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Follow the Golden Rule

Christo Jacob
Thursday, May 30, 2013
Christo Jacob
This time, while listening to Syntel visionary Bharat Desai's thoughtful keynote at TiEcon hosted in Santa Clara, I was also agreeing to his statement. Bharat said, "You have to identify an underserved market segment. You have to decide that you would be good at it, commit to it and then go and do it. To be successful in any business, you have to identify who your customers are. Your customers have to think about you often; you have to be convinced that what you offer is going to be extremely important, relevant and dear to them. Once you identify that niche and you have the confidence in your segment, then you have to relentlessly focus on it without worrying about what others are saying."

I think this is exactly what is missing among Indian entrepreneurs today. Resonance of this statement in the back of their mind every now and then will really help them build their product and services. If the entrepreneurs in Indian IT services industry can take it very seriously and go to the market, they can grow even further.

Though the Indian IT contributes a major share to our economy, it can still prosper if we adopt the right strategy at the right time. The Indian IT services firms need to reshape their businesses if they are to continue to grow at the rates experienced over the last decade, as traditional markets and service offerings reach maturity. Today cost cutting, although critical in outsourcing contracts, is no longer the main reason why suppliers are chosen.

The growth will slow down for the Indian companies unless they establish services that offer non-linear growth, spread geographically beyond their main markets in the U.S. and UK, win government contacts and develop core software and BPO aimed at specific vertical sectors. Though we have made considerable progress in developing emerging offerings in new markets, such as social, mobile, analytics and cloud technologies, if we go back to our basics and still continue to follow the Golden rule –"Customer is the Key," we can conquer the global markets. There is scope for growth and it’s just that each one has to innovate on the Golden rule according to frequently changing market dynamics. So, all you entrepreneurs out there "go find your niche and capture it with élan".

Please do let us know what you think.

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