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Emerald Emerging Markets Case StudiesCognizant India: reinventing the value proposition

Tripti Sharma Tapabrata Ghosh

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Cognizant India: reinventing the

value proposition

Tripti Sharma and Tapabrata Ghosh

Tripti Sharma is Assistant

Professor and

Tapabrata Ghosh is a

Student, both at the

Institute of Management

Technology, Ghaziabad,

Uttar Pradesh, India.

As the Indian information technology (IT) industry progressed rapidly towards

commoditization, price had become the sole differentiating factor for IT companies. With

existing players scaling up operations and reducing prices to increase their market shares,

the prevalent situation showed glimpses of engendering a price war that could have

adversely affected the bottom line of IT sector companies.

Cognizants forecasts for revenues in 2012 reflected a sense of caution brought about by

the slowing trend in demand for IT outsourcing (Economic Times, 2012). The reduction in

its 2012 sales growth estimate to 20 per cent, from 23 per cent in the previous year, was

an indicator of the sluggish acceleration in demand in the IT sector as a whole ( Economic

Times, 2012). This was likely to put more pressure on the stock prices of Indian IT

exporters. In such a situation, the most pertinent question for the companys management

remained, What strategies should Cognizant adopt to ensure growth in this price-sensitive

industry and to avoid falling into the trap of pursuing a price war?

According to Malcolm Frank, Executive Vice President, Strategy and Marketing,

Cognizant social, mobile, analytics and cloud technologies would play a major role in

reshaping IT enterprises. These technologies were not merely new technologies that could

be synchronized with current business models, but these technologies would transform

companies business models themselves(Frank, 2012).

The Indian IT industry

The Indian IT industry budded in the late 1990s primarily because of its cost effectiveness.

It gained prominence in 1998 when a majority of the Y2K projects initiated worldwide were

outsourced to Indian firms. Many US corporations were sceptical of the claims that their

mainframe applications may crash at the beginning of the twenty-first century and, hence,

they outsourced Y2K work on many of their critical applications to software firms in India.

Thereafter, this sector grew at an impressive compound annual growth rate (CAGR) of 30

per cent up until the global meltdown of 2008(PricewaterhouseCoopers, 2010), after which

its progress slowed primarily due to the constrained expenditure of Western clients.

However, despite the global meltdown during which the world experienced negative

growth, the IT industry in India continued to grow by 5.5 per cent.

The IT sector in India is a major contributor to the countrys gross domestic product (GDP).

With its 8.1 per cent share of national GDP, this sector was considered as the highest

impact sector for India, according to a 2014 assessment by Indias National Association of

Software and Services Companies (NASSCOM). The total sectoral revenue projected for

the 2014 financial year (FY) was USD 118 billion, with Indias IT firms taking an approximate

64 per cent share of IT services in the domestic marketplace. The growth in this sector was

Disclaimer. This case is writtensolely for educationalpurposes and is not intendedto represent successful orunsuccessful managerialdecision making. The author/smay have disguised names;financial and otherrecognizable information toprotect confidentialit.

DOI 10.1108/EEMCS-11-2014-0271 VOL. 5 NO. 8 2015, pp. 1-35, Emerald Group Publishing Limited, ISSN 2045-0621 EMERALD EMERGING MARKETS CASE STUDIES PAGE 1
http://dx.doi.org/10.1108/EEMCS-11-2014-0271http://dx.doi.org/10.1108/EEMCS-11-2014-0271


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largely due to exports, as the variable impact of currency fluctuations had led to negative

growth of 1.2 per cent in the domestic IT market. This sector was also responsible for

creating considerable employment, attracting investment by private equity (PE) firms and

venture capitalists (VCs) and offsetting nearly half of Indias oil import bill (NASSCOM,

2014). Refer toExhibit 1below for selected statistics pertaining to the Indian IT sector.

Indian IT sector phases and segmentation

The Indian IT sector was practically non-existent before the 1960s. There was government

protection of the hardware industry in India. However, during the late 1960s, a need for

external sources of software was identified in the West, as the inbuilt software in established

systems was not sufficient to handle increasing workloads. The government of India saw an

opportunity to earn revenue from foreign exchange and this resulted in the formation of the

Software Export Scheme in 1972. This scheme allowed companies to import hardware in

exchange for exporting software.

Despite governmental initiatives, there was no substantial growth in software exports

because they were dependent on the related importation of hardware. In addition, India

lacked infrastructural facilities for software development. To counter this, the government

removed the import duty on hardware for software developers.

With the reform of the Licence Raj in 1991, many foreign multinational corporations (MNCs)

established operations in India and set up the Offshore Model, whereby the IT operations

for foreign clients were performed in India. The Offshore Model was later modified tobecome the Global Delivery Model, whereby offshore development centres were set up

across the globe. Owing to the entry of foreign players into this market, competition

became intense.

The beginning of the twenty-first century marked a boom in the Indian IT industry. Global

problems such as the Y2K scare and the dotcom crisis compelled many US firms to seek

the services of Indian IT companies (Goldenberg, 1998). With this increasing demand,

large-sized contracts came to India. Many firms focused their operations on leveraging this

increasing demand. In 2007, there were as many as five Tier-1 Indian companies whose

revenues exceeded USD 1 billion i.e. TCS, Cognizant, Infosys, Wipro and Satyam. These

organizations had different positioning strategies. TCS positioned itself as the cost leader,

whereas Infosys positioned itself as a premium service provider. However, these firms still

accounted for less than five per cent of worldwide IT sourcing revenues. Globalpowerhouses such as Accenture and International Business Machines (IBM) offered

extreme competition to the Indian Tier-1 IT players.

Thus, with the IT sector reaching its maturity phase, there was an urgent need for the firms

to innovate to sustain the trend of IT commoditization. Niche firms like Cognizant and

Accenture gradually increased their focus on leveraging social media, mobile services,

cloud technology and the effective use of big data analytics. Refer to Exhibit 2 for the

different phases of the Indian IT industry.

The IT industry in India could be primarily divided into three business process outsourcing

(BPO) segments software, IT services and IT-enabled services (ITeS).

Advantage India

The initial reason for the migration of IT operations to India was the abundant availability of

affordable IT professionals there. According to a report published by A.T. Kearney,

offshoring to India roughly translated into a cost advantage of 25-60 per cent of the base

cost of an operation (Matejic, 2005). Apart from that cost advantage, the robust telecom

infrastructure of the country and the large proportion of English speakers amongst the

population were some of the most important benefits of doing business in India. Also, there

was a huge talent pool of technically proficient individuals, of whom more than 50 per cent

were below the age of 25 years.

PAGE 2 EMERALD EMERGING MARKETS CASE STUDIES VOL. 5 NO. 8 2015


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Growth and trends of the IT industry

With the evolution of several e-commerce companies, technological growth in India was

paramount. According to NASSCOM, the IT/ITeS sector had earned revenues of

approximately USD 87.6 billion in the FY 2011-2012. However, with the rising demand for

exports and increasing global footprints, it was expected to reach USD 225 billion by the

year 2020.

E-commerce, online retailing and cloud computing were some of the major growth drivers

of the Indian IT industry. According to the Internet and Mobile Association of India (IAMAI),

India had more than 121 million Internet users, with approximately 17 million being Internetshoppers.

