Business Model of TATA Consultancy Services

Journal of International Business Studies
(2004) 35, 318

Reinventing the Business Model - TCS Atul, Aravind, Siva, Mathan & Srikanth
1

Reinventing the Business Model
TATA Consultancy Services
Atul Katiyar
B Siva Sankaran
K Aravind Reddy
P Mathan Anto Marshine
S Srikanth

Group 04
IIM Indore

Correspondence:
Guided by Professor Prasanth Salwan
Tel: +91 22 41021513
E-mail: pm13atulk@iimidr.ac.in
pm13bsiva@iimidr.ac.in
pm13karavind@iimidr.ac.in
pm13pmathan@iimidr.ac.in
pm13srikanths@iimidr.ac.in

"Experience
Certainty"

"We will definitely maintain a certain amount of
war chest for acquisitions." - TCS CEO Mr.
N.ChandrasekaranET :18-Sep-2014

"One secret to maintaining a thriving business is
recognizing when it needs a fundamental
change." - "Reinventing your business model" by Clayton
M. Christensen BOD, TCS, Mark W. Johnson and Henning
Kagermann

Acknowledgement

The students thank Prof. Prasanth Salwan for his
valuable insights on business models.

Abstract

In a competitive business environment, it is
imperative for any organization to develop and
sustain an advantage. Over time, several successful
organizations have innovated on certain key phases
of their business and were able to effectively turn it
into a mechanism which positively isolated the
way they reduced their business costs or
consistently made customers pay more for their
offerings.

In a dynamic service business driven by quality
and innovation, the solution to retaining and
expanding customer base is not a straightforward
task. As an example of a domain witnessing
dramatic shifts in rather short spans of time, the
industry of Information Technology Enabled
Services (ITES) has undergone vast
transformations in the last decade itself. Even as
the industry is flattening out with weakening entry
barriers, players are identifying newer means to
innovate in the salient features of their business: be
it their underlying technology base, the quality of
solution, the delivery, the resource management
technique or even the talent acquisition policies.
However, in the Indian context - and to a fair
extent on a global setting - Tata Consultancy


(2004) 35, 318
2

Services (TCS), an Indian Business Consultancy firm, has thrived in the global competition, producing
consistently outperforming results year on year with respect to market share and quality of services.
Unlike most of its competitors, TCS has not only been able to impregnate their entire business model
with multiple advantages complementing each other, but have also managed to retain the benefits of this
constructive interference.

Through this paper, we try to investigate the most significant features of TCS unique business model, its
complex network of interrelationships and intra-relationships, and how this mechanism has resulted in
creating unique advantages for the company. The investigation begins with a brief overview of the
relevant economic policies of India, and the dynamics that have helped shaped the industry. We also
deemed it a relevant and necessary exercise to compare the environment that TCS found itself in at the
head of the global economic meltdown (2007-8) and compare it with the present day scenario (2013-14),
since it was during this critical period that the company made a number of business choices, exposing
itself to a variety of risks, which eventually helped shape the distinct advantage it today enjoys. Finally,
we also theorize our observations on TCSs sources of competitive advantage and how the business
choices they made translated into consequences which were instrumental in mitigating the dangers posed
by competition and creating holds-up within its own ecosystem partners.

Journal of International Business Studies (Sep 2014)
Keywords: customer value proposition; key success factors, EFE matrix, PESTEL, Tetra-Threat; sustainable strategy; GNDM; COIN

Introduction

TCS, as an IT consulting company, stands out for its pioneering work in setting an industry standard
through its innovative model of solution delivery, which was its biggest advantage in the latter half of the
2000s. However, as a corporate, it has been focusing a lot of its efforts in sustaining a much less-obvious
advantage: cost efficiency.

A key proxy to identifying TCS sustained advantages is the feedback of its worldwide network of
customers, who generally have two things to say about them: state-of-the-art solutions, and cost-
effectiveness. Quite understandably, these have come from the kind of assets and the kind of people that
this 46-year old company has been accumulating strategically, brick by brick. Its remarkably high score
in industrial metrics like employee-attrition and asset utilization are testimonies to the above statement.

(2004) 35, 318
3

By bravely infusing certain key business choices in its corporate model over time, TCS has now nurtured
a complex network of interrelated positive business consequences, creating inimitable and path-
dependent advantages over other players. A framework is attached with this write-up, which attempts to
map the relationships of the companys broadest and most significant choices and consequences.

Looking at the evolution of this framework, there is evidence that TCS has been attempting to mitigate
competition by actually creating an inimitable business model. All the activities and advances that it has
built up over the last decade has been simply to reinforce the two pillars in its model: cost-efficiency and
service-efficiency.

Literature Review
In their review of "Reinventing your Business Model" by Mark W. Johnson, Clayton M. Christensen
and Henning Kagermann clustered the three steps for reinventing the business model.1) Find out
opportunity, key success factors and external environment to add customer value proposition by
aligning profit formula key resources & processes.2) Blue print to construct profit formula through
revenue model, cost structure ,margin model and resource velocity. 3) Compare model thus obtained with
existing model, that provides clarity on how align my business model with changing environment and key
success factors. We find this article very interesting and relevant considering one of the authors i.e.
Clayton M. Christensen role as board of director in TATA Consultancy services.


(2004) 35, 318
4

Strategic Dynamics
PESTEL Analysis: 2007 -2008 & 2013 - 2014

Factors 2007-08 2013-14
Political India spent 3.7% of GDP on IT (World
Bank World Development Indicators on
CDROM, 2005).This points out to the
concerted policies and vision by the
government and industry to promote
software exports and transfer of
technology and telecommunication.
Country getting the most stable government in
recent days emanating positive signals for the
for the business community for in and around
the country.
The Indian federal and state governments
are committed to developing and
broadening e-governance. Fourteen state
governments have IT-specific priority
policies and many have implementing IT
related projects.
Government is planning to set-up 15 new
laboratories which will facilitate registration
and testing of IT products before they are
launched in the market.
Postgraduate education and research in
IT is pursued for promoting R&D in the
emerging areas of Bluetooth technology
e-commerce, and nano-technology and
bioinformatics solutions. Foreign
investment in the sector is encouraged by
simplifying policies and strengthening
and upgrading telecommunication and IT
infrastructure.
In the 12th Five Year Plan (2012-17), the
Department of Information Technology
proposes to strengthen and extend the existing
core infrastructure projects to provide more
horizontal connectivity, build redundancy
connectivity, undertake energy audits of State
Data Centres (SDCs) etc.
Stable and collaborative political
structure along with federal form of
government, provide conducive
environment to the IT business to
flourish and grow.
The Government of India has fast tracked the
process of setting up of centers of National
Institute of Electronics and Information
Technology (NIELIT) in Northeast India
The Government of Brazil has liberalized the

