Know Benori is a global provider of custom research and analytics solutions across all industries, including consumer and retail, technology, media and telecommunications, internet and e-commerce, professional services, services financial, health, industry and education and social. Benori understands the needs of its clients and provides flexible and scalable research and analytics solutions to increase their value generation and achieve their goals. Powered by technology, Benori delivers important insights to solve tough business questions and simplify decision-making for key stakeholders in their clients’ business.
In an exclusive interaction, Ashish Gupta, co-founder and CEO of Benori, talks about the company’s vision and how Benori is keeping pace with the changing demands of the KPO (Knowledge Process Outsourcing) industry.
As one of KPO’s global hubs, how is the market opportunity for knowledge services evolving in India?
India has always been a preferred KPO destination for global companies due to its young demographics and skilled human resources that are ready to meet industry demand. Financial services were the first to tap into this pool, but demand quickly spread into FMCG, R&D, automotive, telecommunications, banking, insurance, engineering, etc. . In 2022 alone, more than 100 multinational companies are expected to set up GCCs in the country, in addition to the more than 1,300 existing capacity centers, for process-oriented and strategic projects. COVID-19 has also accelerated digital transformation, with more companies investing in growth and finding talent to meet growing demand for AI and analytics, for which the supply gap is expected to be 20x. above current capacity by 2024. Most importantly, low cost and relevant skills remain the cornerstone for India to be a high-end knowledge operations hub, a perfect win-win for both parties. .
What do you think are the challenges facing the KPO industry in India today?
The Indian KPO industry has grown to deliver high-impact value propositions to its customers through specialized knowledge and expertise, which in turn requires a skilled workforce with experience in the field and advanced 21st century analytical skills. In recent years, retaining these skilled workers has been a major challenge due to increasing workloads and unadjusted compensation. The pandemic has further compounded this challenge with the heavy reliance on technology in which much of the current workforce has not been trained. Of the 8 million annual graduates, around 50,000 emerge with “future skills” from a handful of elite institutions, as most engineering schools also lack faculty talent. The demand for big data and AI computing has also exceeded the supply of talent seven times. Given the growing gap between the supply of talent, a massive reskilling initiative must be undertaken at the personal, corporate and national level to meet the growing demand.
How does Benori meet these challenges?
On the maintenance front, Benori deploys a multifaceted strategy that combines advanced research techniques with specialized tools to gain deeper insights and deliver comprehensive solutions that meet customer objectives. By establishing service level agreements with customers and using highly secure networks for all our operations, Benori maximizes its efforts to eliminate any risk regarding privacy and data breaches. Our Core Values form the backbone of all our operations: Excellence in Client Service Delivery, Intellectual Curiosity and a Growth Mindset, Agility and Continuous Innovation, Collaboration, Trust and transparency, as well as integrity and the highest standards of ethical behavior. Benori’s lifelong learning culture, which includes role and competency-based training, periodic feedback and mentoring sessions, and a people-focused mindset, helps its workforce to remain equipped to meet the complexities and growing demands of the industry. Since COVID-19, employee well-being and mental health have taken a prominent place in our work culture.
How does Benori stand out from contemporaries in the space?
What really sets Benori apart from his contemporaries is his vision of driving down the cost of knowledge on the planet, and democratizing it. In less than 5 years of inception, Benori has grown into a global knowledge provider, serving over 150 global clients in over 75 countries and in over 21 languages. We provide a variety of solutions to meet the strategic needs of our customers, which in turn help accelerate growth and provide the know-how to face today’s uncertain and dynamic business environment. We also understand that no two companies are the same, which is why we offer our customers different engagement models that include project-based support, full-time dedicated support, and research support. fast which helps to optimize both the overall cost and the time spent. Our ability to deliver actionable insights with expert validation uniquely positions us in the KPO industry.
You recently published a market study on the BNPL segment. Could you please elaborate on the main conclusions drawn from the same?
BNPL is in a nascent stage at the moment, globally as well as in India, but holds incredible growth potential. COVID-19 has radically transformed consumer preferences, resulting in unprecedented growth in e-commerce, leading to increased demand for new and alternative forms of online payment. Sweden, Germany and Norway headline this event, and our research confirms how fast India is catching up. BNPL will hold 14% of the value of e-commerce transactions by 2026, a nearly 5x growth from the current level of 3%. Our survey results indicate that an overwhelming 90% of consumers are likely to buy from a store, offline or online, that offers BNPL options at checkout. Undoubtedly, with the ever-increasing volume of e-commerce, a promising FinTech ecosystem, and other growth drivers coming together, the Indian BNPL market is poised for steady growth in the coming years.