According to NASSCOM, Indian IT-BPO exports were expected to grow at a rate of 12-14

per cent for the FY 2014 and reach USD 87 billion in the period. Advanced services like

analytics, advanced mobile apps and cloud-based software as a service (SaaS) activities

were expected to drive the growth of IT in India.

The government too supported the growth of this sector. It had approved both the National

IT Policy (Press Information Bureau, 2012a) and the National Electronics Policy (Press

Information Bureau, 2012b)which aimed to bolster the countrys revenues from the IT and

ITeS sectors and create manufacturing hubs for electronic goods. These initiatives

promised to go a long way in encouraging innovation and promoting and developing

solutions pertaining to social media and cloud- and location-based services and other

utility models (Pahwa, 2014).

Cognizant

In 1994, Cognizant Technology Solutions was founded as an American MNC which was an

exporter of IT, consulting services and business process management. It was initially an

in-house technology unit of Dun & Bradstreet (Mishra, 2013a). Headquartered in New

Jersey, Cognizant began its outsourcing operations in 1996. Cognizants initial public

offering (IPO) was launched in 1998, and this made it the first software service firm to be

listed on NASDAQ (Mishra, 2013a).

The growth of Cognizant was fuelled by the dotcom crisis. During the crisis, Cognizant

accepted the application maintenance projects, which were declined by bigger companiessuch as IBM and Accenture. Gradually, it entered into mainstream IT services and

consulting, and was eventually included in the Fortune 500 list in 2011(Rediff news, 2011).

In the same year, Fortune named Cognizant as the third most admired IT service provider

after Accenture and IBM (Fortune magazine, 2011).

Among the IT giants in India, Cognizant was the fastest growing in the field of IT

outsourcing. The US-centric model followed by Cognizant enabled it to blend the depth of

IBM along with the front-end proficiency of Accenture. It enjoyed a high share of

expenditure amongst a few large customers, and this enabled it to earn a considerable

amount of revenue through repeat business. This also ensured growth, even during times

of crisis. However, Cognizant got the majority of its business from the USA. Also, it was yet

to prove its mettle in the BPO business.

Business model

Cognizant followed the Global Delivery Model via its establishment of various offshore

centres located across the world. It operated a number of offshore development centres

outside the USA and near-shore centres in the USA and Europe. By 2007, Cognizant had

a presence in 15 cities in 5 countries. Client-centricity was one of the primary goals of

Cognizant. Given that a major chunk of its business came from the USA, Cognizant was the

first Tier-1 firm to set up its headquarters in the USA.

VOL. 5 NO. 8 2015 EMERALD EMERGING MARKETS CASE STUDIES PAGE 3


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Cognizants business model was tailored to clients and the firm encouraged clients to treat

Cognizant as a business partner rather than merely as a vendor. As a result, Cognizant was

selective in choosing its clients. Of its 430 clients in 2007, 43 belonged to the Fortune 100

list.

Cognizant also intended to be an employer of choice. A strong relationship with more than

100 schools in India, gave it the opportunity to choose its human resources from a vast and

diverse talent pool. Cognizant also had its own academy the Cognizant Academy which

was an in-house training centre. The Academy had the capability to offer both

classroom-based and online learning programmes. It primarily offers continuing education,role-based training, executive training and certifications (Company website, 2014h).

In its quest to make continuous process improvements, Cognizant was certified Capability

Maturity Model Integration (CMMI) level 5 across all locations throughout the USA, Europe

and India (Business Wire, 2003). Apart from that, Cognizant was the only Tier-1 company

which could leverage the global delivery model enterprise-wide for all its quality initiatives,

and owing to these, it was certified ISO 9001:1994, ISO 9001:2000, SEI-CMMI Level 5,

P-CMM Level 5 and BS 7799(Business Wire, 2003).

Two-in-a-box model

The two-in-a-box (TIB) model was a proprietary methodology incorporated by Cognizant

which helped the company gain a delivery edge over its competitors. It aimed to remove

the death of distance between the client and the offshore development team by optimally

combining the cost efficiencies of offshoring with the care of an onsite presence. Unlike the

traditional models followed by IT outsourcing vendors such as Pass the Baton (whereby

project responsibility passes on to different business units during different phases of the

deliverable) or Thrown over the Wall (by which offshore project managers monitor client

needs remotely), the TIB methodology represented a radical change in IT service delivery

models(Cognizant White Paper, 2007).

For the TIB model, a senior leader within Cognizant was posted to the client location to

manage customer relationships. At the same time, another senior manager was assigned

to manage the service deliveries from offshore facilities in India. Beyond the low-cost

delivery of the latest technologies, Cognizants leadership maintained that forging strongand close client relationships was essential to generating business.

According to Niko Canner, co-founder and Managing Director of the strategy consulting

firm Katzenbach Partners, the TIB model followed by Cognizant illustrated many broader

questions about how to design an organization to be global and to succeed globally

(Cognizant News, 2014a).

The TIB model was designed specifically to reduce the IT spending of the organization

by freeing up IT assets and deploying them to more strategic areas which would

generate higher business value. In this model, a relationship team was selected based

on its in-depth domain knowledge of the operating industry. The leader of the

relationship team (also known as the client partner) worked with the clients to absorb

their organizational culture, operational processes and business goals. The clientpartner would then consult with the client on strategic initiatives, in turn, bringing

additional business to Cognizant.

Similarly, from the offshore development team, a critical TIB member was identified as the

global delivery manager (DM). The synchronization between the client partner and the DM

was instrumental in delivering precision services tailored to the specific needs of clients[1].

The success of the TIB model spoke for itself, as approximately 90 per cent of the revenue

earned by Cognizant came from repeat business[2].



6/26

Three-in-a-box model

With the IT industry reaching maturity, it was not enough for firms to deliver services

pertaining to client requirements. As a result, to enrich the delivery portfolio, firms started

providing consulting services to clients. Rather than simply being technology vendors, they

sought to become strategic partners. With this in view, Cognizant initiated the

three-in-a-box model to ensure that their front-end sales and customer support teams were

skilled enough to take discretionary measures (Mishra, 2013b).

In the three-in-a-box model, there was a senior business leader and a delivery head (as

there was for the two-in-a-box model). In addition to this, there was a dedicated

consultant who was appointed to oversee particular accounts of large customers. The

consultants used their formidable business and technology acumen, to study the

businesses of customers and recommended solutions which would add value to their

businesses.

The three-in-a-box model was mostly an account-focussed strategy for consultants wherein

they were matched to particular accounts and worked closely with the client business. In

an interview conducted by The Hindu with Mark Livingston, Senior Vice-President,

Cognizant Business Consulting, he stated that Cognizant would not consider adding more

people to the established processes to make it four-in-a-box etc., as that would start

confusing the client. At times, a multiplicity of delivery and consulting roles assigned to a

single account may become confusing for clients (Kumar, 2011).

Inorganic growth through strategic acquisitions

Cognizants overtaking of Infosys in the first quarter of 2012 was one of the most significant

headlines in the IT sector at that time. However, it did not come as a surprise. What had

Cognizant done differently so as to go past Infosys, which had been ahead of Cognizant for

close to two decades? The answer to this question lay in the drastic differences in the

approaches of the two firms with respect to strategic reinvestments.

