We identify managerial challenges and opportunities faced by business process outsourcing (BPO) firms in India by interviewing 28 executives in lower (n = 10), middle (n = 11), and upper management (n = 7) in 15 BPO firms. Content analysis of the responses revealed human resources and organization-related challenges as the most critical issues. SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis uncovered future opportunities, e.g., Knowledge Process Outsourcing. Secondary data, from four global research agencies and a national trade association, supported our findings. Organizational changes to address challenges and to exploit opportunities are explored.