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5

issue of short term work visas, a move which
will make it easier for Indian IT professionals
to take up assignments in Brazil.
Economic In 2006, real GDP growth was 9.4%, the
fourth consecutive year of growth above
8%, giving positive signal and
confidence to Indian IT companies, at
the same time receiving criticisms of
overheating of the economy.
FDI up to 100 per cent under the automatic
route is allowed in Data processing, software
development and computer consultancy
services; software supply services; business
and management consultancy services, market
research services, technical testing & analysis
services.
For Indian IT Services companies, with
revenues largely earned in U.S. dollars
and costs primarily in Indian Rupees, the
INR/USD exchange rate was of special
importance. From October 1, 2006 to
October 1, 2007, the Rupee had
appreciated from Rs. 45.9 to Rs. 39.8 per
dollar. Companies making special
arrangements to hedge this fluctuation.
Between April 2000 and June 2013, the
computer software and hardware sector
attracted cumulative foreign direct investment
(FDI) of Rs 53,757.60 crore (US$ 7.97
billion), according to data released by the
Department of Industrial Policy and
Promotion (DIPP).
IT spending in emerging markets was
growing very rapidly with 20% and 19%
growth rates in India and China
respectively in 2006
World economy is coming out of the global
recession posing well for the business
especially export oriented businesses as IT.
Potential of technology to transform sectors
such as healthcare, public services, utilities
and education is well recognized, hence a
spurt in IT investments expected as the year
progresses.
Social Enrolment in Indian technology schools
is expecting to reach 600,000 by 2008,
thus providing a huge and culturally
diverse talent base for the IT companies.
Education system in India is producing labor
force for the industry which is cheap and
talented. Also they are able to communicate
easily with people of other countries as the
mode of education is English.

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India is having 10% of world total
software developers which is growing at
the rate of 32%, which means in the next
three years India will have the highest
no. of software developers in the world.
Availability of large no. of people in the
working age group does not pose minimizes
the risk of labor shortage.
The Indian education system places
strong emphasis on mathematics and
science, resulting in a large number of
science and engineering graduates.
Mastery over quantitative concepts
coupled with English proficiency has
resulted in a skill set that has enabled the
country to taake advantage of the current
international demand for IT.
Cultural diversity is equipping people here to
become adaptive to other cultures and
countries, helping them work effectively with
foreign cultures.
Availability of large no. of people in the
working age group does not pose
minimizes the risk of labor shortage.
In India there has been a rising trend of
couples working and staying in cities that
facilitate employment for both. The husband
and wife both find it easier to work and stay
together given the new corporate culture in
cities like Bangalore, Gurgaon, Pune, Bombay
etc.
Diverse cultural environment of the
country, give the perfect adaptability to
the people of country to work in different
cultural atmosphere.
Companies are adopting the policy of giving
back to the society through, thus benefitting
society not directly connected to the business.
Technology Increase in the cost optimization
measures by implementing packaged
software solutions like ERP,CRM and
Core banking products.
Disruptive technologies present an entire new
gamut of opportunities for IT firms in India.
Over 400 Indian IT companies had
acquired quality certifications with 82
companies certified at SEI CMM Level 5
higher than any other country in the
India has got low price mobile tariffs which
add to the advantage of industry. Advent of
Smartphone, tablets, iPads, has added to the
advantage and has increased the opportunity.

(2004) 35, 318
7

world, giving India an image of credible
outsourcing destination to the world.
The no. of PC sold per year increasing as
well as the no. of internet users rising in
domestic market, promising good for the
IT&ES industry in the country.
Cloud represents the largest opportunity under
Social, Mobility, Analytics and Cloud
(SMAC), increasing at a CAGR of
approximately 30 per cent to around US$
650700 billion by 2020. Social media is the
second most lucrative segment for IT firms,
offering a US$ 250 billion market opportunity
by 2020.
Environment Companies are focusing on reducing
carbon footprints, energy utilization,
water consumption etc.
Companies are focusing on reducing carbon
footprints, energy utilization, water
consumption etc.
Environmental conservation and
protection is an issue which has gained
prominence because of deteriorating
environmental balance which is
threatening the sustainability of life and
nature
They run and grow their business on an
environmentally sustainable basis, cultivating
eco-efficient practices like helping and
partnering in effective disposal of e-waste etc.
Legal Indian labor laws are flexible and mostly
non-union workers are found in the IT
sector due to the better working
conditions, salaries and other job-related
opportunities compared to employees in
other sectors.
Govt. of India implemented amended form of
Information Technology Act 2000 on 27th
Oct. 2009. It provides additional focus to
informational security. It has added several
new sections on offences including Cyber
Terrorism and Data Protection. Copyright
protection and cyber laws were included in it.
The tax benefits firms enjoyed under the
Software Technology Parks of India
(STPI) were set to expire in 2009. These
benefits included a 10-year exemption
period from income taxes on export
profits as well as exemptions from many
indirect taxes, such as on procurement of
Indian labor laws are flexible and mostly non-
union workers are found in the IT sector due
to the better working conditions, salaries and
other job-related opportunities compared to
employees in other sectors.

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capital goods.
In broad terms, the IT sector had been
promised continued benefits under the
governments new Special Economic
Zones (SEZ) program.
Companies Act, 2013, has made CSR
compulsory for companies
Question remained as to the treatment of
firms located in STPIs under the new
program as Nasscom advocated for
maximum benefits for IT Services
companies under the SEZ program.

