Hexaware Technologies: Bringing Complete Transparency & Trust in Engagement
Date: Tuesday , January 26, 2016
The outsourcing industry is quite abuzz with the term \'watermelon effect\'. Larger providers are focusing on the biggest of the deals, given their growth aspirations. Further, service providers\' relationships are focused on achieving typical process metrics, with no regard to actual business user satisfaction resulting in a watermelon relationship - green on the outside, but deep red on the inside. Even the lifespan of relationship with clients have seen a steep decline from 10 years to just few.
The 1990 founded Hexaware Technologies Limited (NSE: HEXAWARE.NS with a current market capitalization of Rs.66.72 billion) is perfectly sized and sharply focused on business outcomes, which positions it well to address the needs of such customers. Being a perfect fit has enabled the company to shed the role of efficiency broker and be the capability advisors to its clients. \"As the BPO market will keep growing and moving to an as-a-service model, with transaction and indeed outcome based pricing models, buyers will look for innovation through automation and closer collaboration. And where the work gets done from will no longer be as relevant (offshore/onshore/nearshore) as whether targeted business outcomes are being achieved,\" explains Chinmoy Banerjee, SVP & Global Head, Hexaware BPS.
Focus on Bringing Huge Difference
Hexaware is taking advantage of two key discontinuities, the watermelon effect and the Data2Digital journey as a large portion of Hexaware\'s services are aligned with data, while in BPS, its core offerings in F&A, Customer Service, Claims Service, Claims Processing, Telecom service, and HR are all focused on Digital Transformation. \"We look forward to strengthen our end-to-end offerings in these select areas and move firmly to an as-a-service model,\" explains Chinmoy. As an organization, Hexaware is focused on selective key horizontals and verticals and is a strong contender in this space.
With time, the BPO market has evolved and most of the players here today stand at the same level of maturity in terms of offerings. But the collaboration between players and customers has gone way down the street. Recent studies highlight that over half of the engagements fail to deliver due to lack of collaboration. But Hexaware sports clients\' shoes post which it provides customized tailor-made solutions.
Given Hexaware\'s focus on automation, the company is able to come in with cannibalization led solutions, something the industry is hard struck with. Its nimbler size enables it to deploy a reverse pyramid structure that focuses on reducing headcount on projects, something that the larger players who are stuck in a pyramid based FTE structure are struggling to adopt and implement. The underlying theme of all its offerings are end-to-end, integrated technology using platform or bolt on tools, have a very intense dose of RPA in them, and are staffed using a reverse pyramid model with a fat middle layer of domain led COE consultants priced on a transaction or outcome basis.
Hunger for Innovation & Growth
Hexaware, the ambitious player with a hunger for innovation and growth, is focused on certain key areas, which enables the company to provide high management attention and visibility to every client. It is able to offer a comfort factor for many buyers in the market, who would want to be treated like one of the important clients by their service providers. Standing for three brand values - passionate employees, innovative services, and delighted customers, Hexaware\'s clients are happy to be associated with it as the company also brings complete transparency and trust in the engagement.
Hexaware strongly believes that passionate employees create innovative offerings that in turn produce delighted customers. The best example is the bottoms up innovation practiced in Hexaware that leads to 11000+ employees providing ideas for innovation that is captured systematically in its \'Brainbox\' toolkit and then implemented for its clients. \"We are very proud to have amongst the lowest attrition rates amongst the IOSPs. The cornerstone to winning is having an engaged team. Hence, we strive to make Hexaware a great place to work and attract and retain talent. We try to unleash the creativity, diversity and intellectual curiosity in our people,\" explains Chinmoy.
From a BPO perspective, Hexaware is primarily focused on innovation energies on Intelligent Process Automation, building its proprietary automation frameworks that integrate third party tools with Hexaware\'s accelerators, with business specific analytics and KPIs. It has a dedicated CTO in BPS to create offerings and focus on innovation as that is a key area of focus for it. The company will continue to develop innovative solutions and focus on only certain areas. Hexaware\'s future deals will have integrated robotics pitch, which will bring in disruption in the market and will enable it to grow BPS at 50 percent year-on-year.