The centre of gravity of Fortune 500 companies is shifting to India. The advent of Global Inhouse Centres (GIC) have transformed the way technology development of MNCs work in India. GIC’s were established for service related companies, which include Accenture, Dell, Capgemini and more.
India is known for its services segment because of the amazing talent pool with a service mindset and deep rooted culture. The question is how it can grow in a way that benefits the whole world. The solution is to grow in the value chain and there is immense potential and innumerable opportunities to do so.
‘Products’ are at the higher end of the value chain, but India is still at a nascent stage in that front. If we understand the opportunity landscape and our IT leaders engage our talent effectively, there is a fantastic opportunity available for India to grow as a Product Leader.
Opportunity for GICs and large IT Services Companies Operational in India
India has established itself as a clear leader in the IT services segment. A large pool of IT literate talent with global exposure is available. So, there is no dearth for the talent in this country. Since majority of the available talent pool is young, they are naturally agile and capable of adapting to change quickly.
In 2017, the Minister for Electronics and IT, Ravi Shankar Prasad said the number of professionals employed in the IT sector is projected to grow to 4.3 million by 2019. Imagine the numbers, it probably exceeds the total population of some of the developed countries in the world. We have phenomenal manpower in the IT sector who are equipped technically.
If India wants to grow as a product leader in the global market, it’s important to nurture talent to develop products, essentially to build systems/products locally which are used globally.
Opportunity Path – IT Services to Product Leadership
With GICs in place, it paves the way for India to move up in the areas of Research & Development; Inventions and Intrapreneurship while they consider developing products as a service and productization of their services.
If products need to be built locally, but impact globally, you’ll require the willingness and capability. The question lies in how we will be able to nurture individuals to build the competency.
For change to take place, the commitment to grow lies on both ends — corporate as well as individual and it starts by building awareness and the required competency and identifying opportunities so that they apply what they have learnt and exercise it to accomplish greater goals.
An Approach to Talent Development
According to a recent report by KPMG, India ranks third after the US and China as the Top Global Tech Innovation Leader. What worked favourably for India is it’s young and dynamic pool of entrepreneurs and skilled workforce, who are a focal point in generating innovative ideas. 13% of global technology industry leaders indicated India’s potential for tech breakthroughs, which is great news.
If innovation competency becomes inseparable twins to this young talent pool at the GICs and IT Services companies based in India, they are bound to increase the canvas size. They have a larger and better landscape to play the game of product leadership and participate today to create a better world for tomorrow.