External Factor Evaluation(EFE) Matrix : 2007 -2008

KEY EXTERNAL FACTORS(1-4, 4 being superior) WEIGHT RATING WEIGHTED
SCORE
Opportunities
Worldwide growth in technology spend rising by 7.3%, was
1.3 trillion more than the 2006.
0.07 3 0.21
With BPO and Packaged Software showing the highest of
9.7% and 8.3% respectively.
0.06 4 0.24
IT Service industry growing at the 6.3%. 0.07 3 0.21
USA, Western Europe and Japan being the biggest market,
looking for outsourcing majority of their work.
0.07 3 0.21
The increasing demand for higher value-added services and
innovation as part of the outsourcing contracts.
0.05 3 0.15
Customers off shoring the services in order to save on cost,
hence giving opportunity to cheap hub as India.
0.07 4 0.28
Rising demand for services among businesses in order to
improve on cost.
0.06 3 0.18
Rising demand due to increasing zest for innovation and
time to market.
0.05 3 0.15
Threats
Strengthening of INR causing reduction in margins from 0.07 3 0.21

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export dependent industry
Tough competition causing commoditization of low end
products
0.07 3 0.21
Competition among domestic companies driving employee
cost high
0.07 3 0.21
Tough competition from new emerging IT hub such as
China, Malaysia, Singapore, Mexico etc.
0.07 4 0.28
Rising issues of visa availability for countries like UK &
USA.
0.06 3 0.18
HR issues such as high attrition rate and penury of talented
and skilled employees being faced by the industry.
0.07 3 0.21
Risk in treasury with the institutions being used as financial
partners for hedging business due financial volatility.
0.05 3 0.15
Client and customer non-compliance to financial
obligations.
0.04 2 0.08
Total 1 3.16

External Factor Evaluation(EFE) Graphical: 2007 -2008

Weighted scores were plotted graphically separately for both opportunities and threats for better
representation.

Global Technology
Spending
15%
Rising BPO and
Packaged softwares
17%
Increase in
outsourcing
15%
Demand for
Innovation
10%
Cheap Resource
20%
Rise in services
business
13%
Increase zest
for Innovation
10%
Opportunities (2007-08)

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External Factor Evaluation(EFE) Matrix: 2013 -2014

KEY EXTERNAL FACTORS(1-4, 4 being superior) WEIGHT RATING WEIGHTED
SCORE
Opportunities
World economies improving, showing better future prospect
to IT business as a whole

0.09 3 0.27
Global Technology spending grew by 5.4% in 2014, better
than the year 2013.

0.07 3 0.21
Domestic IT-BPM revenue is expected to grow at 9.7 per
cent to gross ` 1,910 billion in FY2014

0.07 4 0.28
India offers continue cost advantage, being 7-8X cheaper
than source countries and 30% cheaper than next low cost
service provider country.
0.07 3 0.21
Largest pool of trained human resource available in India,
with 5.3 MN graduates.
0.07 4 0.28
Health Care Sector emerging as one of the most promising
sector domestically as well as globally.
0.06 2 0.12
Strengthening
of INR
13%
Commodisation of
Low end services
14%
Rising Salaries
14%
Competition from
emerging IT hubs
18%
Rising Visa
related issues
12%
Rising Attrition rate
14%
Financial and
Currency Volatility
10%
Compliance
related issues
5%
Threats (2007-08)

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Global delivery model of companies giving an access to the
coveted sectors of Health, Defense etc.
0.07 3 0.21
Threats
Some economies still showing the sign of slow or very slow
growth, which may impact IT industry as it is closely linked
with world economy.
0.07 4 0.28
Non-tariff trade barriers may lead to some challenges of
compressed margins and increased cost.
0.08 4 0.32
New disruptive technology posing challenges to traditional
customers.
0.1 4 0.4
Post-merger threat to industries as no. of M&A increasing. 0.05 3 0.15
Maintaining the right pool of talent becoming important as
it could impact delivery and quality of service.
0.06 3 0.18
Currency volatility 0.06 3 0.18
Increasing pressure on margins due to rising pay and rising
expanse.
0.05 3 0.15
Anti-Bribery law getting more stringent. 0.03 4 0.09
Total 1 3.33

External Factor Evaluation(EFE) Graphical: 2013 -2014

Weighted scores were plotted graphically separately for both opportunities and threats for better
representation.

Improving Global
Economy
17%
Global Technology
Spending
13%
Domestic IT
Spending
18%
Cheap Resource
13%
Rise in trained
human resource
18%
Emerging
Sectors
8%
Efficient
Delivery model
13%
Opportunities(2013-14)

(2004) 35, 318
12

Porter five force analysis: 2007-08 & 2013 -2014

Factors Affecting Rivalry Among Existing Competitors
To what extent does pricing rivalry or non-price competition (e.g., advertising) erode the profitability of
a typical firm in this industry?
2013-14 2007-08
1. Degree of seller
concentration?
High High
2. Rate of industry growth? Growth rate 7.4% over 2012-13 5.4 %
3. Significant cost differences
among firms?
Yes Yes
4. Excess capacity? No Yes
5. Cost structure of firms:
sensitivity of costs to capacity
utilization?
No No
6. Degree of product
differentiation among sellers?
Brand loyalty to existing sellers?
Cross-price elasticities of
demand among competitors in
industry?
1) High
2) Less
3) Less
1) High
2) Yes
3) Less
Slow growth
of economies
16%
Trade barriers
18%
Disruptive
Technologies
23%
Post merger
integration
9%
Attrition rate
10%
Currency Volatility
10%
Rising Salaries
9%
Anti-bribery laws
5%
Threats (2013-14)

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7. Buyers costs of switching
from one competitor to another?
Yes Yes
8. Are prices and terms of sales
transactions observable?
Yes Yes
9. Can firms adjust prices
quickly?
No No
10. Large and/or infrequent sales
orders?
No, as IT spending is always
huge and strategic oriented.
Yes
11. Use of facilitating
practices (price leadership,
advance announcement of price
changes)?
Yes, Industry has first mover
advantage.
Yes
12. History of cooperative
pricing?
No, it is less as market forces are
highly competitive.
No.
13. Strength of exit barriers? No, entry and exit is easy. No.

Factors Affecting the Threat of Entry
To what extend does the threat or incidence of entry work to erode the profitability of a typical firm in
this industry?
2013-14 2007-08
14. Significant economies of
scale?
Yes Yes
15. Importance of reputation or
established brand loyalties in
purchase decision?
Yes Yes
16. Entrants access to
distribution channels?
Yes, there are strong players in
each segment Tier-I,II and III
companies and focused startups.
Yes
17. Entrants access to raw
materials?
Yes, resources are easily
available.
Yes

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14

18. Entrants access to
technology/know-how?
Yes Yes
19. Entrants access to favorable
locations?
Yes, IT penetrated into tier II &
III cities.
Yes
20. Experience-based
advantages of incumbents?
Yes, Large corporate don't risk
outsourcing to firms of relative
smaller size.
Yes
21. Network externalities:
demand-side advantages to
incumbents from large installed

base?
Yes Yes
22. Government protection of
incumbents?
No No
23. Perceptions of entrants about
expected retaliation of
incumbents/reputations of
incumbents for toughness?
Minimum, industry is diversified
in terms of verticals and
geography and people
dependent.
Minimum, industry is diversified
in terms of verticals and
geography and people
dependent.

