Companies have to be innovative and keep evolving new business model to survive in the fast changing economy, S Ramadorai, chief executive of Tata Consultancy Services, Asia’s largest software services company, said. Delivering the keynote address at a seminar “Business Models in an Era of Changing Technologies and Markets, organised by TCS and Indian National Academy of engineering, Mr. Ramadorai said, “The IT industry has so far adapted well to the changing economic environment and has grown strongly at CAGR of 35 per cent.”

To survive in this market, the companies should generate customer value, optimise inventories across the extended supply chain and eliminate waste and bottlenecks, he said. “Survival is the name of the game in the IT industry,” he added. Chief Minister N. Chandrababu Naidu stressed the need for governments and business enterprises to change their policies and approaches in tune with the technology-driven era for providing better services to citizens and customers respectively, at the same seminar.