The radical growth story of Cognizant could be attributed, in a great part, to three engines

of growth exploring new business opportunities in unknown terrain and tying this to its

organizational structure; strategizing key acquisitions to achieve prompt scalability, as well

as access to any acquired firms existing base of customers; and, third, strivingaggressively to maximize its market share rather than just clinging on to its existing

markets.

Cognizant had made close to 17 niche acquisitions from 2007 to 2014. A few of the

strategic acquisitions included TriZetto (an integrated health care technology) (Cognizant

News, 2014b), Odecee (an Australian digital solution company) (Cognizant Investor

Report, 2014), marketRx (analytics space), etc. These were established firms in their fields

of operation. Acquiring these firms, Cognizant got access to their talent pool as well as their

clientele strength.

Cognizant ensured it was flexible and lean enough to accommodate these transitions

across its business units. This ensured that all the acquired companies became a part of

Cognizant and did not act as wholly owned subsidiaries. This eventually led to the

streamlining of the business and its operations. The firm was more than receptive to altering

its existing structures to accommodate newer and more innovative changes. In an interview

conducted by Business Standard, the group CEO of Cognizant clarified that these

acquisitions were mainly made in order to add strategic capabilities to the company, and

were not merely for building capacity (Narasimhan, 2013). The aim of these acquisitions

was to help the company expand its geographical reach and influence, fill in the gaps in the

solution spectrum and to enable Cognizant to move up the value chain by focussing on

high-end services like consulting and analytical domains.



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Vertical and horizontal segments

Cognizant offered its solutions across 15 industry verticals banking, financial services

and insurance (BFSI), communications, consumer goods, education, energy and utilities,

health care, information services, life sciences, manufacturing, media, retail, travel, etc.

Cognizants expertise in business process services and its prowess in industrial domains

helped it to build trust and credibility across a diversity of industrial sectors.

Cognizant also provided a plethora of services for each of the industry verticals. These

included application services, analytics, business process services and solutions based on

cloud computing, consulting, digital business, engineering and manufacturing, ITinfrastructure services, mobility, quality engineering and supply chain management,

amongst many others (Company website, 2014a).

Cognizant had several proprietary products and platforms which helped it to deliver

state-of-the-art solutions to clients across diverse industries. A few of its products included

Cognizant S3P, Cloud360, LifeEngage, OrderServSmartTrials, etc. Some of these products

were specific to certain industries, like the Mobile Risk Engineering Solution (Company

website, 2014b), which pertained to the manufacturing industry, and there were generic

solutions as well, such as Cloud360 which was the companys proprietary business cloud

platform (Company Website, 2014c).

Cognizant Business Consulting

The idea of creating a separate entity of business consultants emerged in 2002. Beforethen, each industry vertical had its own individual industry experts. However, there were a

lot of practices common across industries. This led the management to formally organize

these around strategic consulting groups, leading to the establishment of Cognizant

Business Consulting (CBC).

CBC took the formal structure of a consulting firm in 2007 and a large number of the clients

availed themselves of CBCs services to finalize their IT projects. Hence, CBC started

playing a major role in generating business for Cognizant.

Primarily, CBC delivered strategic consulting via domain and technology expertise. With

more than 3,300 consultants with profound expertise in diverse fields, CBC focussed on

driving the Future of Work for its clients. CBC helped design futuristic solutions which

would help clients improve the productivity and effectiveness of their operations throughthe optimal use of IT enterprise solutions (Vault Career Intelligence, 2014).

The various consulting services provided by CBC included IT strategy and roadmap

development, process reengineering and transformation, enterprise architecture and

technology selection and domain solutions. The different functional areas served by CBC

included enterprise analytics, IT infrastructure, customer solutions (ERP/CRM) and process

and quality consulting, to name just a few (Vault Career Intelligence, 2014).

Cognizant 2.0

Cognizant 2.0 (C2) was the delivery platform developed by Cognizant to enhance the

seamless sharing of knowledge and for managing large IT projects by delivering

higher-quality results faster. C2 made use of Web 2.0 technology and ensured four key

attributes first, it provided an innovative approach for improving the overall productivity ofthe workforce through real-time knowledge management. It aimed at capturing 60 per cent

of the tacit knowledge available and ensured real-time knowledge transfer. Second, it

provided a new way to manage complex projects. It ensured there was the just-in-time

expertise needed to complete a project task through real-time process guidance, which

included online checklists, procedures, samples, etc. Third, the C2 framework had shifted

the global service model from labour arbitrage to intellectual arbitrage through real-time

collaborations. The C2 model allowed employees to collaborate naturally, discuss pertinent

issues in a forum, identify subject matter experts and seek their guidance, etc. Finally, one



8/26

of the fundamental components of C2 was workflow management, which facilitated

collaboration to capture the actual workflow using dashboards. These dashboards enabled

offshore leaders and onsite managers to track the progress of projects and manage them

accordingly(Cognizant White Paper, 2009).

Apart from these innovations, C2 also had inbuilt project management systems which

helped manage all necessary project templates, samples and incorporated best practices

for each project. Also, any novel practice introduced by a project manager was logged in

the system for future reference and application. These ensured higher predictability and

reliability in operations. Managers did not have to keep buffers in terms of budgets, project

completion days or employees.

Financials

With a market capitalization of USD 29.5 billion, Cognizant was one of the powerhouses of

the global IT industry. The key strength of Cognizant lay in its client relationships. The

passion of its clients and their investment in innovation were some of the major factors

resulting in better, longer-term results.

As per the FY 2013, Cognizant had revenues worth USD 8.84 billion which made it the

second largest player in India (after Tata Consultancy Services [TCS]). It had an operating

income of USD 1.67 billion which eventually led to a net profit of USD 1.22 billion[3]. As of

2014, Cognizant employed more than 180,000 employees (Company Website, 2014d).

Following the global economic crisis, Cognizant had been able to maintain consistentgrowth rates in both its revenues and operating profits. Refer to Exhibit 3for the revenues

and operating profits of Cognizant. The geographical breakdown of revenues was skewed

towards North America, followed by the European markets. In 2013, owing to the addition

of a number of clients in North America, the revenue from North American operations grew

by 18 per cent. On the other hand, owing to an impressive 48 per cent growth in Continental

Europe, the revenues from Europe grew by 32 per cent.

As in most other firms, Cognizant generated the most business in the BFSI sector, followed

by the health care sector (Edelweiss, 2012). Refer to Exhibit 4 for a vertical revenue

breakdown.

Competitive landscape

The Indian IT/ITeS industry had been instrumental in putting India on the global map. Owing

to demographic advantages which included the existence of a large pool of English

speakers, a young population in the job market, a large talent pool, as well as other cost

benefits, the Indian IT industry had been witnessing thriving sales, projected to touch USD

17 billion at a phenomenal growth rate of 30 per cent per annum (India Brand Equity

Foundation, 2014).

Given the lucrative market potential, there was intense competition for market share and

this led to firms focussing on the reduction of costs. Significant cost pressure and budget

constraints forced companies to leverage more on their available assets. As the top line

grew, the attention paid to businesses bottom lines became more nuanced. It had become

imperative for firms to shift their focus from cost reduction to value delivery (PwC report,

2011). This shift of focus required strategic alignment within businesses to ensure thatclients perceived vendors offerings as being value for money. In view of this, various Tier-1

players started to strategize with the aim of attracting business based on non-price stimuli.