Factors Affecting or Reflecting Pressure from Substitute Products and Support from
Complements
To what extend does competition from substitute products outside the industry erode the profitability of
a typical firm in the industry?
2013-14 2007-08
24. Availability of close
substitutes?
Not for all IT solution. Not for all IT solution.
25. Price-value characteristics of
substitutes?
Price of substitutes is generally
high.
Price of substitutes will be high.

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26. Price elasticity of industry
demand?
High High
27. Availability of close
complements
Yes, hardware Yes
28. Price-value characteristics of
complements?
Price of hardware is
comparatively higher and most
cases it is bundled with software.
Price of hardware is
comparatively higher

Factors Affecting or Reflecting Power of Input Suppliers
To what extend do individual suppliers have the ability to negotiate high input prices with typical firms
in this industry? To what extend do input prices deviate from those that would prevail in a perfectly
competitive input market in which input suppliers act as price takers?
2013-14 2007-08
29. Is supplier industry more
concentrated than industry it
sells to?
Human Resources: High
Hardware: Less
Office space: High
Hardware: Less
Office space: High
30. Do firms in industry
purchase relatively small
volumes relative to other
customers of supplier? Is typical
firms purchase volume small
relative to sales of typical
supplier?
Human Resources: No, Yes
Hardware: Yes, Yes
Office space: No, No
Human Resources: No, Yes
Hardware: Yes, Yes
Office space: No, No
31. Few substitutes for
suppliers input?
Hardware: Less
Office space: High
Hardware: Less
Office space: High
32. Do firms in industry make
relationship-specific investments
to support transactions with
specific suppliers?
Human Resources: Yes
Hardware: Yes
Office space: Relatively no,
being SEZ mostly with
government.
Human Resources: Yes
Hardware: Yes
Office space: No, boom of SEZ.

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33. Do suppliers pose credible
threat of forward integration into
the product market?
Yes, increasing cases of
supplier/sub contractors
establishing relationship directly
with customers.
Yes
34. Are suppliers able to price
discriminate among prospective
customers according to
ability/willingness to pay for
input?
Yes Yes

Factors Affecting or Reflecting Power of Buyers
To what extend do individual buyers have the ability to negotiate low purchase prices with typical firms
in this industry? To what extent to purchase prices differ from those that would prevail in a market with
a large number of fragmented buyers in which buyers act as price takers?
2013-14 2007-08
35. Is buyers industry more
concentrated than industry it
purchases from?
No, as large number of verticals
and geographies.
No
36. Do buyers purchase in large
volumes? Does a buyers
purchase volume represent large
fraction of typical sellers sales
revenue?
1) Yes, IT deals are large
2) Yes.
1) Yes, usually IT deals are large
2) Yes.
37. Can buyers find substitutes
for industrys product?
Very less, as substitutes are
usually inefficient and difficult
to sustain.
Very less.
38. Do firms in industry make
relationship-specific investments
to support transactions with
specific buyers?
Yes, Customer relationship
management is core strength in
this industry.
Yes, Customer relationship
management is core strength in
this industry.
39. Is price elasticity of demand
of buyers product high or low?
Price elasticity is high Price elasticity is high

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40. Do buyers pose credible
threat of backward integration?
No, as outsourcing is cheaper
option.
No
41. Does product represent
significant fraction of cost in
buyers business?
Yes Yes
42. Are prices in the market
negotiated between buyers and
sellers on each individual
transaction or do sellers post a
take-it-or-leave it price that
applies to all transactions?
No, usually services are
negotiated.
No

Key and Critical Success factors: 2007-08 & 2013-14

Critical Success Factors of 2007-08 Critical Success Factors of 2013-14
Diligent senior leadership
Ability to preempt market trends
Price competitiveness
Customer intimacy
Financial position
Abundant and agile talent pool

Risk management capabilities
Innovation capabilities
Financial position

There has been a change in the major critical success factors of TCS between 2007-08 and 2013-14.

In 2007-08 critical success factors like financial position, abundant and agile talent pool and diligent
senior leadership have been the core success factors for TCS. Considering the effect that the 2008
recession had on the global IT spending, TCSs most vital critical success factors were price
competitiveness and customer intimacy.

The ability of the senior leadership to preempt the global economic scenario was the key for TCS to
implement strategies that focused on these critical success factors.


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In the interval between 2007-08 and 2013-14, the focus of the IT industry worldwide had shifted
from enterprise software systems to individual centric emerging technologies like mobility and cloud
technology.

This transition occurred owing to the advancement in computing hardware technology giving way for
cheaper access for individuals to access and own devices with high and very high computational
power.

TCS is focused on developing its risk management capabilities and innovation capabilities which are
very important factors when it comes to individual centric emerging technologies.

Considering the demographics of emerging economies the emerging technologies are to grow faster
in these countries than in other major countries.

TCS has ventured into emerging economies and has already made its global presence felt in
important emerging economies where the adoption of emerging technologies is expected to grow at a
higher rate.

Competitive Profile Matrix (CPM)
TCS Infosys CTS IBM HP
Critical Success
Factors
Weight Rating Score Rating Score Rating Score Rating Score Rating Score
Technology/
Innovation
0.1 2 0.2 3 0.3 2 0.2 4 0.4 4 0.4
Price
Competitiveness
0.25 4 1 2 0.5 4 1 2 0.5 2 0.5
Process Quality 0.2 2 0.4 4 0.8 3 0.6 4 0.8 4 0.8
End - to - end
solutions
0.05 3 0.15 3 0.15 1 0.05 3 0.15 4 0.2
Employee
competitiveness
0.15 3 0.45 4 0.6 3 0.45 4 0.6 4 0.6
Financial position 0.1 4 0.4 4 0.4 4 0.4 4 0.4 4 0.4
Management 0.15 4 0.6 2 0.3 3 0.45 4 0.6 3 0.45
3.2 3.05 3.15 3.45 3.35


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Perceptual Map based on CPM
Perceptual drawn by grouping critical success factors into external and internal based on nature of the
factor.
Example: Price, Process quality and End-to-End solutions are grouped as external
Technology, Employee competitiveness and financial position management are grouped as internal

Developing the logic of firm
Customer value proposition


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Key Resources
Agile Talent Pool
Diligent Senior
Management
Partnerships with
academic institutions
Key Processes
International
Accounting standards
introduced
Compliance stds
introduced

Profit Formula
Fixed cost revenue
model
Cont Margin: 23.58%
Exp/Rev: 59.72%
Net Margin: 21.78%
Wages/Rev: 26.59%
2007 - 2008
2013 - 2014
Profit Formula
Transaction based
revenue model
Cont Margin: 29.09%
Exp/Rev: 52.73%
Net Margin: 22.96%
Wages/Rev: 26.24%

Key Processes
COSO based ERM
policies brought in.
Robust revision of
compliances and Risk
policies
New BR policies
Key Resources
Agile Talent Pool
Diligent Senior
Management
Partnerships with
academic and
scientific institutions

Customer Value Proposition
Operational Effectiveness
Product Leadership
Our products are uniquely better!

