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WeWork Economy Contributes a Total of INR 6,788 Cr of GDP across Delhi-NCR, Mumbai and Bangalore

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Collaborative spaces – led by global giant WeWork’s expansion in India – are having a real impact on the concept of workspaces and therefore the economy. A new report assessing economic impact has outlined interesting insights that point to India’s work-life moving in a new direction.

Democratization of neighborhoods

Intensive urbanization and growing population density in a few areas have made the CBDs of metropolitan India practically inaccessible over the past two decades, especially in cities such as Mumbai, Delhi and Bangalore. NITI Aayog foresees the growth of the Indian real estate sector to jump over fivefold to $650 billion by 2040. As commercial real estate become more expensive, flexible workspaces are democratizing access by reducing the prohibitive barrier of price. This is re-injecting vibrancy to these locations and enabling businesses and individuals to benefit from proximity to business areas. In fact, the report found that 76% of WeWork members in Mumbai, 74% in Bangalore, and 67% in Delhi and did not work in the neighborhood prior to joining WeWork.

This has also had an impact on associated activities in these areas; 9-15% of WeWork members have moved closer to the WeWork location since joining, especially in Bangalore where 1 in 4 (37%) members visit neighborhood restaurants, cafes and businesses daily. In Bangalore, the WeWork economy directly contributed INR 1,957 crore and in total supports INR 2,002 crore (INR 44 crore indirectly) of GDP in the city.

Mumbai comes next in terms of impact, where the WeWork economy directly contributed INR 1,692 crore of GDP and in total supports INR 1,737 crore (INR 45 crore indirectly) of GDP in the city. Economic contribution of WeWork in Delhi is the highest, where the WeWork economy directly contributed INR 2,986 crore of GDP and INR 62.7 crore indirectly, resulting in a whopping INR 3,049 crore GDP impact.

Knowledge workers, entrepreneurs are the biggest beneficiaries of co-working revolution

Growing automation is driving a shift towards knowledge work, and these contributors are the biggest beneficiaries of the growth of collaborative workspaces. Flexibility and low capital commitment helps encourage entrepreneurship, with 17% of Mumbai WeWork entrepreneur-members, for instance, pursuing their first startup project at WeWork.

Likewise, over 77% of WeWork members in Bangalore are in the innovation economy, and a fifth of WeWork member-entrepreneurs are taking the plunge to self-employment for the first time. In Delhi, 53% of members are in the innovation economy while 11% of entrepreneur-members are first-timers.

Flexible working correlated to the rise of women in leadership roles

The flexibility, access and convenience that collaborative workspaces offer have an impact on women rising to leadership positions, and India’s WeWork members are ahead of the curve.

Led by Mumbai, where a significant 41% of senior roles (executives, senior managers, managers and sole proprietors) are held by women, followed by Delhi (29%) and Bangalore (26%), India is far ahead of the rest of Asia, where the percentage is at 23%.

Companies grow faster with better collaboration, global access

Across cities, collaborative working has had a direct impact on company growth, with 65% members in Bangalore and 58% in Delhi stating that WeWork has helped accelerate growth. This is especially true among small and medium companies, who benefit from the national and international network of member companies, ease of collaboration and world-class infrastructure access. In fact, the average growth rate across SMB WeWork members in Bangalore is 25% compared to 4% for all companies in the city. The difference is even starker in Mumbai, where SMB WeWork members have grown at 37% on average compared to 2% for all companies in the financial capital.

Flexible workspaces more efficient, sustainable

Easier access to flexible workspace has also increased the viability of sustainable forms of commute, including walking, biking or public transport. In Bangalore and Mumbai, over half of WeWork members use sustainable public transit modes. Members also tend to switch from self-driving to sustainable public transit, with 15% in Bangalore and 25% in Mumbai reporting that they’ve done so since joining WeWork. In Delhi, over 60% of members use sustainable transit options and about 29% have given up polluting cars since joining WeWork.

Karan Virwani, Co CWeO, WeWork India says, “WeWork as a community enables its members to collaborate with each other, which has led to the creation of efficiencies in terms of increased creativity, productivity at the workplace and innovation. This process has effects that go far beyond individual considerations as it also sparks the development and support of local communities, neighborhoods and businesses, a culture that we as an organisation look to actively imbibe, encourage and promote. This is true for WeWork across countries around the world and in India.”

