The boom in offshoring and expansion of Indian enterprises to other countries underscores the need for business leaders to adopt a more global mindset to compete and succeed.
Indian companies need to learn that having a true global perspective means more than just having a physical presence in other countries and the key is learning to think globally in terms of size of operations, quality, processes, talent, and best practices, the report says.
The report suggests to go beyond platitudes and focus on execution. "Strategy, ethics, and principles of good management that are written in text books may look relatively easy to introduce, but their successful implementation is difficult, requiring sustained efforts by senior management".
A solid period of domestic economic growth, the perception of India as a premier destination for international outsourcing, the rise of India-based multinationals, and an explosion in direct foreign investment by Indian firms have thrust Indian business practices into the global spotlight, says Poonam Barua, director of The Conference Board, India Operations.
The report stresses on developing skills in talent management, retention, and recruitment. Indian CEOs must create and communicate a vision that is knowledge-led and shared by all employees, not just the CEO and top management, the report says.
It says that Indian companies going global also need to initiate enterprise risk management the act of protecting or enhancing company value by managing corporate risks (credit risks, market risks, and operational risks) with an organisation-wide approach.
Such risk mitigation strategies should be embedded in the architecture of the firm, according to Barua.
Potential sources of internal and external risk need to be identified and addressed. Enterprise risk management practices can minimize the overall company-wide risks involved with a growing organisation, reduce the cost of capital and increase shareholder value, enable ratings agencies to more rationally rate debt and equity, and reduce the cost of directors and officers insurance because of enhanced corporate governance.
The report shows that information and technology are rapidly transforming Indian business, having a major impact on customer needs and creating a more informed and demanding workforce.
With the faster development of newer and efficient technologies, companies and countries that are able to innovate will be market leaders.
Early adoption of technologies that are far ahead of current Indian practices and standards may hold the key to future global competitiveness for local firms.
India's success in developing information technology solutions has given the country the branding recognition needed to awaken the world to its capabilities and potential in other sectors.
Most Indian CEOs feel that the country is poised to become one of the low-cost manufacturing hubs of the world. But the report notes that there are lessons to be
learned from other global regions that have successfully developed world-class manufacturing sectors.
Manufacturing may lack the glamour and cache of IT, viewed by some as a stodgy, slow-growth sector, but with the growth of outsourcing and the success of Indian businesses in attracting international clients, more foreign businesses are rethinking Indian manufacturing.
Once thought of solely as a local or national sector, there is a growing recognition that manufacturing could follow the lead of the IT sector in attracting a global clientele, says Barua.
But, the manufacturing sector in India has much work to do to boost its image and reach world-class productivity and quality. It needs to attract and retain better talent, improve its supply chain, update pricing strategies, and improve its leadership.
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