Customer Intimacy
We make things easier for you!


(2004) 35, 318
21

Reasons for the differences in customer value proposition, profit formula, key
resources and processes: 2007-08 & 2013-14

2007-2008 Strategy

The strategies followed by TCS in the year 2007-2008 can be classified as Operational strategies and
Geographical focused strategies.
The operational strategies encompass the Global Network Delivery Model (GNDM), Inorganic Growth
Strategies and Integrated Full Services Play.

The GNDM model
The GNDM was brought with an intent to bring in homogeneous standards across all centers of TCS
i.e. one global service standard. It would also help TCS implement a follow the sun model where the
dependency on geographically distributed centers would decrease bringing in an opportunity to
function seamlessly.
Inorganic growth
TCS aimed at attaining inorganic growth by focusing on different geographies, diverse competencies
and also aimed at acquiring new capabilities that would lead to synergistic growth. Inorganic growth
was a cheaper option to consider because of the availability of cheaper targets during an
economically stressed period.
Integrated Full Services Play
Offering Integrated Full Services Play would enable TCS to capture the entire IT value chain
products, services, consulting, implementation and support.
Focus on Corporate Governance
TCS focused on implementing best practices in corporate governance across all levels in the
organization.
Evolution of this Companys brand identity
TCS considered that they had an implicit promise to provide a level of certainty and excellence to its
customers, that no other IT company can match.

TCSs geographically focused strategies considered opportunities in multiyear relationships with
multiple services in major markets and end to end services in emerging markets.


(2004) 35, 318
22

Market Expansion
TCS started a new phase of market expansion by entering new growth markets like Latin America,
China, Middle East and Africa as the Company perceived a significant gap in the market place for
high quality services. The Company started engaging with regional and national champions in these
markets, many of whom have since emerged as our key customers in these newer geographies as well
as globally as they have expanded into other major markets.
Leadership in all forms of people development
TCS started its own program of creating an eco-system for technology talent by working closely with
academic institutions and scientific bodies, initially in India and subsequently globally. TCS had
created a scalable and replicable training model that allowed them to use their training programs at
other centers in India as well as in US, China, Hungary and Uruguay.
The 2007-08 period was an economically, financially and operationally stressed period for all
companies that rely on IT services to run their businesses. TCS chose to offer a We make things
easier for you (Customer Intimacy) proposition, while its competitors were offering an Our
product is uniquely better (Product Leadership) proposition, which was possible because of three
primary reasons:
Diligent leadership
An abundant and agile talent pool
Sparkling financial health

By offering Customer Intimacy as its primary value proposition during difficult times helped TCS
create a holdup during the brighter days of the economy.
Critical Success Factors
-5
0
5
10
15
20
25
0
50
100
150
200
250
300
350
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Global IT Spending

(2004) 35, 318
23

Ability to preempt market needs
Price competitiveness
Customer Intimacy
Financial position
An abundant and agile talent pool

2013-2014 Strategy

The Key elements of the companys growth strategy during this period were: Customer centricity, full
services portfolio, global network deliver model, non linear business models, and experience certainty.

Focus on Digital Five Forces - Mobility, Big Data, Social Media, Cloud Computing and Robotics
TCS identified that the impact of the Digital Five Forces on the society would be of a higher
magnitude than the technology cycles, enterprise systems that have driven business in previous
decades. They also were able identify that what the digital five forces were doing, was to complete the
entire transaction loop, by bringing in the most important element of business, the individual
consumer.

0
2
4
6
8
10
12
0
100
200
300
400
2009 2010 2011 2012 2013 2014 2015
Global Enterprise Software Spending

(2004) 35, 318
24

Innovation
The company continues to invest in research and innovation that will meet customer requirements
today, in the near term and in the long term. The three segments of innovation that TCS is focusing on
are: Derivative, Platform, Disruptive innovations. The Company actively pursues collaboration with
academic research and innovative start-up companies to help customers solve problems.

Human resources strategy
The drive to create a homogeneous work culture across the organization helped TCS integrate its
diverse global talent base into a high performing cohesive unit. The company has started to re-imagine
its HR processes, use digital technologies namely, mobile, social, cloud and analytics in an integrated
manner.

Talent management, leadership development and talent retention
The Inspire program continues to identify and develop high-potential employees for leadership roles.
Potential leaders are nurtured through training and coaching and given challenging roles to build
leadership capability.

Risk Management
The increasing global trends in digitization driven by the forces of social, mobility, analytics and
cloud coupled with the large size of the addressable global market and the relatively low current levels
of penetration of the target markets suggest significant headroom for future growth. The Company has
positioned itself well for the growth in business with an aligned strategy, structure and capabilities.

Strategic focus on geographical diversity
0
500
1000
1500
2000
2009 2010 2011 2012 2013 2014 2015* 2016* 2017* 2018*
Global Smartphone Shipments

(2004) 35, 318
25

TCS continues its strategy to focus on APAC, Latin America and Middle East & Africa in order to de-
risk geographical concentration and create a significant presence. Contribution of these new growth
markets to the total revenue almost doubled in the last decade.


Unlike in 2007-2008, in 2013-2014 TCS offered a Product leadership and operational excellence oriented
customer value proposition. That is TCS focused more on offering an Our products are uniquely better
proposition than on a We make things easier for you proposition.

