Global In-house Center's next frontier
Making most of the tech startup ecosystem
India has one of the largest startup ecosystems in the world. GICs are well placed to tap this thriving ecosystem and act as disruption agents within the organization.
Emerging technologies such as Automation, IoT, and Predictive Analytics that once seemed as hype are now rapidly disrupting industries and business models. The proliferation of such technologies has caught many organizations on the wrong foot. Organizations are being forced to rethink their operational and competitive strategy to manage the technology disruption wave.
Emerging technologies are already impacting typically offshored functions such as Finance, HR, and IT. GICs too are not insulated from the onslaught of technology disruption and are increasingly looked upon by their parent organizations to drive and execute innovation agenda . The vibrant startup community in India provides a great opportunity for GICs to elevate their play and act as disruption agents within the organization. Startups are nimble footed and can provide complementary capabilities and skillsets to find innovative solutions for the business problems. Working with the right set of startups could catalyze identification of new growth avenues, boost competitiveness, set up industry standards, and accelerate the innovation journey.
However, before selecting a startup partner, GIC needs to define clear objectives that align with its parent organization’s overall business strategy. Startup and GIC need to agree on those objectives to have a common business goal, leading to a successful collaboration. GICs and startups can complement each other to push the boundaries of innovation in their quest to leapfrog and remain ahead of the competition.
Rewards of working with a startup are exponential, however, GICs also need to be prepared to embrace failures in this journey and continuously strive to experiment and explore new opportunities. With a well-crafted approach, GICs would ultimately be better equipped to manage disruption, take right decisions, and continue innovating.