India the next hub for Global Shared Services (GBS – Global Business Services) and Centre of Excellence (CoE)
In recent years, India has emerged as a key player in the global business services (GBS) industry, with the potential to become the next hub for GBS and center of excellence (CoE) worldwide. The country has a vast pool of skilled professionals and a favorable business environment that makes it an attractive destination for GBS and CoE operations.
One of the significant factors contributing to India’s rise as a GBS and CoE hub is the availability of a large pool of skilled and talented professionals. India has a robust education system that produces a large number of engineering and management graduates each year. These graduates possess the necessary skills and knowledge to work in various domains, including IT, finance, engineering and design, research and development, new product development, customer service etc. As a result, companies can easily find and hire qualified professionals for their GBS and CoE operations in India.
Another significant advantage of India as a GBS and CoE hub is its favorable business environment. The Indian government has taken several measures to attract foreign investment, including the introduction of policies that make it easier for companies to do business in the country. Additionally, India has a large domestic market, which makes it an attractive destination for companies looking to establish a local presence.
India’s cost advantage is another factor that makes it an attractive destination for GBS and CoE operations. The cost of labor and infrastructure in India is relatively lower than in other countries, allowing companies to reduce their operating costs significantly. Additionally, the country has a stable political environment and a well-developed legal system, which provides companies with the necessary regulatory support to operate efficiently.
Currently, according to the report, ‘GCC value proposition for India,’ India is home to capability centers of over 1,300 global organizations. There is a marked shift from services to building global R&D centers and digital tech CoEs. This increases the role of GCCs in posing India as a strategic hub.
Digital transformation across sectors encouraged companies to think about technology units and India is a preferred destination for companies globally processes like sales, digital transformation, analytics, or legal capabilities.
In conclusion, while Indian GCCs have moved towards roles like capability development, R&D, and market and business development, there is scope to do much more. This increases the need to have proper guidance in the talent market. Over the past two decades, we are assisted many large multinational and Fortune 500 companies to streamline their GBS and CoE operations by hiring talent across Information Technology, F&A, sales, business analytics, marketing, etc functions for their organizations.