Critical Success Factors
Risk management capabilities
Innovation capabilities

0.00%
10.00%
20.00%
30.00%
40.00%
2011 2012 2013 2014 2015* 2016* 2017*
Global Smartphone Penetration

(2004) 35, 318
26

Creating and Sustaining Competitive advantage and Business Model
Analysis of Competitive advantages of TCS

VRIO Framework Analysis

Summary of VRIO, Competitive Implications, and Economic Implications
Parameter Valuable? Rare? Costly
to
Imitate?
Organized
Properly?
Competitive
Implications
Economic
Implications
Geographic
expansion/penetration
and Strategic
alliances
Yes Yes Yes Yes Sustained
Advantage
Above
Normal
Non linear business
models
Yes No No No Competitive
Parity
Low
Normal
Full services portfolio Yes Yes Yes Yes Sustained
Advantage
Above
Normal
Global network
delivery model
Yes No Yes Yes Competitive
Parity
Normal
TCS Co-Innovation
Network
Yes Yes Yes Yes Sustained
Advantage
Above
Normal
Digital 5 forces Yes Yes Yes Yes Sustained
Advantage
Above
Normal
Robust HR systems Yes No Yes Yes Temporary
Advantage
Above
Normal
Near shore model Yes No No Yes Competitive
Parity
Normal
Customer centricity Yes Yes Yes Yes Sustained
Advantage
Above
Normal


(2004) 35, 318
27

Detailed Analysis

Competitive
Advantages
Sustainable Advantage?
Geographic
expansion/penetration
and Strategic
alliances
Yes. TCS penetrated strongly in global geographies both
organically and inorganically through strategic acquisitions like
SITAR Sweden, Alti SA France, Comicrom Chile, TKS Teknosoft
Switzerland, Pearl group UK, FNS Australia etc.

In each of the acquisitions geographic penetration was not the
only objective. TCS ensured that its scope of offering
increases. Example: After completion of TKS and FNS, TCS was
able to offer full fledged software products for banking industry.
TCS ensured it integrates/consolidates/transforms it acquired
entity within a span of 2-3 years to TCS subsidiary in that
corresponding region.

Apart from mergers and Acquisitions(M&A), TCS also formed
strategic alliances(JV) through its subsidiaries in countries like
China and Japan.
TCS formed tripartite Joint Venture between National Software
Export Base, TCS, and Microsoft.
TCS formed (60-40)% JV with Mitsubishi corporation, Japan,
First of its kind by any Indian IT services company.
Non linear business
models
No. We performed a comprehensive analysis of TCS using
operational figures and data sheet of TCS annual report. We found
key performance analysis parameter of IT industry i.e. Revenue
per employee is increasing for the past 5 years. (Please refer to
ratio analysis part of appendix), also number of employees
increased over the same period. however non-linear business of IT
services like product licenses, product implementation fees,
product AMC etc were not increasing over the same period with

(2004) 35, 318
28

the increase in number of resources. (Please refer to TCS Data
sheet, tab "IFRS-PnL,BS-USD" section column: Sale of
Equipment and Software Licenses part of appendix section:
Consolidated Historical Financials)
Hence we could conclude that TCS could not sustain the
competitive advantage by having a portfolio of software products.
Full services portfolio Yes.TCS ensured it provided extensive portfolio of services in IT
Industry. TCS used to execute some Government projects even
though they dont make much margin out of it.
TCS as a policy used to execute some niche services projects at
loss/less profit margin initially to acquire skills in that scope of
services. Example: TCS was just a technology partner for
Motorola Solutions from 2005, however from 2010 onwards TCS
started working on services related to business consulting aspects
of ERP implementation services.
As discussed in section "Geographic expansion/penetration and
Strategic alliances" through each of its acquisition TCS added
additional scope of services/products in its portfolio apart from
geographic penetration.
Project/Services portfolio of TCS would be unique and different
from its competitors. TCS completed projects to clients with 1 mn
to 100 mn revenue and even beyond like fortune 500 companies.
(Please refer to TCS Data sheet, tab " Operating Metrics"
section column: TCS CLIENT METRICS part of appendix:
Consolidated Historical Financials) TCS conducts CAT, India's
renowned B-School aptitude test. TCS in collaboration with MP
Govt. in MPONLINE. TCS has India's largest BPO services. TCS
has renowned banking product suite BANCS. TCS has its own
ERP solution i-ON for SMB business.
Global network
delivery model
No. TCS pioneered the Global Network Delivery Model(GNDM)
in outsourcing industry. In fact TCS obtained the trademark for
GNDM. However over a period almost every outsourced projects

(2004) 35, 318
29

were executed through a modified version of global delivery
model.
Hence there is no significant competitive advantage exist with this
resource.
TCS Co-Innovation
Network
Yes. TCS Co-Innovation Network(COIN) is a rich and diverse
network ecosystem that comprises emergent technology
companies, research labs of academic institutions, leading
technology vendors, venture funds to offer collaborative IT and IT
services innovation for customers. TCS inbuilt innovation labs
coordinates and collaborates with COIN. TCS ensures it offer
value proposition to each partner in this ecosystem. COIN helps
TCS to sense the technology landscape, VC funding pattern in
different emerging technologies and also customer needs through
innovations. Thus COIN helps TCS to find out the market
maturity graph for their service capabilities and thereby predict
future trend of the industry. COIN being a diverse geographical
network, it helps to find out emergence of innovation and VC
funding in a particular geography.
Example: COIN identifies major investment in China is happening
in internet space & Integrated electronics, In Israel funding is
raised for life sciences and clean technology. (Derived from the
White paper on TCS COIN - Emerging Technology trends)
No doubt, COIN helps TCS stay relevant in changing patterns in Industry
also adds to TCS learning curve.
Digital 5 forces Yes. TCS full services portfolio offering and diversified
geographical presence has placed itself ahead in experience curve.
TCS's timely strategic investment in digital 5 forces(cloud, social
media, big data analytics, mobile computing and artificial
intelligence) has helped to develop platform based innovations for
various industries specific problems comprising SMAC
technologies.
Ex: Telecom vertical - TCS Hosted OSS/BSS(HOBS)

(2004) 35, 318
30

Digital forces were disrupting the way in which traditional
business has been operated and managed. Example: Health
checkup has become a ongoing activity. Wearable devices collect
data and feed into cloud(from android devices) which maintains
the history of many individuals. Big data analytics helps to track
and find out any deviation in health factors. If something went
wrong, easily doctor will be intimated using mobile apps.
Robust HR systems Neutral. TCS HR system is robust considering the below facts
TCS is progressive, young and second largest organization
behind IBM in terms of employee strength, At the same
time ensuring having average age of employee as 29 years
and women workforce consisting of 32.7% of total work
force.
High employee retention rate in industry at 88.7%.
Employees represented from 118 nationalities (i.e. all
continents) and deployed in 55 countries.
TCS follows Indian way of campus recruitment(Now online
campus commune channel) even in countries like USA,
Canada, Uruguay, China and Hungary. After recruitment
they were inducted for training in India/Abroad. Thereby
they follow "oneTCS" culture for easy and effective
integration both in paper and practice.
TCS went on to one level ahead in conducting TCS IT Wiz
- India's largest Inter-school competition to serve dual
purpose both social intent and attract them young.
Through Academic Interface program, continually engages
with leading institutions like IIT & IIM's for MDP
programs, Guest Lectures, Internships and PPO's through
case study competitions.
TCS HR strategically recruits fresher's in large number compared
to experienced individuals. Reasons are 1) Good pool of fresh
candidates available in India at low cost 2) Having fresher in

(2004) 35, 318
31

large proportion among its 3,00,000 + workforce helps to even
out the cost incurred in employee salary and perks.
HR system is highly depend on the external environment which is
supportive now in providing talented pool of graduates at low cost.
We are not sure if low cost resources will be available in next 5
years considering the economic growth and inflationary trends in
India.
Near shore model No.TCS enjoyed advantage initially by having its near shore to
North America in Uruguay.TCS expanded the subsequent centers
organically and inorganically in UK, Europe, Japan etc. However
competitors realized the potential of this model and imitated by
opening the centers in same regions.
Customer centricity Yes. We analyzed using real time facts from one of our group
member, who worked with TCS during Global slowdown.

