Rise of advanced analytics: Game changer for GCCs in India

The rapid expansion of Global Capability Centers (GCCs) in India represents a pivotal force in transforming the nation's economy. These centers serve as critical hubs, offering technical, operational, research, and innovation services to leading global corporations. 

Central to their growth is the strategic integration of emerging technologies, including advanced analytics, artificial intelligence (AI), and machine learning (ML). Banking GCCs in India have particularly thrived, leveraging the rich talent pool fostered by India's robust educational ecosystem. This includes a network of top-tier institutes, a hybrid of engineering and MBA talent, and expertise in natural sciences and mathematics. 

Over the past three decades, major global banks have established their analytics centers in India, bolstered by the confidence gained from consistent, high quality and sustainable business outcomes.

Current landscape and evolution

Presently, more than 1,600 GCCs operate across India's major cities, collectively employing approximately 1.5 million individuals. Armed with competitive salaries to attract and retain top talent and fresh graduates, Indian GCCs have been able to build a robust workforce with specialized skills. 

This premium compensation underscores the increasing demand for expertise in digital transformation, cloud computing, and data analytics across the country. Utilizing this talent pool, these centers quickly moved their ERP and legacy applications to the cloud in the post-pandemic era. They also expedited the use of advanced technologies to improve their operational capabilities and resilience in a changing business environment. 

By harnessing the power of advanced analytics, artificial intelligence, and machine learning, GCCs can unlock valuable insights from vast data sets, enabling organizations to make informed decisions, foster innovation, and optimize operations. As a result, GCCs play a vital role in empowering businesses to stay ahead in a rapidly evolving, data-centric landscape

Impact of advanced analytics on GCCs

Data-driven insights: Advanced analytics empowers GCCs to derive actionable insights from large datasets. Predictive analytics, in particular, enables these centers to forecast market trends, anticipate customer behaviors, and identify operational risks with remarkable accuracy, thereby enhancing strategic decision-making.

Fostering innovation: Data-driven insights are instrumental in fostering innovation and supporting research and development efforts within GCCs. Armed with comprehensive data insights, these centers can identify emerging market opportunities and tailor products and solutions that precisely meet client needs, thereby driving innovation and sustainable growth.

Proactive risk management: Investment in advanced analytics equips GCCs with sophisticated tools for enhancing risk management capabilities. By proactively identifying and mitigating risks, GCCs navigate uncertainties effectively in today's volatile business environment, ensuring business continuity and resilience.

Operational efficiency with AI: AI-powered solutions derived from advanced analytics streamline operational workflows by automating routine tasks and optimizing processes. This scalability enhances overall operational efficiency, supports seamless integration across organizational functions, and drives productivity gains.

Advanced analytics stands as a cornerstone in GCCs' pursuit of operational excellence and innovation. By harnessing machine learning and AI, these centers have automated complex tasks, bolstering India's reputation as a global hub for excellence and innovation. 

As GCCs continue to leverage advanced technologies, their strategic importance and impact on global business operations will only grow. This evolution reinforces their role as essential contributors to the global economy, solidifying India's position as a leader in the digital transformation landscape.

In essence, the integration of advanced analytics has not only transformed GCCs' operational strategies but also underscored their significance in driving economic growth and competitiveness on a global scale. As these centers evolve further, their ability to harness data-driven insights will continue to shape the future of global business operations, making them indispensable players in the digital era.

-- Allen Roy, Head of Analytics, Mashreq Global Network.