitalization' is leading the transformation of indus-try whereas globalization is facing political backlashes in developed economy. Indian BPO sector which is known as an output of globaliza-tion, needs to embrace digitalization for not only its own survival but also to tap into future business potential.The decade from 1998 to 2007 is known as the golden period of glo-balization. The opportunities gen-erated during that period helped in massive growth of Indian BPO-sectors. There were few factors con-tributed in globalization. During in-dustrialization period, a product was manufactured in one country and then exported to other countries through various trade routes. Man-ufacturing was primarily done us-ing the local workforce. The service industries such as banks and insur-ance invested heavily on infrastruc-ture and local manpower in their own countries. Around early 1990, the computing and telecommuni-cation cost had started dropping significantly thanks to rapid inno-vation and huge investment. This created the opportunities for man-ufacturing industries and service industries to leverage on cheaper workforce and infrastructure glob-ally. The new value chain created the opportunities for the talents globally. While China helped in creating a global supply chain for manufacturing, India helped in transforming the service industry. Information technology helped developing countries like India to insert their productive talents into the new global value chain of ser-vice industries successfully. This translated into faster growth for BPO sectors.But 2008 financial crisis, which was caused by US sub-prime crisis, By Suvrata Acharya, Global Delivery Head, NIIT TechnologiesHolding a Master's Degree in Applied Mathematics from the National Institute if Technology, Rourkela, Suvrata has been associated with NIIT for 22 years now, and has even served as a Research Scholar at Indian Statistical Institute.THE BPO SECTOR MUST START BUILDING A BUSINESS MODEL WHICH CAN COMMODITIZE THE NEW TASKS AND STILL LEVERAGE ON THE EXISTING BPO SUCCESS FACTORSFROM RIDING GLOBALIZATION TO DIGITALIZATION ­ INDIAN BPO SECTORSuvrata Acharya
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