We live in a world where technology is a crucial need to survive. It is evident from the fact that we are dependent on computers for everything we do and it has only made our lives, easier and comfortable. Information Technology is the greatest boon to the society, and one of the major industries of this era. The IT industry has emerged as an asset to the economy in recent years. With the advancement in technology, this industry has made itself compatible, with newest innovations. Mphasis is one such company which is a prominent and a leading global player in IT industry specialized in cloud and cognitive services.
The Vision of Mphasis
Mphasis was established in 1992, and is a leading provider of core IT services to global marquee customers for over 25 years. The goal of the company is to bring next generation technology to the clients to ensure success in future. Mphasis brings the best-in-class expertise to the foundational services of Application Development and Maintenance, Infrastructure Services, and Business Process Services (BPS). Mphasis is driven by an enthusiastic team of 22,000 employees across 20 countries, and enables their customers to re-imagine the digital future by applying a unique formula of cloud migration and cognitive technology, and to modernize and power the legacy systems to timeless computing. The advancements of the company in cognitive, cloud and traditional application and infrastructure services bring much needed efficiency and cost effectiveness. The overall vision and strategy has been leading up to constantly outperform forecasts and deliver increased value to the shareholders. In FY2017, the net profit of the company grew to 25.3% YoY and the board recommended 170% dividend to the shareholders.
Out of the box Services
Mphasis has been providing best-of-class expertise in the foundational services. It has been nimble and agile in integrating and building specialization to enable future-proofing of the organization as well as its customers. A preferred solution partner to its customers, Mphasis prides itself on being a technology enabler of several global marquee customers. It has augmented value-based services by further enhancing its core services through co-creation. Mphasis’ NEXTLabs, NextAngles™ and platforms such as Javelina and Wynsure have been co-created with the customers. By enhancing its core service offerings, such as Business Process Management (BPM) with Robotic Process Automation (RPA), Mphasis offers its legacy solutions in a seamless and market-ready state.
The company has been working towards enabling transformation and optimization of customers’ business and has been a catalyst in defining Blockchain strategy for multiple banking and nonbanking organizations by helping them charter their Blockchain adoption roadmap. India’s first-ever Center of Excellence for Blockchain technologies, which delivers agility, visibility and scalability was established by Mphasis.
Mphasis has developed an increasing repertoire of technology solutions which are relevant and helping the customers to future-proof their business and stay ahead of the curve. Mphasis’ services help their clients realize higher levels of automation and convert core IT activities into managed services that drive innovation and reduce operational costs. The company will also assist in modernizing legacy systems and creating core platforms, processes and infrastructure that support digital business across the extended enterprise and deliver higher levels of performance.
The Astute Mind behind Mphasis
Nitin Rakesh, CEO and Director of Mphasis, is a pioneer financial technologist. Nitin served as the CEO and President of Syntel and also as the CEO and MD of Motilal Oswal, before working with Mphasis. At Syntel he was known for being able to deliver profitable growth at industry leading operating margins. Nitin is on the advisory board/committee of various institutions including Knowledge@Wharton, US-India Business Council and Chairs the NASSCOM IT Services Council.
Within the first 100 days of assuming the position of the company, he launched Mphasis X2C2TM formula for success, which shifts anything to cloud and powers everything with cognitive solutions. His entrepreneurial spirit and signature customer-first, and lean startup philosophy has driven the development and launch of disruptive new service offerings, consistent up gradation and an accelerated growth trajectory of the companies he has been a part of.
A Leading Global IT Player
Mphasis understands that to maintain their status as a leading global IT player, they must keep a close eye on future and emerging trends. An AI-led smart compliance is the future of any financial institution aiming to keep a secure ecosystem. Therefore, the company has launched a remarkable initiative called ‘Cart-Up’, which is committed to co-innovating future-proof solutions along with customers.
In a highly competitive market where customers look for differentiation, Mphasis provides innovative and accelerated solutions and services with a faster, go-to-market speed. It helps customers transform their application landscape and help them get closer to their end customers with consumer facing tech backed by cloud, automation and cognitive solutions. Mphasis’ core reference architectures and tools, combined with domain expertise and hyper specialization of Banking, Capital Markets, and Insurance, is the foundation for building and maintaining strong relationships with marquee customers. Being recognized by the world’s major PE firm over their competitors is a proof of the growth potential that Mphasis holds.
Motivating Employees and Future Aspects
At Mphasis, utmost importance is given to the success of their employees. Taking the integrity forward and weaving it into the fabric of the organization is what they call the Mphasis ‘Culture Cornerstones’ (Customer Centricity; Outcome Focus; Experimentation; Empowerment and Values). The company believes, “The employees have allowed us to succeed to what we are today, holding these at the heart of every decision we make.” These words represent the blue-print that has defined Mphasis’ success as an organization over the years. Various programs are also offered to encourage employees to build skills that drive the company’s culture.
As the customers embark on their digital transformation journey, Mphasis is focused on future proofing them with cognitive solutions on cloud that enable agile processes and predictive analytics resulting in competitive advantage. The company has launched Mphasis NEXTLabs for Cloud to focus on emergent and future paradigms related to Cloud Computing. Mphasis is poised to achieve higher levels of operational efficiency while becoming effective Cloud services and Cognitive computing business.