B2B entities have massively improved their rank this year, with tech and pharma brands becoming household names as the pandemic disproportionately affected consumer-facing brands, the report says.
Tata Consultancy Services (TCS) was ranked 20th, while Reliance Industries held the 9th slot in the 2021 Future Brand Index report which said the corporate giants, the only Indian companies in the top-100, were scripting an exciting, new story about India’s business prowess.
In a changed environment because of the pandemic, TCS climbed 45 notches from last year to the 20th rank, while Reliance Industries retained its position in the global top-10 after slipping seven spots to the ninth position, according to the report issued by the global consultancy on September 1.
“The pandemic effect has disproportionately affected consumer-facing brands, with many of 2020’s Top Ten displaced by B2B giants,” the release states. In 2020, Reliance entered the top 10 list for the very first time, just behind Apple, at the second position.
“Together, these (Indian) giants are beginning to carve out a new and exciting story about the business prowess and potential of India – a country that will soon overtake China to become the most populous in the world,” the report states.
The FutureBrand Index reorders PwC’s list of Global Top 100 Companies by Market Cap on perception strength, rather than financial strength, covering a global sample of over 3,000 informed professionals, being aware of and knowing something about at least seven of the top 100 companies of that year.
This year’s survey was conducted from April 27 to May 12, 2021, evaluating responses based on 18 indicators that provide the most relevant signals of success including purpose and experience, which determine the rankings.
ASML Holdings, the company on which global chipmakers rely upon, ranks at the top among the 100 companies in the list. The company set a strong perception performance on attributes like innovation, indispensability, and the quality of its people amid being “at the centre of the global chip shortage which has threatened to disrupt life as we know it – impacting everything from cars to consumer technology,” the report notes.
This change at the top shifted tech behemoth Apple to the second position, followed by Prosus NV, Danaher Corp and NextEra Energy. Tech and Healthcare companies have stood out this year on FutureBrand Index pointing out “heightened need for connectivity and a focus on improving quality of life after what has been a hugely challenging year for the world.”
B2B entities which were lower down the table on the previous Indexes, have jumped up with tech and pharma brands becoming ‘household’ names. This is enabled by a shift in society’s focus on innovation to help come out of the pandemic.
TCS top riser among tech brands
Saudi Aramco emerged as the top riser, moving up 63 places to 28th position, above TCS–in terms of moving up places, followed by LVMH (up 37 places at 29), Berkshire Hathaway (up 33 places at 50), China Mobile (up 27 places at 45). TCS was also the top riser among the technology brands.
The Indian IT colossus performed well on both purpose and experience indicators with scores “increasing significantly” over the last one year. “As a result, nearly half of our respondents stated that they would like to work for the company and buy its products, coming in at 46 percent and 44 percent respectively,” the report points out.
This year, the financial sector has shown the highest performance score since the FutureBrand Index launch in 2014, this attributed to the greater need to depend and trust financial institutions amid business struggling with reduced incomes and job losses. Likewise, the consumer staples sector has benefitted from recurring lockdowns, the report notes.
“This year’s research has revealed a huge shift in the way companies work and how they convey their mission to their consumers,” Jon Tipple, Global Chief Strategy Officer at FutureBrand said. “Those that look set to thrive in a post-pandemic world, are companies prioritising innovation to consistently impact individual well-being and drive change for good at scale.”
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