60% of the GCCs in India Deploy Corporate Innovation Programs to rive Innovation – ANSR Report
Bengaluru, India, 2 June 2022: Corporate Innovation has accelerated dramatically during the pandemic. The businesses that will thrive in the post-pandemic era are those with a readiness to innovate through the crisis by focusing on growth, rather than simply weathering the storm.
ANSR, the market leader in helping global organizations accelerate digital transformation and technology innovation through Global Capability Centers (GCCs), today launched the ‘Corporate Innovation in Global Capability Centers (GCCs) in India Report 2022’. The report highlights the significance of Corporate Innovation (CI) Programs in GCCs across sectors and its impact on business growth.
The report is based on research, surveys, interviews with several GCC leaders, and roundtable sessions conducted by ANSR.
Captured below are the highlights of the survey:
- 60% GCCs are committed innovators, having a structured innovation program with dedicated resources & investment. Among industries surveyed, hi-tech & telecom, BFSI, and retail GCCs are the most committed innovators
- Majority of the committed innovators focus on incremental innovation with few working on disruptive innovation
- 40% GCCs that have emerged in the last couple of years, have adopted new digital technologies such as AI/ML, Blockchain, AR/VR, and cybersecurity for dedicated innovation programs
- GCCs with mature Corporate Innovation programs have centralized funding with dedicated innovation mandate from parent, continuous participation from leadership, and defined areas of innovation
- Majority of the GCCs in India prefer to partner with startups to foster innovation. Accelerator programs are the go-to approach to engage with startups. In addition, GCCs engage with research students and faculties to conduct research on emerging technologies. In India, most partnerships are with IITs and govt-sponsored technical colleges
- Large and mature GCCs run Intraprenuership programs. GCCs are known to build a culture of innovation and Intraprenuership among employees right from setup which is key to their success
- GCCs plan to harness potential of AI/ML/cognitive computing technologies in the next 2-3 years
Commenting on the report, Vikram Ahuja, board member, ANSR, said: “Corporate Innovation is no longer just a key ingredient to success, but essential to survival for any business. Enterprises are increasingly converting their Global Capability Centers into innovation hubs, expanding their existing facilities, and creating new Centers of Excellence (CoEs). Our survey reveals that it’s important for GCCs to embrace cultural change and be open to failure; create a robust innovation agenda and communicate it effectively; and collaborate with external ecosystem as well as adopt DIY approach to foster innovation.”
With rapidly evolving technology landscape, enterprises are looking at GCCs to build digital capabilities, innovate, and gain competitive advantage. Corporate Innovation Programs driven by GCCs have created significant value to the enterprise by building innovative products and solutions to cater to the needs of the end customers. It is estimated that 60% of the GCCs will increase their innovation budget in the next 2-3 years.
ANSR is the market leader in enabling organizations build, manage and scale global teams through Global Capability Centers (GCCs). ANSR provides full life-cycle services including GCC design, set up and enabling operations. For over 15 years now, companies cutting across size, industry and markets have relied on ANSR’s expertise to successfully build global business and technology teams. ANSR’s unique and differentiated ‘GCC-as-a-Service’ is delivered in a no-Capex and ‘pay-as-you-grow’ manner that significantly enhances ‘time to value’ and neutralizes the known risks associated with setting up globally distributed teams. Since its inception, ANSR has established over 80 GCCs aggregating to over 85k enterprise talent with over $1.6B in investment and using over 8M sq ft of workspace.