International Business Machines

IBM, one of the leading players in the technology and consulting space, headquartered in

New York, offered high-quality infrastructure and consulting services across a wide gamut

of portfolios ranging from mainframes to nanotechnology (IBM Research, 2015). In 2012,

IBM boasted more than 435,000 employees (which made it the second largest employer in



9/26

the Fortune ratings). In addition, it ranked 4th in terms of market capitalization, 19th in terms

of overall revenues (top line) and 4th in terms of net profits (Fortune, 2012).

The points of difference, which set IBM apart from its competition, were its uncompromised

focus on research and the flexibility of its operations. As of 2013, the organization held the

record for having the largest number of patents filed for 22 consecutive years (Barinka,

2015). A few of IBMs notable patents included those for the automatic teller machine

(ATM), for hard drives and for the relational database management system (RDBMS).

Although it was a pioneer in the field of hardware, IBM was prompt and flexible enough to

realise that the hardware market was progressing towards commoditization. This led to a

steady shift in its management objective of moving from being a commoditized business to

becoming a high-end value chain business concerned with consulting, business

intelligence, etc. The firm shed a number of its hardware businesses such as Lexmark (a

printer manufacturer) and sold its PC product lines to Lenovo. It also strategized certain

acquisitions including PricewaterhouseCoopers (PwC)s consulting business and SPSS.

This initiative reaped instant results and IBMs operating margin expanded radically from

16.8 per cent in 2004 to 24.8 per cent in 2013, with an increase of 7.5 per cent in its net

profit margin (from 9 per cent in 2004 to 16.5 per cent in 2013). In 2014, it had operations

in more than 170 countries and generated revenues worth more than USD 92 billion. The

employee strength as of 2014 was approximately 380,000.

IBM pioneered the component business model in 2003. Refer toExhibit 5for the business

model developed by IBM. The model presented a logical representation of businesscomponents and helped analyze the level of synchronization between organizational

capabilities and enterprise strategy. The model stressed the point that an organizational

strategy must be an offshoot of its capabilities, i.e. the core competence (an inward-looking

mindset). It also helped in lean management by identifying redundancy in business

processes and prioritizing and zeroing in on transformational decisions for ensuring

sustainable growth.

IBM operated mainly in five business areas, namely, global technology services, global

business services, global financing, software and systems and technology. Among these

business verticals, global technology services generated a major chunk of the overall

revenues, followed by the software business. Refer toExhibit 6for an annual breakdown of

IBMs revenues by business segment.

Accenture

In fiscal 2013, we extended our track record of creating exceptional shareholder value

Pierre Nanterme, Chairman and CEO, Accenture.

Accenture was one of the leading organizations in the world which provided management

consulting, technology and outsourcing services across the globe. With an employee

strength of over 293,000, operating in more than 200 cities in 56 countries and with revenue

worth USD 28.6 billion(Company Website, 2014e), it was a global powerhouse in the IT and

consulting segment.

The end-to-end portfolio of services offered by Accenture was mainly classified under five

operating groups. These five operating groups were, in turn, mapped to 19 focussed

industry groups (Accenture newsroom, 2014) which catered to a diverse set of businesses

across the globe. The industry-focussed model provided Accenture with an in-depth

understanding of the industry dynamics, business challenges, the applicable technologies

and the forecasted growth model which helped them deliver customized solutions specific

to each industry.

Accentures growth platforms Accenture Strategy, Accenture Digital, Accenture

Technology and Accenture Operations were the horizontals which ran across all the five

operating groups. These innovation engines helped Accenture develop world-class skills



10/26

and capabilities to manage and acquire key assets which were important in the creation of

integrated and tailor-made solutions specific to the needs of each industry. Refer to Exhibit 7

for the business model followed by Accenture.

One of Accentures major strengths was that its revenues were equitably allocated across

all of its five operating groups. Although it earned the maximum from products and financial

services, all the other groups contributed substantially to the overall growth of the firm.

Refer to Exhibit 8 for year-over-year (YOY) revenues and to Exhibit 9 for a revenue

breakdown by operating group.

Accenture earned the majority of its revenues from consulting projects which wererewarded by high margins. Hence, any growth in its consulting business ensured a healthy

bottom line for the company. Approximately 53 per cent of the revenues earned by

Accenture were from consulting projects, the rest being from outsourcing.

Accenture had maintained its focus in the European markets and had recorded an

impressive 13 per cent growth in the EMEA region. Refer to Exhibit 10for the companys

revenue breakdown based on geography. With an improvement in the technology

spending in upcoming quarters of 2014 in Europe, Accenture was all set to take a major

chunk of the market share. Moreover, the consulting giant was promising to digitize banks

in Europe with a guaranteed increase in productivity of 20 per cent (Gurufocus, 2014).

Infosys

Infosys was the third largest player (by revenues) in the Indian IT industry. Headquartered

in Bangalore, India, it provided consulting and technology services to clients in more than

30 countries. With revenues of USD 8.25 billion (FY 2014) and over 160,000 employees, it

aimed to build tomorrows enterprise for its clients (Company website, 2014f).

The business portfolio of Infosys was broadly divided into four verticals BFSI,

manufacturing, retail and life sciences and energy/utilities/communications and services.

This industrial demarcation helped Infosys to deliver customized solutions specific to

particular industries.

The various service offerings under each of the verticals (called horizontals) were

application maintenance and maintenance, business process management, infrastructure

management service, product engineering services, testing services and others. Apartfrom this, Infosys also claimed to deliver consulting services to clients. These service

offerings, juxtaposed with individual industry verticals, helped Infosys enhance and

leverage its technical and domain skills promising enhanced customer satisfaction. This

was reaffirmed by the fact that 97 per cent of their business came from repeat customers

(Infosys newsroom, 2010). Refer toExhibit 14for the numbers of Infosys clients.

Infosys was the pioneer of the Global Delivery Model (GDM) which ensured that entire

applications were distributed into different life-cycle stages so that they could be handled

as silos prior to their integration. This required less coupling between different life-cycle

stages. The key drivers of GDM included processes, quality, tools, knowledge

management, programme management and risk mitigation(Company website, 2014g). All

these components helped employees to track a particular project end to end with proper

documentation and monitoring.

From the very outset, Infosys had positioned itself as a premium player compared to its

competitors by charging a higher margin for its services. However, owing to the high

cost-sensitivity of the IT industry, this approach gradually led to lower growth in terms of

revenues, profits and market capitalization. Refer toExhibits 11, 12and13for Infosyss

YOY revenue, profits and its market capitalization, respectively. The BFSI sector had been

the predominant revenue generator for Infosys, and its contribution grew by 2 per cent

sequentially for the fiscal year 2014. Its clients in the BFSI sector accounted for 33.5 per cent



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of its total sales during the third quarter (Economic Times, 2014). Refer toExhibit 16for the

percentage contributions of revenue to Infosys by industry.

Infosys had been generating a considerable proportion of its revenues from operations in

North America. However, there had been a decrease of approximately 2 percentage points

in revenues. On the other hand, revenues from Europe had increased by 1 percentage

point(Infosys Investors site, 2014). Refer toExhibit 15for Infosyss revenue breakdown

based on geography.

In 2014, Infosys had tried to enter into the consulting segment by acquiring the

Swiss-based Lodestone Holding AG, which was a global management consulting firm

(Infosys news room, 2014). However, more than 60 per cent of its revenues came from IT

services. Refer toExhibit 17for contributions to Infosyss revenues by service offerings.

