The European Renaissance that dawned about 700 years ago pushed the continent to the forefront of artistic, philosophical, political and scientific thought and development. Today, Europe remains a hotbed of innovation that is driving social and technological change.
Tata Consultancy Services is proud to serve as the Strategic Partner to the European Business Summit, which has emerged as the leading forum for promoting private and public-sector dialogue in Europe. The 2018 edition is a particularly important one since it will discuss the role that Europe can play as a global leader on all fronts – especially economically, politically, socially, culturally and digitally.
In the current geopolitical context, Europe’s role as an anchor of stability will be vital to the progress we need to make on many of the global challenges we face. The European Union is the largest economy in the world today and, with its 80 trading partners, is the world’s largest trader of manufactured goods and services.
A special report will be launched at the opening of the EBS by the Vice President of the European Commission. This report will include essays from a select group of 20 global leaders on Europe’s future role in the world. Essay authors include Jean-Claude Juncker, the president of the EC, Nicola Sturgeon, First Minister of Scotland, Kersti Kaljulaid, President of Estonia, Kristalina Georgieva, CEO of the World Bank, and N. Chandrasekaran, Chairman of Tata Group.
These essays carry timely insights into how Europe can play an even larger and more ambitious role in the world. Its political and diplomatic presence has always promoted stability and peace, not just on the continent but around the globe.
Europe’s focus on innovation and business growth is seen through forums like the EBS, which represent a strong confluence between government and business. Given its considerable global influence and its openness to the rest of the world, Europe is uniquely positioned to take a crucial leadership position on a rapidly changing global stage.
European leadership will become increasingly important as we transition to a new economy driven by digital – the so-called Fourth Industrial Revolution. Industries are going through a time of rapid technological changes as we enter an era of automation, hyper-connectivity, the ‘internet of things’, cloud computing and artificial intelligence. At TCS we call this the age of ‘Business 4.0’.
Business 4.0 is key to meeting the challenges of providing our citizens with access to modernized and efficient public services such as healthcare, utilities and infrastructure. The essays by Tata’s Chairman focuses on how collaboration between the private and public sectors will be key to the region’s future success in this exciting epoch.
Strong and scalable public-private partnership models enabled by technology platforms, which can deliver lower costs and have big impacts, will be crucial to resolving many of today’s issues.
One example of this can be seen in how the continent’s largest and most important financial institutions, including central banks, are exploring technologies like blockchain and machine learning to help tackle fraud, money laundering and identity crime: these adversely affect government and corporate budgets and the lives of private citizens.
By supporting startup accelerators – internally and externally – to scale these ideas and turn problem-solving concepts into reality, these institutions are directly contributing to the creation of new business models and new jobs.
The evolving fintech scene is another example of how industries are changing. The millennial generation – those born in the 1980s and early 1990s – are increasingly adopting mobile technology and want to access their banking services while on the move: more than a third of the world’s population will have a smartphone by 2020.
Because of this, fintech is leading the European start-up community’s growth and development opportunities. By some estimates venture capital investment in UK fintech start-ups alone reached record highs in 2017: $1.8 billion invested in 224 deals, a 153% year-on-year increase.
Despite rising competition, Europe has 19% year-on-year growth and is the fastest-growing region for our company worldwide. It is for this reason that the continent has been the focal point for TCS in terms of investment and talent development for the past 25 years.
We are particularly proud of our strategic partnerships with more than 400 of Europe’s top businesses, which we are helping to embrace cutting-edge digital technologies, ranging from artificial intelligence and robotics to the cloud and the ‘internet of things’.
These companies have rewarded us by saying we were the top providers of customer satisfaction in our industry for five years in a row – something that our European employees can be immensely proud of. This recognition symbolizes the vibrancy of innovation in the region’s digital economy, which will drive the next wave of economic growth. Our #DigitalDirections campaign at EBS will be celebrating many stories of innovation across the continent.
We strongly believe that the best is yet to come for Europe and hope you will enjoy the perspectives shared in this special report.
Amit Bajaj is the CEO of TCS Europe