Bengaluru Tops The Business Confidence Index Charts

 In Alten Blogs

Bengaluru is popularly known as India’s Silicon Valley. Once known as pensioners’ paradise, Bengaluru has come a long way for business leaders to express confidence in their in their immediate environment based on financial environment, innovation and entrepreneurship, people and skills, new technology development, ICT infrastructure, according to a report from the Economist Intelligence Unit.

“Bengaluru has been judged the best city among 45 worldwide in terms of confidence expressed by businesses in their digital environment”. About 48 percent of all participating firms surveyed said they are even willing to relocate to take advantage of a more favorable environment” says the report based on a survey of 2,620 executives that was conducted during mid-2017 exploring the environment for digital transformation in 11 industries and 45 cities across the globe.

Source: Times Of India

Bangalore’s metamorphosis

Bengaluru was known for its salubrious climate and aptly called the “Garden City”. Until 1970, it was also the destination for many public sector industries and auto- ancillary hub. In the ’80s and ’90s, it became renowned for high quality education- engineering, medicine and management. With the economic liberalization beginning 1992, and development of information technology and IT-enabled services in India, Bengaluru took the Centre stage emerging as the most favored IT destination for many Multinational companies who established their own Research & Development centers. Recently, bio-sciences, fashion, retail including e-commerce/ m-commerce, hospitality, fashion, animation & digital are the industries that are increasing dotting the city.

Bengaluru is considered a multi-linguistic place. Blessed with the advantage of a rich heritage, cosmopolitan culture it also boasts to have a cohesive ecosystem of not only entrepreneurs but also startup accelerators and incubation centers, active Venture capitalists and investor community. As per CBInsights – a venture capital data firm, Indian startups saw a capital infusion to the tune of 4267.06 million, injected in the first quarter of 2017 with 363 deals done. On an average, around 4 deals are done every day and Bengaluru witnessed the most deals happening, totally 94 deals worth $2110 million, which accounts for nearly half of the deals.

Source: Bizztor

‘Connecting Commerce’ is an in-depth joint research program between the Economist Intelligence Unit & Telstra. The report states, “In most cases, firms’ existing internal resources will not be enough to pull transformation off, as they need to look outside their own four walls for additional support.” Also, majority of the businesses would naturally expect most of that support in the city where they operate. For startups and SME firms, the city environment often provides the only resources they tap into. “Even when it comes to government policies, those implemented by City Hall (government) have more influence on businesses’ digital success than national policies,” it stated. For this reason, EIU decided to check which cities provide the best environment for their businesses. Apart from the overall score, Bengaluru and other Indian cities were scored based on other parameters of innovation and entrepreneurship, financial environment, people and skills, which led to their rankings:

Innovation and entrepreneurship

Cities Score
Bengaluru 8.2
Mumbai 7.85
Beijing 7.75
London 7.53
New Delhi 7.43
New York 7.35
San Francisco 7.32

People and skills

Cities Score
Bengaluru 7.57
San Francisco 7.57
New Delhi 7.55
London 7.53
Copenhagen 7.52
Beijing 7.52

Financial environments

Cities Score
Bengaluru 7.9
New Delhi 7.55
San Francisco 7.48
Beijing 7.47
New York 7.41
Mumbai 7.4

ICT infrastructure

Cities Score
Bengaluru 7.65
Shenzhen 7.59
Beijing 7.47
London 7.47
Amsterdam 7.4
Madrid 7.19
New Delhi 7.15

In terms of skill sets that are in vogue, the survey pointed out digital security and advanced data analytics as the top two most critical.

Businesses need to redefine how they approach identifying and solving business problems with technology. They require quick wins, innovative ideas and great execution. With the advancement of technology and digital transformation over the past decade, data is generated in massive volumes and high frequency. However, business leaders still face challenges in making the right decisions. Data is too often housed in silos, in different formats, and across disparate systems. To fast-track corporate innovation, there is a dire need to integrate business, creative and technology services to minimize gaps and ensure speed, scale, and customer success.

Today’s Gen-X use digital technology to communicate, engage, buy and share and expect the process to be seamless, familiar and intuitive. They demand easy and hassle free access to applications and systems anytime, anywhere! Across geographies and industries, businesses both small and large, are embarking on, or preparing for, a mission to put digital technology at the heart of everything they do. It can be tremendously difficult and complex requiring not only the deployment of advanced technologies but also overhaul existing business processes and a large degree of cultural change. Digital is no longer just a set of tech-enabled solutions. It’s becoming a critical business strategy to succeed in a digital world. And that shift is taking place fast. A well-thought out strategy enables an organization to not only survive but also thrive in the recent competitive times.

ALTEN Calsoft Labs is fully geared up to help businesses compete better with a strong focus on next generation architectures and digital integration technologies that enables create sustainable differentiation. With an impressive track record of helping enterprises fuel their growth in digital transformation by helping quickly envision, prototype and launch digital solutions with the end user in a mind to accomplish the desired business outcome, our robust solution frameworks and proven ability to build high performance agile teams by hiring and retaining the best talent in the industry enable us to be considered as the preferred partner for complete platform or product development, deployment and Systems Integration in niche domains by leveraging disruptive technologies like mobility, big data, analytics, cloud, IoT and software-defined networking (SDN/NFV).

If you have got any more queries, please write us to business@altencalsoftlabs.com

Recommended Posts

Leave a Comment

Contact Us

If you’d like us to contact you, please fill out the form.

Not readable? Change text. captcha txt
Healthcare IT Services