Covid-19 has accelerated digital transformation for Genpact, its clients: CEO2 min read . Updated: 02 Jun 2020, 08:06 PM IST
The company has been aggressively helping its clients adopt to cloud, using real time analytics that generate actionable insights that customer can take decisions on and virtualisation, says Tiger Tyagarajan
NEW DELHI: Business process management company Genpact has seen the covid-19 pandemic more than halve the time for the company's digital transformation to 1-2 years from 5 years. The US-headquartered company has been turning to digital and analytics to help its diversified portfolio of clients digitise their operations, said Tiger Tyagarajan, Genpact’s president and CEO.
Tyagarajan said the covid-19 crisis has shown that Genpact’s overall business strategy was in the right direction, given the verticals the company operates in. Consumer goods, life-sciences, healthcare, insurance, high tech, manufacturing and services are some of the verticals that have been less impacted by the coronavirus.
Genpact's services include closing of the books, supply chain forecasting, or procurement, which also volumes go up during the crisis.
“The market has accelerated in the direction of our strategy, so funnily enough we haven’t really changed our strategy but accelerated the path we have been on, so the extent of adjustment will be much smaller for Genpact," said Tyagarajan.
The company has been aggressively helping its clients adopt to cloud, using real time analytics that generate actionable insights that customer can take decisions on and virtualization. “What covid-19 has shown is that anything can be and should be done from anywhere by using all kinds of technology to access the data and information," he said.
The covid-19 crisis may have slowed down businesses but Tyagarajan said he is not worried. While big deals in the company’s pipeline slowed down in the last 3-4 months, they are picking up again.
He added that work from home (WFH) has made their customers and clients realize that work can be done from anywhere. Genpact has been able to take historically location-based functions and rapidly transform them into virtual functions.
“...Organisations should now look at a new working model that includes offshore, onshore, nearshore plus WFH so this is a new lever to pull in all services," he said. "More than 70% of our clients are not in a hurry to come back to the office, and believe some of that work can be done from home."
"Currently, only 3-4% processes are not being delivered but as different cities and locations open up in India they will come back, rest 96% processes are being delivered from home. Over the next 3-4 year period, I see 25% of our services becoming work from home," he adds.
While Genpact has put a freeze on all salaries and promotions starting from top executives and also cut back on all discretionary spends, it continues to invest in new services and solutions for its clients and is redeploying talent and reskilling employees.
“We moved 300 people from a hotel customer to an insurance client. We were able to do this as we were able to quickly retrain them using our AI driven platform so it allowed employees to switch from one type of work to the other," adds the top executive.
On the IT-BPO industry, Tyagarajan said, “It is here to stay, however with every disruption there are winners and losers and I expect that to happen in the IT BPO industry. We will see how that shakes up in the next 12-18 months."