In today’s dynamic corporate climate, organizations that truly stand out from the pack as clear leaders often have one common factor – they all embrace innovation. This mindset brings new ideas and energy to teams and paves the way for innovation in an organization. Disrupting the status-quo and diving deep into the core business, to constantly reinvent and innovate is the new chant. It is truly becoming a world of opportunities for those who can keep up with the pace or reinvent themselves to thrive in this dynamic world. GCCs are fashioning that mechanism towards a disruptive experience!
They are contributing to a never-like-before corporate scenario, steering away from the traditional view of a cost center to a more centric, embedded role in an organization. In doing so, many GCCs have transformed from their original functions. The ever-increasing need for growth and change, to make a difference, is driving businesses to innovate through GCCs, so they can better meet the demands of their customers, increase productivity and to enter, or even create new markets for companies.
It was estimated in FY21 that there are approximately 1400+ GCCs thriving in India, employing about 1.4 million, with an export revenue of $35+ Billion. As per the recent NASSCOM-Deloitte report, it is predicted that this sector will scale up to $60-85 Billion by 2026 and is likely to have approximately 2000+ GCCs, with the headcount expected to touch over 2 million.
The pandemic has changed the workforce in many ways. Nine out of ten organizations will be combining remote and on-site working, according to a new McKinsey survey, leading them to shift to flexible workspaces, a move that will reduce the overall space they need. This will further strengthen the growth of GCCs, as companies augmented investments in digital transformations, data analytics and other technologies emerge to meet the needs during lockdowns or work shortages. With decreased workspaces there seems to be a greater need to increase the investment in technology resources, reskilling or niche skills.
As COVID-19 shined a light on the criticality of health and safety, Carrier Global Corporation, a world leader in HVAC, Refrigeration, Fire & Security solutions, built upon their legacy of innovation and took action to address these global challenges. For instance, their OptiCleanTM Dual-Mode Air Scrubber & Negative Air Machine has been named as one of TIME’s 100 Best Inventions of 2020 and recognized in their Medical Care category as one of the 100 ground-breaking inventions that are making the world better and smarter. Carrier has been developing innovative products and services that have changed the way people live and work, for over a century.
It’s portable device significantly reduces the presence of contaminants including pollution, particles containing viruses and other pathogens from the air. In 2020, in a span of just two weeks, a cross-functional project team aligned on functionality, and from an existing product platform, they developed, qualified and shipped prototypes of this new solution to hospitals around the U.S. for field testing, in record time. This is one of several solutions offered through Carrier’s Healthy Buildings Program, an expanded suite of advanced solutions to help deliver healthier, safer, and more productive indoor environments.
Indeed, today GCCs are playing the role of an architect to create value in India and the coming years will witness tremendous growth. Our nation is evolving into an eco-system that is today broadening its attractive horizon as a GCC destination, owing to the low cost of doing innovation, availability of niche skills, encouraging government policies, enabling quicker results of experiment.
Envisioning the needs of the future is the key to success in this changing world and staying ahead!
Prakash Bodla, Managing Director, Carrier Technologies India Ltd,
Chair – American Chamber of Commerce (AMCHAM) GCC Sectoral Committee