Emerging Markets Offer Promise for Global Business: Zinnov Study
(1888PressRelease) To achieve leadership in Emerging nations such as India, organizations indeed require a new innovation paradigm designed to maximize possibilities, which would thereby encourage co-creation with local partners and is characterized by local R&D and speed of action."
Bangalore: Zinnov Management Consulting, a leading Globalization Advisory firm, recently launched a study on "Emerging Markets - Uniqueness and Success Factors". With emerging economies witnessing exceptional growth over the past five years despite global economic uncertainties, the study revealed that organizations across verticals are increasing their emerging-market focus.
It further added that economies such as India are highly demanding and pose some challenges that organizations are attempting to address through local innovation and building market-specific products. According to the study, the most pressing challenges that global organizations face include diversity of language and demographics, limitations of climate, infrastructure and resources and slow government policy reforms.
The mentioned study was unveiled at 'Confluence 2012', Zinnov's Annual Thought Leadership summit held at Munich, Germany. The event was attended in great numbers by leading European Engineering firms. With the theme of the event being - 'Unlocking Globalization Potential in Emerging Geographies', this half day conference saw participation from Global leaders, sharing a common vision and interest in emerging markets.
Speaking about the opportunity, Mr. Pari Natarajan, Chief Executive Officer, Zinnov, said, "To achieve leadership in Emerging nations such as India, organizations indeed require a new innovation paradigm designed to maximize possibilities, which would thereby encourage co-creation with local partners and is characterized by local R&D and speed of action."
Speaking on the European R&D footprint in India, he added, "Low availability of talent in Europe and access to emerging markets are the main drivers for European MNCs to move to India. While most of these European captives are already have a presence in India; majority of them operate at low maturity levels and it is merely the lack of understanding of the Indian ecosystem that is holding them back."
And last but not the least, the released study further showcased some recommendations, as guidelines for business success stories to happen out of India:
Focus on maximizing possibilities rather than efficiencies - Have a long-term vision with overarching purpose and look out for opportunities, since the firms that struggle typically work on short-term goals based on revenue targets or cost metrics and are limited by a headquarters-assigned budget.
Encourage co-creation -Organizations need to realize that partners are an integral part of the organization they must invest in their growth and welfare. Leveraging local partners with a strong understanding of the market dynamics and partner development are crucial to success.
Speed of action - Local innovation and empowerment of local leadership, along with allocation of resources for incubation programs will drive better success in emerging markets. The study revealed that organizations which don't have a local R&D presence and minimal empowerment of local teams face challenges in succeeding in emerging markets.
Founded in 2002, Zinnov - meaning Zeal in Innovation - is a leading Globalization and Market Expansion Advisory firm, with specialization in areas like Global Sourcing, Emerging Markets Expansion, Human Capital Optimization, Small & Medium Businesses, Innovation, Cloud Computing and Enterprise Mobility. Zinnov provides advice to global leaders in business and technology and works collectively with them to tackle prevailing organizational challenges by analyzing changing dynamics, improving performance, and building institutional capability. The services delivered to its clients through advanced reasoning and analytical techniques, provides solutions that help in integrating organizational vision, business definition and processes.
For further information, please contact:
Kinjal Chhetri Panwar
Senior Marketing Manager, Zinnov
Phone No: +91 9466132313
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