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Enterprise News

Tata Tele business service hosts a Successful discussion with CXOs for resilience & business growth in Post COVID world

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Tata Tele Business Services (TTBS), hosted CXO Round Table Discussion with industry leaders on building a new mindset for business resilience and growth. The discussion centered around Respond, Reboot and Reinvent as key imperatives; with large Enterprises reinventing their business models as they continue to respond effectively to the aftershocks of the crisis.

 While the potential requirement for many organizations is to build digital competency, the larger goal is to be data-driven and leveraging the cloud capabilities. Moreover, witnessing variable cost structures, agile operations, and automation which could create stronger capabilities with digital presence and security.

According to an IDC report, ‘By 2022, 70% of all organizations will have accelerated use of digital technologies, transforming existing business processes to drive customer engagement, employee productivity, and business resiliency.’

Industry representatives such asUpkar Singh, Director IT, Fidelity Information Services India Ltd., Raj Neravathi – Head of Technology, Titan, Yogesh Kothari – Sr. Vice President, Quatrro Business Support Solutions shared their expertise upon business agility, examples from their professional career and how they are successfully driving the digital transformation journey for their organization.

Addressing the session, Mr. Shibhu Davies, Sales Head – North and East, Tata Communications Ltd. said, “There is a plethora of technology available in the market, understanding the most suitable one for a particular business is the key factor. To thrive in the next normal, companies must be data driven to make critical and timely decisions. While there is an uptick in the businesses investing in data and nimble technologies like cloud and AI, many are still struggling to maintain momentum. Businesses need to get out of cultural obstacles, address data privacy and governance challenges to enhance their degree of business transformation.” 

Elaborating further on increasing adoption of Cloud communication, Mr. Shibhu Davies explained, “Cloud Communication suite like Smartflo being offered by Tata Teleservices are inherently designed for a digital or hybrid environment and is well-equipped to deal with the growing overlap between digital technology and enterprise operations. Besides enhanced efficiency and operational flexibility, it offers more robust security to your business with a pre-configured unified threat management system.”

Mr. Upkar Singh, Director IT, Fidelity Information Services India Ltd said “Covid has created an unprecedented impact across all regions – organizations that are flexible both from technology and operational perspective have been able to RESPOND in time, REBOOT their functions and are now REINVENTING result oriented approach”

Mr. Raj Neravathi – Head of Technology, Titan said, “During times of catastrophes, leadership plays a very important role in adoption to change. Composure, calmness, honoring and supporting every internal and external stakeholder through thick and thin helps revive business and defines leadership by example.” 

Mr. Yogesh Kothari – Sr Vice President, Quatrro Business Support Solutions said, “Challenges that enterprises are facing in the current times is resistance to change. There is a lack of vision for creating a digital journey for the customer and technology know how for their business” 

Highlights of discussion: 

Challenges in Technology Adoption 

The key challenges faced by enterprises for adopting new technologies extend both towards the changing customer experience along with employee pushback. Merely purchasing and implementing a solution in response to a localized issue does not equate to technology adoption and agility. Organizations are considering two key points, recognizing and responding to the shifting trends in consumer behavior and avoiding the initiatives that target specific issues.

The post-covid world has led to unexpectedly increased customer readiness towards trying new channels for interacting with businesses. 

Organizations adopting to technology, lead to driving changes strategically through an ongoing process where being receptive to changing consumer trends helps in the formulation of effective roadmaps. These roadmaps can then be used to build better value propositions by leveraging the right technological advancements, leading to business growth and benefits.

Role of Leadership In Bringing Organizational Change

Leadership plays a very critical role while dealing with catastrophes. From healthcare solutions to virtual classrooms, from facilitating remote work and learning, from re-imagining online business models and digital revenue lines, to stepping up the cyber security, organizations are working on new challenges.

The pandemic has accelerated transformation multifariously for businesses in India. Organizations are re-imagining their business models, relooking at talent management strategies, and fast-tracking digitalization efforts to be more resilient to disruption. 

Organizations are simplifying and enhancing their IT landscape, architecting systems for integration, balancing operational and capital expenses using the cloud. Investments are being made towards intelligent systems that provide incremental learning abilities. 

Technology Investments for a Digital Future

Over the last couple of months, it has become increasingly evident that digital adoption is not negotiable. Having the right technology to power up digital strategies is fundamental in today’s business world. It is a business requirement without which organizations are not able to grow in a rapidly evolving market landscape.

A good business continuity solution that delivers digital workspaces to access critical applications, have accelerated the performance of organizational applications on remote connections. With right platform and solutions clubbed with excessive trainings, organizations have managed to continue with their operations without major loss in productivity or efficiency.

