Mphasis - Executive of the Year - Computer Services
Company: Mphasis, Bangalore, India
Entry Submitted By: Gutenberg
Company Description:Mphasis enables customers to reimagine their digital future by applying a unique formula of integrated cloud and cognitive technology. Mphasis X2C2TM formula for success (shift anything to cloud and power everything with cognitive), drives five dimensions of business value with an integrated consumer-centric Front to Back™ Digital Transformation.
Nomination Category:Management Categories
Nomination Sub Category:Executive of the Year - Computer Services
Nomination Title: Nitin Rakesh, CEO and Director
Tell the story about what this nominated executive has achieved since 1 January 2017 (up to 650 words). Describe the impact he or she has had on your organization. Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
Rakeshis a pioneer financial technologist and people leader with an unfailing ability to combine technology prowess with exceptional business insights. His entrepreneurial spirit, coupled with his trademark customer-first and lean startup philosophy, has led to the development and launch of disruptive new service offerings, consistent upgradation and accelerated growth trajectory of any organization he serves.
In the first year of taking on the mantle as the CEO of Mphasis, Nitin introduced Mphasis’ C= X2C2 =1TM formula for success, (hyper-personalization; drive n=1 powered by Cloud & Cognitive); driving multi-dimensions of business value with an integrated consumer-centric Front to Back Digital Transformation TM, enabling Business Operations, Technology Transformation and Service Transformation, driven by IP assets.
Under Nitin’s leadership, Mphasis set a record for the highest new deal wins in the history of the company,thus re-defining benchmarks and growing above industry rate. His laser focus on Quadra dimensional growth —consistent, profitable, competitive and responsible,led to enhanced shareholder value.
He has defined the strategic direction of the company, growing Mphasis’ revenue at a rate above industry:
-Net revenue grew to INR 16,607 million in Q3 FY18 by 3.5% QoQ and 8.1% YoY; 3.7% QoQ and 12.2% YoY in constant currency terms
-DXC/HP Revenue grew 3.1% QoQ and 15.8% YoY. In constant currency terms, growth was 3.6% QoQ and 20.5% YoY
-Direct Core revenue grew 3.4% QoQ and 9.5% YoY. On constant currency basis, growth was 3.5% QoQ and 13.8% YoY
-Net profit grew 8.7% QoQ and 7.3% YoY. Net Margin improved 60 bps QoQ
-Mphasis share price growth of 2x (increased from INR 550 to over INR 850)
Nitin’s definition of growth includes four dimensions- consistency, profitability, competitiveness and responsibility. He has built a growth-focused work culture and spearheaded an internal ‘Talent Next’ program that supports employees to develop the skills needed to help Mphasis’ clients build their digital businesses. For example, Mphasis launched 10-15 new training platforms mapped to different skills, competency levels, and geographies. Nitin realized his employees must adapt to the new-tech era and apply these technologies in their daily work – including AI, machine learning, cloud, automation, neuro-linguistic programming (NLP) – to transform skills and competencies.
Nitin has also steered business development in Europe to grow above the industry average rate, through expanding Mphasis’ digital footprint by growing its operations in France. The extension enables Mphasis’ clients to leverage the cloud and cognitive capabilities available in the region and helps Mphasis build its digital businesses and acquire new customers across industry verticals.
These results have been recognized globally. Over the past year, Mphasis has won multiple awards, including but not limited to:
2017 AVTAR Group and Working Mother Media – One of the 100 Best Companies for Women in India
DeepInsights™ platform won the AIconics Award for ‘Best Application of AI in Financial Services’ 2017
2017 Award for America’s Most Promising Companies to Watch’ by Insights Success
Multiple 2017 PEAK Matrix Reports as a ‘Major Contender’ and ‘Star Performer’
2017 Asia Edition Dream Companies to Work For by World HRD Congress
2017 Winner of ‘Imagination’ Category at the ISG Paragon Awards Europe
As part of Mphasis’ Corporate Social Responsibility (CSR) initiative, Mphasis partnered with Uber in October 2017 to launch two new products – uberACCESS and uberASSIST in Bengaluru, India. With an aim to address day-to-day transportation requirements of senior citizens and those with accessibility needs, riders can request uberASSIST rides and can book uberACCESS rides, the forward-facing wheelchair accessible product, on-demand. Trained and certified by Diversity and Equal Opportunity Centre (DEOC), all driver-partners are equipped with required skills to assist passengers with accessibility needs as well as those who need additional assistance during their ride.
He currently serves as Chair of the NASSCOM IT Services Council.
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this nominated executive since the beginning of 2017.
-Within the first year as CEO, Nitin launched Mphasis’ new formula for success, C=X2C2 =1 which shifts anything to cloud and powers everything with cognitive.
-Shifted Mphasis’ overall business strategy, with an integrated consumer-centric Front to Back Digital TransformationTM, enabling Business Operations and Technology Transformation and Service Transformation, driven by IP assets.
-In Q3, 2018, deal wins in the Direct International business stood at (YTD) USD 435 million as compared to USD 276 million in YTD FY17, higher by 58% YoY
-In Q1, 2018 reached the highest ever TCV win of USD 183 million in Direct International in a quarter; grew 99% QoQ and 91% YoY.
-In Q1, 2018, achieved highest percentage of wins in focus areas of Digital, NextGen and Governance, Risk and Compliance (GRC), at 88%.
-Oversaw launch of award-winning DeepInsights™ AI platform, which enables enterprises to have faster and more effective access to insights from data.