Tata Consultancy Services

Established in 1968, TCS was the first and the largest IT services, business solutions and

consulting company, offering innovative and transformational services to global enterprises

across the globe. It has a global presence in 44 countries with operations spanning 199

offices. It has approximately 285,250 employees which has made it the largest employer in

the Indian IT industry. It also has the largest software R&D centre in India. It has boasted

a top-line growth of 22 per cent (CAGR) over a period of nine years. SeeExhibit 18for the

top-line growth of TCS.The business portfolio of TCS largely comprised four verticals, namely, BFSI, telecom, retail

and distribution and manufacturing. In addition, it also delivered its services across other

industries such as hi-tech, life sciences and health care, travel and hospitality, energy and

utilities and media and entertainment. Over the decade beginning in 2000, there had been

a double-digit growth in all its verticals, demonstrating the companys phenomenal success

in delivering its solutions across the board[4]. Refer toExhibit 19for TCSs revenues per

vertical segment for the nine-year period discussed. Among the verticals, the BFSI sector

was TCSs largest revenue generator, followed by the retail and distribution sector[5]. See

Exhibit 20for the percentage breakdown of revenues across different verticals.

Under each of these verticals, TCS had broadly classified their service offerings into eight

horizontals namely application development and maintenance, enterprise solutions (whichincludes business intelligence), assurance services, engineering and industrial services,

infrastructure services, global consulting, asset-leveraged solutions and business process

services (BPSs)[5]. Among these, application development and maintenance was the most

prevalent, followed by enterprise solutions. This was testimony to the fact that the majority

of TCSs projects were development or maintenance projects. Refer to Exhibit 21 for the

percentage breakdown of revenues across different horizontals.

TCS was the pioneer of the Global Network Delivery Model (GNDM), a model that ensured

real-time collaboration in terms of round-the-clock service delivery that spanned

technologies, domains, geographies and business intelligence (BI) services (Company

Website, 2012). The GNDM model dealt with the BI Centre of Excellence (COE) which

integrated best-in-class methodologies, established delivery frameworks and global

delivery centres (GDCs) for cost and scale benefits. Refer toExhibit 22for an overview ofthe GNDM framework.

TCS had been generating a major proportion of its revenues from North America, followed

by the UK. However, over the past 10 years, starting in 2000, the company had a CAGR of

28 per cent in the UK, whereas, for North America, it grew at a CAGR of 25 per cent[4].

Moreover, in growing markets like Latin America, Asia-Pacific and some Middle Eastern

countries, TCS had experienced a growth rate of over 35 per cent. Refer to Exhibit 23for

TCSs revenue spread across markets.



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Wipro

Wipro was one of the powerhouses of the Indian IT industry and a global leader in IT

services, outsourcing, BPSs and business consulting. With a legacy of 25 glorious years of

excellence, Wipro was a pioneer in creating a unique quality methodology as part of its

delivery framework, known as the Wipro Way[6]. The Wipro Way was a best-in-class

combination of practices based on Six Sigma, Kaizen, Lean manufacturing and the

Capability Maturity Model (CMM). It has a dedicated workforce of 140,000, serving more

than 950 clients across six continents. All these factors were instrumental in Wipro

achieving a consistent CAGR of 20 per cent in revenues and 14 per cent on net income

over a period of six years from 2007[7]. Refer toExhibit 24for Wipros YOY revenues and

profits.

Wipro had a diversified vertical portfolio, covering seven industry sectors BFSI; energy

and utilities (ENU); global media and telecom (GMT, health and life sciences (HLS) and

high-tech manufacturing); and retail, consumer packaged goods (CPG), transportation and

government (RCTG). BFSI continued to be the most profitable segment, accounting for

approximately 41 per cent of Wipros exports, whereas HLS was expected to show

promising growth in the near future[6]. All the verticals had a proportionate contribution to

the total revenues with no vertical contributing more than 27 per cent of the total. See

Exhibit 25for the percentage contribution of various verticals to Wipros total revenue.

The service line distribution (horizontals) of Wipro was classified under six broad

headings technology infrastructure services, analytics, business application services,BPO, product engineering solutions (PES) and application development and maintenance

(ADM). Business application services contributed the maximum to the top line and the total

integrated consulting revenues constituted more than 2 per cent of the total revenue[7].

Refer to Exhibit 26 for the percentage contribution of various services to the companys total

revenue.

The mega-alliance strategy envisaged by Wipro was its unique selling point. Its strategic

alliance portfolio included eminent players like Cisco, EMC, SAP, Oracle, Microsoft, HP,

etc.[7]. This helped Wipro to co-innovate and co-create solutions for the future.

Wipro had been generating considerable revenues from its Americas operations, followed

by those generated in Europe. Having scaled its operations in Western markets, it also had

a strong presence in emerging geographies. Continental Europe had been a favoured

market in terms of deal wins, and its US revenues had grown ahead of the companys

average (Zee News, 2014). Refer toExhibit 27for the percentage contribution of various

geographies to Wipros total revenue.

Future prospects

By 2014, with the commoditization of IT services and with intense competition in the IT

industry, continuous innovation was a mandate for sustainability. In addition, all the IT

giants had made a conscious effort to enter into the consultancy framework in order to build

strategic alliances with their clients.

The Dont Get SMACked research performed by Cognizant showed how social, mobile,

analytics and cloud computing (SMAC) was the forthcoming enterprise IT model.

Disclaimer: This case is written solely for educational purposes and is not intended to

represent successful or unsuccessful managerial decision making. The author/s may have

disguised names; financial and other recognizable information to protect confidentiality.

Notes

1. Company website, Two-in-a-box,www.cognizant.com/our-approach/two-in-a-box

2. available at: http://images.businessweek.com/ss/09/03/0326_bw50/21.htm (accessed 4 November

2014).

Keywords:

Strategic management,

IT strategy,

Competitive advantage,

Business model

restructuring,

Global delivery model,

IT consulting

http://www.cognizant.com/our-approach/two-in-a-boxhttp://images.businessweek.com/ss/09/03/0326_bw50/21.htmhttp://images.businessweek.com/ss/09/03/0326_bw50/21.htmhttp://www.cognizant.com/our-approach/two-in-a-box


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3. Annual Report Cognizant, published in April 2013 (accessed 4 November 2014).

4. Annual Report Tata Consultancy Services, published in March 2014 (accessed 5 November

2014).