His SBU faced a situation on Nov,2009 where in a leading
financial institution could not release the payment for past two
milestones. Client openly acknowledged their financial situation
and requested TCS management to provide a moratorium period
of 5 months for each of the milestone citing the last 10 year
relationship. TCS management accepted the client request and
allowed its consultants to work on onshore and offshore as usual,
however other technology and business consulting partners
removed their consultants immediately next day and were not
ready to negotiate on any terms towards pending payments.

After he left TCS to pursue MBA, he happened to meet ex-
colleagues in Jan 2014. He came to know that once financial
situation got improved, bank outsourced 5000 people effort to
TCS and TCS was made as the only technology partner. Most of
Vendors(including Wipro and Deloitte) who existed prior to 2009
were removed.

(2004) 35, 318
32

TCS roots in TATA values of handling relationship with
customers achieves significant edge over its competitors in
sustaining customer centricity.


(2004) 35, 318
33

Tetra-Threat framework analysis

DIFFICULT TO IMITATE OVERCOMES SUBSTITUTION

NO SLACK HIGH HOLDUP

Hold up of customers
is very high with TCS.
From 2005, revenue from
repeat business is more
than 96% (Please refer to
TCS Data sheet, tab "
Operating Metrics"
section column: Revenue
from Repeat Business
part of Appendix)
TCS has lowest
attrition in the
Industry.Also,great
leadership from thought
leaders Mr. F.C. Kohli
and Mr. Ramadorai.
Mr. N Chandra, current
CEO, though inherited
stable company. He
managed the organization
well post global slow
down.
TCS faces genuine threat
of subsituting its IT
solutions by products and
viceversa. however TCS
mitigates this risk by
diversifying its services
and packaged solution
offering.
TCS mitigates the risk of
imitation in three horizon
of innovations derivative,
disruptive and platform
based innovation guided
by specialist HBS
Prof.Christensen. Hence
resources and processes
are continuosly
innovated.
TATA group business
values, code of
conduct & support
to TCS is not
imitable.
ADDED VALUE
VALUE APPROPRIATED

(2004) 35, 318
34

Business model of TCS (2013-14)

Value loop

Flexible Consequences leading to competitive advantage

TCS business acumen is two-pronged: one one hand, the company has been able to successfully
preempt competitors games and core-competencies, and on the other hand, align its
resources efficiently to equip itself with assets and qualities in order to counterbalance competitors
advantages. The organization clearly knew about the perishability of technological advantages and the
commoditization of a human-resource advantage in the IT industry; and began using their first-moves to
build into greater levels of customer satisfaction and cost-leadership, instead of focusing on leveraging
its opportunities to eat into market share. Given the financial and marketing backing
of a huge brand name which spelled trust in India, TCS realized rightly that they were the best-suited
company to undertake a cost-leadership strategy, yet they acknowledged that they could not sustain its
leadership without earning loyal customers across the world, who were looking for top quality services.

35

36

Model (2013-14)

Learning

How TCS experienced "Certainty"?: Transition from one of the top Indian IT Player to
India's largest company.

Before 2007-2008, TCS was neither India's no.1 in market capitalization nor a big difference
existed between TCS and Infosys. TCS sensed the externalities and predicted key success factor to
thrive and succeed in the industry very well. TCS anticipated correctly that outcome of the
recession will be enforcement of Stringent International compliances, protectionist measures, need
of innovative cost efficient technologies and availability of cheap resources. TCS build strategies
to convert each of the outcomes of recession to its competitive advantage. TCS focused on
geographical penetration in depth and width; today TCS has agile HR system which could place
resource from any corner of the world to service its global clients. Also, TCS has very strong local
presence in all developed economies hence unaffected by protectionist measures. TCS adopted
37

international standards and policies on compliance and regulation; thus helped its brand getting
unaffected in controversial business clauses unlike its competitors.
TCS adopted customer intimacy and cost efficiency as key strategies, both turn to be successful
in helping TCS deliver large projects at less cost. Also, TCS purchased/leased key assets in India
i.e. 15-20 kms away from all leading tier I and II cities.

Suggestion

How TCS could continue "Experience Certainty" for next 5-10 years?

TCS achievement in terms of revenue were achieved by global competitors like IBM, Accenture and HP
at much less number of resources; less cost due to their concrete strategy in execution of non linear
business model. i.e. IBM bundles product and service at higher fees; Accenture offers more high end
consulting services. TCS competitors in India, namely Cognizant (CTS) offers high end consulting
services and has strong penetration in North America, whereas Infosys focuses on adding innovative
products and packaged solution to its portfolio. With the change of industry environment in terms of
rising in salaries, trend towards commodity of existing service offering, protectionist measures and
success factor of Industry evolved with disruption of existing customer business model by digital 5
forces; there is a greater need to have additional resources with greater scope of skills to increase non-
linear revenue model. Resource intensive i.e. linear model to thrive in IT industry might not be
successful. Hence there is a greater need for TCS to improve upon its portfolio scope to offer non-linear
revenues. As concluded in the article by Ramon Casadeus-Masanell and Jorge Tarzijan article on 'When
one business model isn't enough" we draw the similar analogy to stress upon the need for
complementary business model to add on to the non-linear revenues in future to thwart the competitive
forces. TCS has decades of strong experience on IT services and it has presence in major Forbes 500
companies, Hence there exist a greater scope to extend its current Global consulting practice to offer
high end business consulting. Also, TCS could look for strategic acquisition of firms offering high end
strategic consulting services.

