Over the last few years, the technology and allied services industry has seen rapid changes, which have created a cloud of uncertainty. Megatrends across the business, technology and socio-economic environments are creating disruptions in the existing opportunities and, at the same time, creating new ones. Companies now need to focus on new client acquisition, strategic alliances, continuous innovation and expanding the range of services in order to become relevant in the current business scenario.
Technology will drive business transformation and will facilitate client engagement with customers by driving quality and speed of service delivery, innovation capabilities, resiliency and reliability of business operations. Technology itself has evolved from hardware to enterprise software to SMAC, internet of things (IoT), and artificial intelligence, and has become an integral part of every industry in this interconnected world. Technology providers are now being rated on their ability to help create digital enterprises for clients, and technology is rapidly moving from an enabler of improved efficiencies for clients to a driver of revenue and business value, resulting in CIOs now being seen as strategy partners.
Additionally, India has seen a host of new start-up firms coming up in the past few years, focusing on high-growth areas such as eCommerce, SMAC, IoT, advanced genomics and vertical-specific solutions. These firms are redefining the market and fuelling innovation.
Rapid growth has also led to a leadership challenge across all levels of the enterprise. Companies are battling problems such as employee attrition, high training costs, and limited time and resources to develop innovative business and delivery models.