5. Investors report Tata Consultancy Services, published in 2014 (accessed 5 November 2014).

6. Annual Report 2013-2014 Wipro, published in March 2014 (accessed 5 November 2014).

7. Investors presentation Wipro, published in March 2014 (accessed 5 November 2014).

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http://articles.economictimes.indiatimes.com/2012-05-07/news/31610710_1_infosys-and-wipro-revenue-past-few-quartershttp://articles.economictimes.indiatimes.com/2012-05-07/news/31610710_1_infosys-and-wipro-revenue-past-few-quartershttp://articles.economictimes.indiatimes.com/2014-01-10/news/46066688_1_ceo-sd-shibulal-retail-and-life-sciences-infosyshttp://articles.economictimes.indiatimes.com/2014-01-10/news/46066688_1_ceo-sd-shibulal-retail-and-life-sciences-infosyshttp://www.edelresearch.com/rpt/showpdf.aspx?id=21170&reportname=/GLOBAL_PULSE_-_Cognizant_-_result_update-Aug-12-EDEL.pdf&lgt=656vfdg&type=ynaj9XvqmJoptbYzJzovtA==http://www.edelresearch.com/rpt/showpdf.aspx?id=21170&reportname=/GLOBAL_PULSE_-_Cognizant_-_result_update-Aug-12-EDEL.pdf&lgt=656vfdg&type=ynaj9XvqmJoptbYzJzovtA==http://www.edelresearch.com/rpt/showpdf.aspx?id=21170&reportname=/GLOBAL_PULSE_-_Cognizant_-_result_update-Aug-12-EDEL.pdf&lgt=656vfdg&type=ynaj9XvqmJoptbYzJzovtA==http://www.edelresearch.com/rpt/showpdf.aspx?id=21170&reportname=/GLOBAL_PULSE_-_Cognizant_-_result_update-Aug-12-EDEL.pdf&lgt=656vfdg&type=ynaj9XvqmJoptbYzJzovtA==http://www.edelresearch.com/rpt/showpdf.aspx?id=21170&reportname=/GLOBAL_PULSE_-_Cognizant_-_result_update-Aug-12-EDEL.pdf&lgt=656vfdg&type=ynaj9XvqmJoptbYzJzovtA==http://www.edelresearch.com/rpt/showpdf.aspx?id=21170&reportname=/GLOBAL_PULSE_-_Cognizant_-_result_update-Aug-12-EDEL.pdf&lgt=656vfdg&type=ynaj9XvqmJoptbYzJzovtA==http://www.edelresearch.com/rpt/showpdf.aspx?id=21170&reportname=/GLOBAL_PULSE_-_Cognizant_-_result_update-Aug-12-EDEL.pdf&lgt=656vfdg&type=ynaj9XvqmJoptbYzJzovtA==http://www.edelresearch.com/rpt/showpdf.aspx?id=21170&reportname=/GLOBAL_PULSE_-_Cognizant_-_result_update-Aug-12-EDEL.pdf&lgt=656vfdg&type=ynaj9XvqmJoptbYzJzovtA==http://www.edelresearch.com/rpt/showpdf.aspx?id=21170&reportname=/GLOBAL_PULSE_-_Cognizant_-_result_update-Aug-12-EDEL.pdf&lgt=656vfdg&type=ynaj9XvqmJoptbYzJzovtA==http://www.edelresearch.com/rpt/showpdf.aspx?id=21170&reportname=/GLOBAL_PULSE_-_Cognizant_-_result_update-Aug-12-EDEL.pdf&lgt=656vfdg&type=ynaj9XvqmJoptbYzJzovtA==http://www.edelresearch.com/rpt/showpdf.aspx?id=21170&reportname=/GLOBAL_PULSE_-_Cognizant_-_result_update-Aug-12-EDEL.pdf&lgt=656vfdg&type=ynaj9XvqmJoptbYzJzovtA==http://fortune.com/fortune500/2012/http://fortune.com/fortune500/2012/http://archive.fortune.com/magazines/fortune/mostadmired/2011/industries/30.htmlhttp://archive.fortune.com/magazines/fortune/mostadmired/2011/industries/30.htmlhttp://www.cognizant.com/InsightsWhitepapers/dont-get-smacked.pdfhttp://www.cognizant.com/InsightsWhitepapers/dont-get-smacked.pdfhttp://www.theguardian.com/world/1998/dec/30/millennium.ukhttp://www.gurufocus.com/news/266157/why-investors-should-stay-confident-about-accentures-growthhttp://www.gurufocus.com/news/266157/why-investors-should-stay-confident-about-accentures-growthhttp://www.research.ibm.com/index.shtmlhttp://www.ibef.org/industry/information-technology-india.aspxhttp://www.infosys.com/investors/financials/Pages/operating-metrics-ifrs.aspxhttp://www.infosys.com/investors/financials/Pages/operating-metrics-ifrs.aspxhttp://www.infosys.com/newsroom/events/Documents/procurement-outsourcing.pdfhttp://www.infosys.com/newsroom/features/Pages/infosys-to-acquire-lodestone-consultancy.aspxhttp://www.infosys.com/newsroom/features/Pages/infosys-to-acquire-lodestone-consultancy.aspxhttp://www.thehindubusinessline.com/features/eworld/cognisant-of-consulting-demands/article2057583.ecehttp://www.thehindubusinessline.com/features/eworld/cognisant-of-consulting-demands/article2057583.ecehttps://ai.wu.ac.at/~koch/courses/wuw/archive/inf-sem-ss-05/offshoring3.pdfhttps://ai.wu.ac.at/~koch/courses/wuw/archive/inf-sem-ss-05/offshoring3.pdfhttps://ai.wu.ac.at/~koch/courses/wuw/archive/inf-sem-ss-05/offshoring3.pdfhttps://ai.wu.ac.at/~koch/courses/wuw/archive/inf-sem-ss-05/offshoring3.pdfhttp://www.livemint.com/Companies/VduU2oUfVOTxR4MYarjjiJ/Cognizants-Francisco-DSouza-The-horizon-chaser.htmlhttp://www.livemint.com/Companies/VduU2oUfVOTxR4MYarjjiJ/Cognizants-Francisco-DSouza-The-horizon-chaser.htmlhttp://www.livemint.com/Industry/fkdjCKECNX1xZDMGU4cK7H/TCS-Infosys-bridge-revenue-growth-rate-gap-with-Cognizant.htmlhttp://www.livemint.com/Industry/fkdjCKECNX1xZDMGU4cK7H/TCS-Infosys-bridge-revenue-growth-rate-gap-with-Cognizant.htmlhttp://www.business-standard.com/article/companies/cognizant-goes-on-shopping-spree-to-boost-capabilities-113101501079_1.htmlhttp://www.business-standard.com/article/companies/cognizant-goes-on-shopping-spree-to-boost-capabilities-113101501079_1.htmlhttp://www.nasscom.in/indian-itbpo-industryhttp://blog.iwoodapple.com/growth-and-trends-in-indian-it-sector-in-2014http://blog.iwoodapple.com/growth-and-trends-in-indian-it-sector-in-2014http://www.nasscom.in/indian-itbpo-industryhttp://www.business-standard.com/article/companies/cognizant-goes-on-shopping-spree-to-boost-capabilities-113101501079_1.htmlhttp://www.business-standard.com/article/companies/cognizant-goes-on-shopping-spree-to-boost-capabilities-113101501079_1.htmlhttp://www.livemint.com/Industry/fkdjCKECNX1xZDMGU4cK7H/TCS-Infosys-bridge-revenue-growth-rate-gap-with-Cognizant.htmlhttp://www.livemint.com/Industry/fkdjCKECNX1xZDMGU4cK7H/TCS-Infosys-bridge-revenue-growth-rate-gap-with-Cognizant.htmlhttp://www.livemint.com/Companies/VduU2oUfVOTxR4MYarjjiJ/Cognizants-Francisco-DSouza-The-horizon-chaser.htmlhttp://www.livemint.com/Companies/VduU2oUfVOTxR4MYarjjiJ/Cognizants-Francisco-DSouza-The-horizon-chaser.htmlhttps://ai.wu.ac.at/~koch/courses/wuw/archive/inf-sem-ss-05/offshoring3.pdfhttps://ai.wu.ac.at/~koch/courses/wuw/archive/inf-sem-ss-05/offshoring3.pdfhttp://www.thehindubusinessline.com/features/eworld/cognisant-of-consulting-demands/article2057583.ecehttp://www.thehindubusinessline.com/features/eworld/cognisant-of-consulting-demands/article2057583.ecehttp://www.infosys.com/newsroom/features/Pages/infosys-to-acquire-lodestone-consultancy.aspxhttp://www.infosys.com/newsroom/features/Pages/infosys-to-acquire-lodestone-consultancy.aspxhttp://www.infosys.com/newsroom/events/Documents/procurement-outsourcing.pdfhttp://www.infosys.com/investors/financials/Pages/operating-metrics-ifrs.aspxhttp://www.infosys.com/investors/financials/Pages/operating-metrics-ifrs.aspxhttp://www.ibef.org/industry/information-technology-india.aspxhttp://www.research.ibm.com/index.shtmlhttp://www.gurufocus.com/news/266157/why-investors-should-stay-confident-about-accentures-growthhttp://www.gurufocus.com/news/266157/why-investors-should-stay-confident-about-accentures-growthhttp://www.theguardian.com/world/1998/dec/30/millennium.ukhttp://www.cognizant.com/InsightsWhitepapers/dont-get-smacked.pdfhttp://www.cognizant.com/InsightsWhitepapers/dont-get-smacked.pdfhttp://archive.fortune.com/magazines/fortune/mostadmired/2011/industries/30.htmlhttp://archive.fortune.com/magazines/fortune/mostadmired/2011/industries/30.htmlhttp://fortune.com/fortune500/2012/http://fortune.com/fortune500/2012/http://www.edelresearch.com/rpt/showpdf.aspx?id=21170&reportname=/GLOBAL_PULSE_-_Cognizant_-_result_update-Aug-12-EDEL.pdf&lgt=656vfdg&type=ynaj9XvqmJoptbYzJzovtA==http://www.edelresearch.com/rpt/showpdf.aspx?id=21170&reportname=/GLOBAL_PULSE_-_Cognizant_-_result_update-Aug-12-EDEL.pdf&lgt=656vfdg&type=ynaj9XvqmJoptbYzJzovtA==http://articles.economictimes.indiatimes.com/2014-01-10/news/46066688_1_ceo-sd-shibulal-retail-and-life-sciences-infosyshttp://articles.economictimes.indiatimes.com/2014-01-10/news/46066688_1_ceo-sd-shibulal-retail-and-life-sciences-infosyshttp://articles.economictimes.indiatimes.com/2012-05-07/news/31610710_1_infosys-and-wipro-revenue-past-few-quartershttp://articles.economictimes.indiatimes.com/2012-05-07/news/31610710_1_infosys-and-wipro-revenue-past-few-quarters


