In order to deliver excellent services to clients and edifying a
influential position in the market, the small and medium enterprises
(SMEs) should focus on building real expertise, said Pramod Bhasin, the
non-executive vice chairman and former president and CEO of Genpact in
an exclusive interview.
Where are you right now in your business process management (BPM) journey?
Pramod Bhasin: The BPM journey is still in its
infancy. There are a few clear reasons for this. Clients are just
beginning to realize the full potential offered by companies that
deliver BPM services, which one day will be bought just as you might buy
manufactured parts or courier or banking services. The penetration
levels into these services is still very low both in terms of usage by
individual customers as well as by geography. In addition as the service
providers mature and build real expertise in their chosen areas, the
value they can deliver to customers will continue to increase. BPM is a
relatively new science and we will be able to pioneer a new way of
managing business processes for the world.
What are key challenges that SMEs face in the BPM sector today? What should be done to overcome the same?
Pramod Bhasin: The key challenges that SMEs face in
this area are go to market and finding the right niche to play in. SMEs
need to find a niche for themselves - there is no point trying to
imitate companies many times their size but they must use their own
nimbleness and speed and ability to serve a unique set of customers
really well, to carve a place for themselves. Going to market and
reaching customers across the world is also expensive and hard to do for
people without that experience - so partnering with businesses or
individuals who are based where the customers are can really help
accelerate the process of finding customers and working with them over
the long term. This is not an area where SMEs, even though they are
strapped for cash, should try and save expenses- this is compulsory and
needs careful thought and attention.
What kind of opportunities exist for them?
Pramod Bhasin: The opportunity for SMEs in the area of
BPM is enormous - there are so many niches and areas of expertise that
can allow them to build a business and deliver excellent value and
information to customers - such as Analytics, or Supply Chains, or Legal
Support or SOX compliance. There are many more areas which provide
really compelling opportunities. SMEs must really focus on building real
expertise so that they can deliver value to clients which customers may
not be able to do themselves.
What importance a specific marketing strategy holds in a business?
Pramod Bhasin: SMEs must have very focused marketing
strategies built upon a clear set of expertise or niche services they
plan to offer, given limited funds you have to optimize the strike rates
with which you win clients and cannot afford to be broad and generic in
their marketing efforts. However all marketing has to be built on a
foundation of real value - if not it can't sustain any momentum.
Building real expertise and then picking customers who can really use
your services and then delivering excellent service to them can be
extremely rewarding. Finding innovative ways to get to market can become
a real differentiator as they compete for customers.
How do you observe the growth of Indian economy at the moment?
Pramod Bhasin: The overall lack of growth of the
Indian economy has really hit the SME sector hard but the situation is
now improving and will give rise to plenty of opportunity be it in the
area of skills or energy or healthcare and many more. I do think the
worst is behind us as the Governmentt seems to be getting its act
together. All companies across the world will increasingly focus on the
SME sector - in the past, it has been the cost of acquiring each new
customer and the relative lack of profitability from the SME sector that
has held businesses back - but now with the advent of 4G, social media
and increased digitization this will change.
