With the advent of globalization the concept of Knowledge Process Outsourcing (KPO) has emerged as a key player in transforming global economies. India, with its huge pool of talented and intellectual people, thus recognized the importance of KPO and started providing domain-based services to the overseas clients at cheaper rates through various KPO firms.
A close look at the various sectors like health, education, insurance, biotechnology, pharmaceuticals, financial and legal services, management consulting, etc., will make us aware of the widespread eminence of knowledge outsourcing. With the felt need of highly experienced professionals to do the job many foreign companies like Reuters, GE's Jack Welch Research Centre, Progeon, McKinsey and several others established their KPO arms in India which in turn provided boom in jobs with attractive pay packages and global exposure. They are firms that provide specialized services to the clients worldwide with the help of professionals having domain knowledge in the concerned field or industry. The services include engineering, legal, medical, banking, market research and consultation. A KPO industry, therefore, looks out for professionals like MBAs, teachers, lawyers and chartered accountants, postgraduates in sciences, biotechnologists, doctors, engineers and journalists.
The key factor as to why India is preferred for KPO industry is its intellectual potential. Some of the successful KPO firms in India are HSBC, Morgan Stanley, Citigroup, McKinsey, Reuters, GE's Jack Welch Research Centre (Bangalore) and Infosys Technologies' Progeon. As many more such KPO firms are likely to follow, it can be expected that in the years to come there will be a boom in jobs with a global exposure and attractive pay packages.
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