15/26

Press Information Bureau (2012a), Cabinet approves national policy on Information Technology

2012, published in September 2012, available at: www.pib.nic.in/newsite/erelease.aspx?relid87875


Press Information Bureau (2012b) Approval of national policy on Electronics, published in October

2012, available at: http://pib.nic.in/newsite/erelease.aspx?relid88619,(accessed 3 November 2014).

PricewaterhouseCoopers (2010), Indian IT/ITES Industry, published in January 2010, available

at: www.pwc.in/en_in/in/assets/pdfs/Publications-2010/The_Future_of_India_IT_and_ITeS_Industry.

pdf(accessed 3 November 2014).

PwC report (2011), Changing landscape and emerging trends: Indian IT/ITeS industry, published in

2011, available at: www.pwc.in/assets/pdfs/publications-2011/Indian_IT-ITeS_Industry_-_Changing_Landscape_and_emerging_trends.pdf(accessed 4 November 2014).

Rediff news (2011), Cognizant joins the Fortune 500 group, published in May 2011, available at:

www.rediff.com/business/slide-show/slide-show-1-tech-cognizant-joins-the-fortune-500-club/20110506.

htm(accessed 4 November 2014).

Vault Career Intelligence (2014), Cognizant, available at: www.vault.com/company-profiles/tech-

consulting/cognizant/Why-Work-Here(accessed 4 November 2014).

Zee News (2014), Wipro Q4 profit up 28.8%; projects Apr-Jun revenue at $1.75 bn, published in April

2014, http://zeenews.india.com/business/news/companies/wipro-q4-profit-up-28-8-projects-apr-jun-

revenue-at-1-75-bn_98022.html(accessed 5 November 2014).

Exhibit 1

IT Business process management highest impact sector for India

8.1 per cent relative industry share in national GDP;

3.1 million largest private sector employer;

greater than 1 million fourth largest employer of women (35-38 per cent share of totalemployees);

USD 2.4 billion highest attractor of PE/VC investments;

60-70 per cent highest net value add sector;

45 per cent offsets nearly half of Indias oil import bill;

38 per cent largest share of Indias total services exports;

60 cross-border acquisitions (28 per cent share in total) spearheading the Indian

multinationals; and 99 IT Special Economic Zones in Tier 2/3 cities (promoting regional growth).

Source: NASSCOM

http://www.pib.nic.in/newsite/erelease.aspx?relid=87875http://www.pib.nic.in/newsite/erelease.aspx?relid=87875http://www.pib.nic.in/newsite/erelease.aspx?relid=87875http://pib.nic.in/newsite/erelease.aspx?relid=88619,http://pib.nic.in/newsite/erelease.aspx?relid=88619,http://pib.nic.in/newsite/erelease.aspx?relid=88619,http://www.pwc.in/en_in/in/assets/pdfs/Publications-2010/The_Future_of_India_IT_and_ITeS_Industry.pdfhttp://www.pwc.in/en_in/in/assets/pdfs/Publications-2010/The_Future_of_India_IT_and_ITeS_Industry.pdfhttp://www.pwc.in/assets/pdfs/publications-2011/Indian_IT-ITeS_Industry_-_Changing_Landscape_and_emerging_trends.pdfhttp://www.pwc.in/assets/pdfs/publications-2011/Indian_IT-ITeS_Industry_-_Changing_Landscape_and_emerging_trends.pdfhttp://www.rediff.com/business/slide-show/slide-show-1-tech-cognizant-joins-the-fortune-500-club/20110506.htmhttp://www.rediff.com/business/slide-show/slide-show-1-tech-cognizant-joins-the-fortune-500-club/20110506.htmhttp://www.vault.com/company-profiles/tech-consulting/cognizant/Why-Work-Herehttp://www.vault.com/company-profiles/tech-consulting/cognizant/Why-Work-Herehttp://zeenews.india.com/business/news/companies/wipro-q4-profit-up-28-8-projects-apr-jun-revenue-at-1-75-bn_98022.htmlhttp://zeenews.india.com/business/news/companies/wipro-q4-profit-up-28-8-projects-apr-jun-revenue-at-1-75-bn_98022.htmlhttp://zeenews.india.com/business/news/companies/wipro-q4-profit-up-28-8-projects-apr-jun-revenue-at-1-75-bn_98022.htmlhttp://zeenews.india.com/business/news/companies/wipro-q4-profit-up-28-8-projects-apr-jun-revenue-at-1-75-bn_98022.htmlhttp://www.vault.com/company-profiles/tech-consulting/cognizant/Why-Work-Herehttp://www.vault.com/company-profiles/tech-consulting/cognizant/Why-Work-Herehttp://www.rediff.com/business/slide-show/slide-show-1-tech-cognizant-joins-the-fortune-500-club/20110506.htmhttp://www.rediff.com/business/slide-show/slide-show-1-tech-cognizant-joins-the-fortune-500-club/20110506.htmhttp://www.pwc.in/assets/pdfs/publications-2011/Indian_IT-ITeS_Industry_-_Changing_Landscape_and_emerging_trends.pdfhttp://www.pwc.in/assets/pdfs/publications-2011/Indian_IT-ITeS_Industry_-_Changing_Landscape_and_emerging_trends.pdfhttp://www.pwc.in/en_in/in/assets/pdfs/Publications-2010/The_Future_of_India_IT_and_ITeS_Industry.pdfhttp://www.pwc.in/en_in/in/assets/pdfs/Publications-2010/The_Future_of_India_IT_and_ITeS_Industry.pdfhttp://pib.nic.in/newsite/erelease.aspx?relid=88619,http://www.pib.nic.in/newsite/erelease.aspx?relid=87875


