The great reset has made digital transformation an urgent mandate and Indian businesses of all statures are following suit. This has paved the way for young and mid-sized IT service providers to thrive steadily. But what are the factors that they should focus on to make the most of this opportunity? To find answers to this pertinent question, we got in touch with Binu Jacob, the MD & CEO of Experion Technologies. Here are the highlights of the interview:
As Indian companies of all sizes race to embark on the digital transformation journey, which three segments would you say are the front-runners and why?
Digital Transformation is inevitable – companies of all sizes should rethink their entire business models to become truly digital, connecting end customers and enterprises seamlessly. There is an opportunity for digitization in every industry, but BFSI, Transport and Logistics, and Healthcare have been the big spenders for digital transformation, according to what we have seen.
Almost 50-60% of our revenue comes from the financial services sector, and another 15-20% comes from transportation and logistics. Traditionally, brick-and-mortar industries like mortgage and insurance benefit considerably by migrating to digital – companies that are making the early move find that they can give far superior customer experiences, surge ahead of the competition, and remain future-proof compared to those who are reluctant to change.
Transportation can today be considered one of the primary needs of human beings, and so inevitably, digitization in this space is going to see massive spending. Some trends include autonomous, electric & connected vehicles coming in, intelligent mobility & smart signaling to decongest cities and reduce emissions, and automotive companies turning into mobility service providers. Ports and airports are also getting digitized, with Maritime Single Window slowly seeing adoption worldwide and requiring huge IT investments.
Thirdly, the healthcare, wellness, and fitness industries are all coming together to provide massive opportunities for digitization. All three of these sectors are domains in which we have a solid presence and expertise, and our experience corroborates these predictions.
How will this rising demand affect the midsized IT Service providers in India?
The future of mid-sized IT companies in India is looking bright, and I believe we’re on a steady upward trend – Experion is a prime example of this. The agility of mid-sized companies Vs. the bureaucracy of larger companies and their focus on maintenance projects is a case in point. Despite the pandemic, we continue to attract clients from across the world and have grown 40% year on year for the last few years. Just last year alone, we increased our revenue in the US by 200%, climbing 1000 ranks on Inc. 5000’s list of the fastest-growing private companies.
We’ve been hiring more resources than ever before and see ourselves adding at least another 400 by the end of the financial year. Our success is a testament to the zeitgeist we live in – the rising demand for digitization will spur similar growth and success for all organizations that comprehend digital and are focused on delivering tangible value to their customers.
What are the top 3 growth factors that such firms should focus on to make the most of the rising opportunities?
An important point that the industry should focus on is attracting the right talent and retaining them. One of our core values is respecting individuality, and we value the unique contributions of every single one of our employees very highly. Firms that practice such behavior are sure to thrive.
We also strive to build data-rich tech platforms that will consistently exceed our clients’ expectations – exceeding expectations is our expectation, no matter how small or challenging a project may be. Ensuring that the client feels like they got the best possible ROI from their engagement with us is imperative. Thus, it is vital that businesses should strive to exceed clients’ expectations for steady growth.
And finally, it’s essential to accelerate learning as an organization – we’ve recently invested in the best learning platform in the world and are running a series of internal campaigns to encourage our employees to stay focused on learning. It’s being met with modest success – some of our top learners clock in between 12-18 hours of learning every week, which is quite remarkable!
What are the key facets of the strategy that Experion Technologies has adopted to meet the rising demands in the sector?
We are a young, agile, high-end tech, high-quality talent, and matter-of-fact company with a deliberately focused specialization in digital product engineering services – a space that is growing at an incredible pace. Our flexible approach to engagements, especially our unique discovery and consultative solutioning, allow our customers the freedom to develop software solutions that fit their specific needs while being fully aware of the outcome they can expect.
These strategic decisions have won us the trust and gratitude of our clients, and we believe it has been key to spurring our steady rise.
–In conversation with Binu Jacob, MD & CEO, Experion Technologies