NeoSOFT is still heavily involved in the Indian GCC market thanks to important alliances that have assisted businesses in navigating challenging laws and offering extremely safe and legal services to a global customer base. Its strategic know-how in a range of tech areas has raised the bar for excellence in India.
The game is evolving thanks to Global Capability Centres (GCCs), and cost reduction is no longer the exclusive goal. By setting up budget-friendly locations, these centers save on labour and infrastructure while tapping a huge pool of experienced individuals. They propel technology and digital transformation, guaranteeing that companies provide excellent services and function seamlessly around-the-clock.
Types of global captive centers:
R&D centers: It addresses the duty of creating novel goods, technologies, and inventions.
Knowledge centers: Consider these the go-to locations for exchanging knowledge and skills to improve teamwork.
Customer service centers: These centers handle customer questions, complaints, and feedback to ensure everyone’s happy and well cared for.
India as a hub for GCCs
GCCs are establishing new benchmarks for excellence by collaborating with sector leaders like NeoSOFT, which provides cutting-edge solutions in big data analytics, blockchain, IoT, AI, and machine learning. Through astute site selection and cutting-edge technology integration, these centres assist businesses in reducing risks, facilitating adaptable expansion, and upholding worldwide efficiency and compliance.
India has swiftly become into a GCC hotspot. “The number of GCCs in India has reached 1,800—employing 1.3 million people,” according to a February 2024 JLL report. Every year, almost 2.5 million STEM graduates come from India. Due to a very low-tech skills gap, the nation provides a favourable climate for businesses looking to hire qualified workers.
NeoSOFT’s extensive experience in IT, engineering, and business management helps these centres grow. NeoSOFT has helped the GCCs stay inventive and competitive in a field that is changing quickly by guaranteeing continuing training and providing certified personnel.
“With a keen understanding of the evolving landscape, Neosoft has meticulously designed services that empower GCCs to flourish and excel in this burgeoning environment,” said Nishant Rathi, Founder & Director, NeoSOFT.
The future of GCCs
In the future, the GCCs’ position in India is anticipated to change dramatically. It is projected that by 2030, these centres will move from supporting roles to central positions within international corporations, resulting in increased revenue and more integration. Market analysts predict that by 2030, there may be 2,500 GCCs in India, highlighting the substantial growth.
According to Deloitte Touche Tohmatsu India LLP, the Global Captive Centre (GCC) industry brings in US$60 billion annually, and forecasts indicate that figure might increase to US$75–80 billion over the course of the next four to five years. Over 1,900 GCCs are expected to be based in India, helping to employ 2 million people and generate US$60 billion in income. According to WTO projections, India is among the top exporters of services in the world, with its percentage of global services trade rising from 2% in 2005 to over 4% in 2022. The growth in question, corroborated by survey results, highlights the significance of shared service centres in fortifying India’s international reputation and aiding in the attainment of the nation’s $400 billion service export objective for the current fiscal year.
The GCCs of India are also expected to develop as centres of innovation, especially in the areas of zero-to-one and new business functions with robust engineering and product leadership. Here, NeoSOFT’s Centre of Excellence (CoE) is crucial in spearheading R&D projects that maintain the GCCs in the vanguard of technology. Consequently, India will play a bigger role in testing new technology and business models, with GCC countries spearheading global breakthroughs in a variety of industries.
India & GCCs: A perfect match
Organisational silos will be further dismantled by the emergence of global business services (GBS), improving customer experiences and workflows. Through developing people, encouraging a creative culture, and offering in-depth insights into market trends, the Indian IT ecosystem plays a critical role in achieving results for these GCC countries.
Global firms will continue to benefit from their cross-functional competence. Mid-size digital transformation companies like NeoSOFT will be essential to the success of this project because of their capacity to deliver at scale while introducing flexible and agile models to support GCCs. This will ensure that these centres maintain optimal efficiency.
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