Digital technologies have caused a shift in customer expectations, resulting in a new kind of modern buyer. Today’s consumers are constantly connected and aware of what they can do with technology. Bringing the employees up to speed to cater to the new age customers has been one of the key form of investments for various organizations. 

Respond, Reboot and Reinvent – The New Mindset for Growth

Organizations have taken immediate actions focused on keeping people safe and essential business functions operating. This has been relatively marked with high effort and possibly chaotic activity.

Organizations are adopting to the wholistic approach, recognizing evolving customer demand, channels of information consumption, building continued incremental intelligence including technology that provides agility. Agile decision making and strategy setting by enterprises have outsized performance and established a lead over the competition that sustains long after the initial disruption. By reinventing themselves, organizations have learnt to conduct operational processes and workflows in new, repeatable, and scalable ways.

Key Takeaways

  • Gaining New perspectives, relooking at business models and embracing new models of harnessing technology have become business priorities.  
  • Reinvent on an ongoing basis to build an agile, adaptive & resilient enterprise for a sustainable future. 
  • Uninterrupted connectivity between all stakeholders, internally within employees and externally with customers and vendors across platforms and touch points is of critical importance.

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Networking

Bharti Airtel Announces 5G Ready Network

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In a major landmark, Bharti Airtel (“Airtel”) announced that it has become the country’s first telco to successfully demonstrate & orchestrate LIVE 5G service over a commercial network in Hyderabad city.

Airtel did this over its existing liberalised spectrum in the 1800 MHz band through the NSA (Non Stand Alone) network technology. Using a first of its kind, dynamic spectrum sharing, Airtel seamlessly operated 5G and 4G concurrently within the same spectrum block. This demonstration has emphatically validated the 5G readiness of Airtel’s network across all domains – Radio, Core and Transport. 

Airtel 5G is capable of delivering 10x speeds, 10x latency and 100x concurrency when compared to existing technologies. Specifically, in Hyderabad, users were able to download a full length movie in a matter of seconds on a 5G phone. This demonstration has underlined the company’s technology capabilities. The full impact of the 5G experience, however, will be available to our customers, when adequate spectrum is available and government approvals received.

Gopal Vittal, MD & CEO, Bharti Airtel said: “I am very proud of our engineers who have worked tirelessly to showcase this incredible capability in Tech City, Hyderabad today. Every one of our investments is future proofed as this game changing test in Hyderabad proves. With Airtel being the first operator to demonstrate this capability, we have shown again that we have always been the first in India to pioneer new technologies in our quest for empowering Indians everywhere.” 

“We believe India has the potential to become a global hub for 5G innovation. To make that happen we need the eco system to come together – applications, devices and network innovation. We are more than ready to do our bit.” added Gopal Vittal.                  

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Networking

Airtel Xstream Fiber Rolls Out Gigabit Wi-Fi Experience

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Bharti Airtel (“Airtel”) has kicked off the New Year with some exciting news for customers with the launch of hyper-fast Wi-Fi experience. 

Airtel Xstream Fiber customers can now enjoy 1 Gbps data speeds over Wi-Fi and no longer have to be constrained by a dedicated LAN cable. The Airtel Xstream Fiber Rs 3999 plan now comes with a complimentary 1 Gbps Wi-Fi router to go with unlimited data quota and massive bundled content.  

The highly advanced 4×4 Wi-Fi router, will enable seamless 1 Gbps Wi-Fi coverage across Homes and Small Offices. This will unlock a great experience for online gaming and animation and for work or study from home with large number of concurrently connected devices. Small Offices will be able to deploy multiple high speed connections for applications such as stock trading and online collaboration that requires reliable high speed connectivity with zero downtime.      

Says Vir Inder Nath, CEO – Homes, Bharti Airtel: “Reliable high speed connectivity is a lifeline in today’s digital first world and Airtel is proud to be at the forefront of India’s broadband revolution. A key ask from our customers was liberation from the LAN cable to enjoy the 1Gbps experience and we are delighted to make that happen.”        

Airtel Xstream Fiber’s 1 Gbps broadband plan at Rs 3999 also comes with a complimentary Airtel Xstream Box that offers 550 TV channels and OTT content from the Airtel Xstream app library that includes over 10,000 movies & shows aggregated across 7 OTT apps and 5 studios. It offers subscription to premier video streaming apps such as Amazon Prime Video and ZEE5, all accessible through the Airtel Xstream Box.

Airtel is India’s largest private sector broadband service provider with presence in over 150 cities. 

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