satyamkapoor

I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First. ...

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I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First.

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EY & Nasscom: IT-BPM employees will need new skills to survive

By satyamkapoor |Email | Jan 5, 2018 | 6690 Views

As many as three-quarters of jobs that India's IT & business process management companies undertake by 2022 will require their employees to acquire new skills. In fact, companies have already begun to prepare their workforce to gain expertise in these new technologies, an industry survey has revealed.
Around 97% of companies feel reskilling their current workforce is a key initiative to take on future challenges & they look forward to employing a large fraction of part-time resources & multi-skilled talent. This comes from a report that is based on the survey conducted by EY & commissioned by industry bodies Ficci & Nasscom. 
The IT-BPM sector would hire at a rate of 3-3.5% a year, compared with the historical rate of 6%-6.5%, taking the total headcount to 4.5 million in 2022, said the report, titled 'Future of Jobs'. It predicts 60-65% of the Indian IT-BPM workforce to be deployed in jobs that require radically changed skillsets. 

"You cannot survive today's war on yesterday's soldiers," said Milan Sheth, partner and technology sector leader, EY India. "You cannot have the same employees with the same skills. With reskilled employees, IT and BPM companies will be ready to capture newer business opportunities." 

Tata Consultancy Services, Infosys, Wipro, Tech Mahindra and other IT companies have been retraining thousands of employees to keep up with new business models that focus on automation gains and digitisation. 

The EY study said IT and BPM together had emerged as one of the industries that was most impacted by digital and automation trends. In view of the changes caused by the advent of new-generation technologies like Internet of Things, artificial intelligence, Big Data and cloud, and robotics/automation, IT companies have initiated major reskilling programmes in order to prepare the workforce for the future. 

"Artificial intelligence, the next rated trend is expected to generate $100-120 billion business for the IT-BPM industry globally. Changing demands of global customers are driving Indian IT-BPM players to develop relevant competencies around these technologies," the report stated. 

The report also stated that the BPM sector has been shifting gears, being driven by automation, analytics and artificial intelligence. Robotic process automation is taking over not only rule-based jobs but also jobs that require knowledge-based activities. This has become possible because of advances in cognitive computing, artificial intelligence, deep learning, gig data and natural user interface. 
IT-BPM companies have begun to collaborate with other industry partners to create a larger ecosystem, make changes to existing processes & use virtual workplaces along with flexible work arrangements. However, the report also pointed out that the industry is facing a few challenges that are preventing the rapid adoption & implementation of these new disruptive technologies. Some of these challenges include availability of talent, lack of infrastructure, cost of installation & maintenance of these technologies. 

Source: HOB Team