In the last decade, India has emerged as the location of choice for offshoring Engineering, Research and Design (ER&D) services for global corporations. At present, 46 of the top 50 ER&D spenders and 45% of the top 500 global R&D spenders have their centres in India. Through this association, India has staked its claim to be at the forefront of product and technological innovation, with several successful products developed locally and exported globally.
CAPABILITY
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Breaking into the strategic orbit of the global enterprise
ER&D and product development GICs - Innovation is the way forward
Overview
ER&D AND PRODUCT DEVELOPMENT GICS
India’s prowess in software domain, maturing innovation ecosystem, rapidly expanding engineering and digital talent pool, and the nation’s fast growing strategic relevance for global corporations as a sourcing and selling destination of choice, have together created a real opportunity for the nation to emerge as a global hub of innovation and R&D excellence. Key stakeholders such as the government and the investment community are also aligned. The government’s flagship ‘Make in India’ initiative calls for more and better value driven R&D to position India as the high-value manufacturing hub of the world. Private equity investors are lining investments in innovative and R&D centric startups. Domestic financial institutions are becoming increasingly open to lend resources to innovative entrepreneurs.
DIGITAL TALENT ROADMAP
GIC’s journey toward becoming truly strategic partners will require them to attract, develop and retain the talent required to match the digital demands of the business. Our latest research findings suggest that GICs face three challenges: a talent market that lacks “digital depth,” difficulty attracting and retaining digital talent and a mismatch between employee expectations and engagement levels.
To master the digital talent imperative and help their organizations overcome these three barriers, GICs’ HR functions will need to transform themselves, by taking three steps:
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Stretch beyond traditional HR boundaries
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“Consumerize” the employee experience
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Build strong digital leaders
RECOMMENDED READING
Our first research published in 2014, focused on the key imperatives facing GICs seeking to forge a strategic partnership with their parent enterprise. We highlighted three actions enabling them to breaking into the strategic partnership orbit of their global companies:
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Craft new “valency propositions”
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Build “fit for future” organizational capabilities
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Construct “good for growth” human capital architecture
CONTACT US
Avnish Sabharwal
Managing Director, Open Innovation, Accenture, India
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Muralidharan Chandra
Senior Manager and Lead, Open Innovation, Accenture, India
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