Change is not a new challenge by any means for business leaders; the innovation lies in how companies face change time and time again. Girish Paranjpe, joint CEO of Wipro's IT Business and Executive Director on the Board of Wipro Limited, offers innovative experiences from his company's vantage point as a leader in technology services, an industry often seen as both a cause and a solution for change. As part of the Nand and Jeet Khemka Distinguished Speaker Forum sponsored by the Chazen Institute of International Business at Columbia Business School, Mr. Paranjpe shares his thoughts on managing transformation in today's economic environment. "Unless corporations reinvent themselves periodically and continue to transform their operations, these corporations will either cease to be relevant or be caught with too many resources which will make them unviable."

A fundamental change facing corporations - especially multinationals - has been the shift in focus from established markets to emerging markets. While emerging markets still account for a relatively small percentage of overall corporate revenue, Mr. Paranjpe contends that this is changing. Because these markets are characterized by a consistently high GDP growth rate, companies will need to address emerging markets in order to ensure sustainable growth.

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