38

Appendix

1. RATIO ANALYSIS

Ratio
Analysis Unit
FY FY FY FY FY FY FY FY FY FY
2013-14 2012-13 2011-12 2010-11 2009-10 2008-09 2007-08 2006-07 2005-06
2004-
05
Critical Ratios - IT/Knowledge industry
Total revenue C
81809.3
6
62989.4
8
48893.8
3
37324.5
1
30028.9
2
27812.8
8
22619.5
2
18685.2
1
13263.9
9
9748.4
7
Total
Headcount as
at March 31 Num 300464 276196 238583 198614 160429 143761 111407 89419 66480 45714
Revenue Per
Employee C 0.2723 0.2281 0.2049 0.1879 0.1872 0.1935 0.2030 0.2090 0.1995 0.2132
Ratios - Financial performance
Employee
cost/total
revenue % 49.49 50.68 50.48 50.38 50.17 52.07 50.45 48.17 46.08 44.98
Other
operating
cost/total
revenue % 19.77 20.68 19.99 19.67 20.88 22.15 24.3 24.32 26.15 26.16
Total
cost/total
revenue % 69.25 71.36 70.48 70.05 71.05 74.22 74.75 72.5 72.22 71.14
EBIDTA
(before other
income)/
% 30.75 28.64 29.52 29.95 28.95 25.78 25.25 27.5 27.78 28.86 total revenue
Prot before
tax/total
revenue % 31.05 28.72 28.48 29.53 27.61 22.11 25.84 26.32 26.44 27.02
Tax/total
revenue % 7.42 6.37 6.95 4.91 3.99 3.02 3.48 3.55 3.84 4.07
Effective tax
rate -
tax/PBT % 23.9 22.19 24.42 16.61 14.44 13.64 13.45 13.5 14.53 15.07
Profit after
tax/total
revenue % 23.43 22.09 21.3 24.3 23.31 18.9 22.22 22.55 22.37 20.28
Ratios - Growth
Revenue % 29.88 28.83 31 24.3 7.97 22.96 21.06 40.87 36.06 . !
EBIDTA
(before other
income) % 39.43 24.97 29.14 28.57 21.27 25.54 11.14 39.48 30.94 . !
Prot after
tax % 37.7 33.65 14.84 29.53 33.18 4.58 19.31 42 50.07 . !
Ratios - Balance Sheet
39

Debt-equity
ratio times 0.01 0.01 0 0 0.01 0.04 0.04 0.06 0.02 0.06
Current ratio times 2.74 2.69 2.22 2.35 1.88 2.26 2.24 2.24 2.25 2.24
Days sales
outstanding
(DSO)
days 81 82 86 80 71 79 87 84 90 77 in ` terms
Days sales
outstanding
(DSO)
days 82 82 81 82 74 74 87 88 90 78 in $ terms
Invested
funds / total
assets % 43.01 36.38 34.81 36.81 45.68 26.29 28.97 27.03 17.67 17.92
Capital
expenditure /
total revenue % 3.8 4.18 4.06 4.85 3.43 3.95 5.58 6.64 4.69 3.72
Operating
cash ows /
total revenue % 18.03 18.44 14.27 17.72 24.66 19.45 17.22 18.58 18.76 21.46
Free cash
ow/operatin
g cash ow % 78.9 77.33 71.52 72.66 86.07 79.7 67.6 64.25 74.97 82.64
Depreciation
/ average
gross block % 10.57 10.25 10.65 10.35 10.78 11.13 15.05 17.1 18.09 13.57
Ratios - per share
EPS -
adjusted for
bonus ` 97.67 70.99 53.07 46.27 35.67 26.81 25.68 21.53 15.16 11.84
Price earning
ratio, end of
year times 21.79 22.14 22.01 25.56 21.89 10.07 15.79 28.97 31.57 30.23
Dividend per
share ` 32 22 25 14 20 14 14 13 13.5 11.5
Dividend per
share -
adjusted for
bonus ` ` 32 22 25 14 20 7 7 5.75 3.38 2.88
Market
capitalisation
/ total
revenue times 5.1 4.88 4.67 6.2 5.09 1.9 3.51 6.53 7.06 7.05

40

2. Consolidated Historical Financials

TCS_Data_Sheet.xls
x

https://drive.google.com/file/d/0B_ZF3pDhMAHpdVlZbnUyNUhsb2s/edit?usp=sharing

3. Facts about TCS Co-Innovation Network(COIN)
1. Overview of startups in TCS COIN

Company Area
Aito Technologies Customer Experience Analytics
Activeo Real-time Contact Center Performance Monitoring
Attensity Sentiment Analysis, Social Media Monitoring
Avhan Unified Customer Interaction Process
Cicero Desktop Activity Intelligence and Improvement
Software, Enterprise Mobility
Clarabridge Sentiment Analysis, Social Media Monitoring
ESQ Business Transaction Management
iKen Solutions AI-based Consumer Analytics Platform
Inbenta Semantic Virtual Assistant
Jacada Customer Experience Management
Kaltura Video Content Management
Kana CRM Solutions for Customer Experience
Management
Knoahsoft Workforce Optimization
Neospeech Text to Speech Engine
OpenSpan User Process Improvement / User Experience
Perpetuuiti Disaster Recovery Management
Seclore Information Rights Management
SmartConnect Customer Interaction Management
41

Testplant Automation and Software Application Testing
VeryDay Service Design, Product Design and Interaction
Design

2. TCS Brochure on TCS Co-Innovation Network

https://drive.google.com/file/d/0B_ZF3pDhMAHpRUZvNGczejRlMkk/edit?usp=sharing
3. White paper on TCS COIN - Emerging Technology trends

https://drive.google.com/file/d/0B_ZF3pDhMAHpNnFYa29Dd0JDUzA/edit?usp=sharing

References

TCS COIN communications(coin.queries@tcs.com) (2011) white paper on 'The TCS COIN Emerging Technology
Trends Report 2011' pages:

TCS COIN communications(coin.queries@tcs.com) (2014) brochure on 'Co-Innovation Network (COIN) Synergies in the
Innovation Space' pages:

Mr. Kedar Shirali (Head, Investor Relations - TCS) (2014) data sheet on 'Consolidated historical financials' tab: IFRS-
PnL,BS-USD, Operating Metrics

Ramon Casadeus-Masanell and Jorge Tarzijan article on 'When one business model isn't enough'

Mark W.Johnson,Clayton Christensen and Henning Kagermann article on "Reinventing your business model"

Thomas Eiesmann article on "Business model analysis for Entrepreneurs"

Mr. Kedar Shirali (Head, Investor Relations - TCS) (2014) 'Annual Reports' year: 2007-08 & 2013-14

Mr. Nandhi Keswaran, Consultant, Delivery manager - TCS

Business Model of TATA Consultancy Services

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