16/26


17/26

Exhibit 4. Vertical-wise revenue breakdown (in percentages)

Exhibit 5. Component business model by IBM

Exhibit 6. Revenue breakdown for IBM across business units

Figure E3

41

27

20

12BFSI

Healthcare

Manufacturing, Retail & Logiscs

Others

Source:Creation of case is the authors taken from the Annual

Report/Investor Report

Table I Type of Business

Business

administration

Business

development

Relationship

management Sales and servicing Product fulfilment

Financial

control

Direct Business planning Sector planning Account planning Sales planning Fulfilment planning Portfolio

planning

Control Business tracking Sector management Relationship Sales management Fulfilment planning ComplianceStaffing Product management Credit assessment

Execute Staff

administration

Product delivery Credit administration Contact information Product fulfilment Customer

accountProduct

administration

Marketing campaigns Customer dialogue Document

management

Ledger

Source: Case created by authors, taken from various sources

Figure E4

0

20

40

60

80

100

120

2010 2011 2012 2013 2014

Systems & Technology

Soware

Global Financing

Global Business Services

Global Technology Services

Source: Creation of case is the authors from the Annual Report/Investor Report



18/26

Exhibit 7. Accenture Business Model Operating Groups vis-a-visGrowthPlatforms

Exhibit 8. Revenues before reimbursements (years ending August 31st)

Figure E5

CMT Financial

services

Products Resources

Accenture Strategy

Accenture Digital

Accenture Technology

Accenture Operaons

Health and

public

service

Source:Authors creation

Figure E6

11.4 11.6 11.813.7

15.516.6

19.7

23.421.6

21.625.5

27.9 28.6

0

5

10

15

20

25

30

35

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Revenues before Reimbursement in USD billions)

Source:Creation of case is the authors from the Annual Report/Investor Report



19/26

Exhibit 9. Revenue breakdown based on operating groups

Exhibit 10. Revenue breakdown based on geography

Exhibit 11. YOY revenues (in USD million)

Figure E7

1922

17

25

17

0

5

1015

20

25

30

Comm, Media and Tech Financial Services Health and Public

Services

Products Resources

% of net revenue (Year to Date FY 2014)

Source:Creation of case is the authors taken from the Annual Report/Investor Report

Figure E8

4740

13

0

20

40

60

Americas EMEA Asia Pacific

% of net revenue (Year To Data FY 2014)


Figure E9

4,8046,041

6,994 7,3988,249

0

2,000

4,000

6,000

8,000

10,000

2010 2011 2012 2013 2014




20/26

Exhibit 12. YOY net profit (in USD million)

Exhibit 13. YOY market capitalization (in INR crores)

Exhibit 14. YOY number of clients

Figure E10

1,3131,499

1,716 1,725 1,751

0

500

1,000

1,500

2,000

2010 2011 2012 2013 2014


Figure E11

150,110

186,100164,592 165,917

188,510

0

50,000

100,000

150,000

200,000

2010 2011 2012 2013 2014


Figure E12

575 620694

798 890

0

500

1,000

2010 2011 2012 2013 2014




21/26

Exhibit 15. Revenue breakdown based on geography

Exhibit 16. Per cent revenue contribution by industry

Exhibit 17. Percentage revenue contribution by service offerings

Figure E13

60

24.9

2.612.5

0

20

40

60

80

North America Europe India Rest of World

Geography wise revenue distribuon (Q3FY2014)


Figure E14

27.2

6.3

22.8 24.6

19.1

0

5

10

15

20

2530

Banking and Financial Services Insurance Manufacturing Retail and Life Sciences Energy, Ulies, Communicaon & Services


Figure E15

61.3

33.4

5.3

010

2030

4050

6070

Business IT Services Consulng, Package

Implementaon & Others

Product, Plaorms & Soluons




22/26

Exhibit 18. YOY revenue of TCS (in USD million)

Exhibit 19. Vertical-wise revenues of TCS

Figure E16

2,200 3,0004,100

5,800 6,000 6,2008,100

10,10011,700

0

5,000

10,000

15,000

2005 2006 2007 2008 2009 2010 2011 2012 2013

Top-line growth of TCS


Figure E17

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

BFSI Telecom Retail &

Distribuon

Manufacturing Others

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014




23/26

Exhibit 20. Revenue spread across verticals

Exhibit 21. Revenue spread across horizontals

Figure E18

43.1

9.3

13.9

8.4

5.4

5.7

3.4

3.82.2

4.8

Revenue across vercals (in %)

BFSI

Telecom

Retail & Distribuon

Manufacturing

Hi-Tech

Life Sciences and Healthcare

Travel & Hospitality

Energy & Ulies

Media & Entertainment

Others


Figure E19

42.8

15.2

7.7

4.6

11.5

3

2.712.5

Revenue across horizontals (in %)

Applicaon Development &

Maintenance

Enterprise Soluons

Assurance Services

Engineering & Industrial Services

Infrastructure Services

Global Consulng

Asset Leveraged Soluons

Business Process Services

Source: Creation of case is the authors taken from the Annual Report/Investor

Report



24/26

Exhibit 22. GNDM framework

Exhibit 23. Revenue breakdown across geography

Figure E20

GNDM for BI

delivery

Global Talent

Pool

CO-INNOVATION

Network

GDC and

Proximity

Centres

SOLAR

framework and

soluons

Source: Creation of case is the authors taken from the Annual Report/Investor

Report

Figure E21

53.2

2.3

17.3

11.2

6.9

7.12 North America

Lan America

UK

Connental Europe

India

Asia Pacific

Middle East & Africa





25/26

Exhibit 24. YOY revenue and profits of Wipro

Exhibit 25. Vertical-wise contribution to the total revenue

Exhibit 26. Service-wise contribution to the total revenue

Figure E22

0

100

200

300

400

500

600

2007 2008 2009 2010 2011 2012 2013 2014

Profit

Revenue

Source:Creation of case is the authors taken from the Annual Report/Investor

Report

Figure E23

26.9

14.3

15.1

15.1

9.9

18.7

Contribuon to total revenue (in %)

BFSI

GMT

ENU

RCTG

HLS

Mfg-HiTech



Figure E24

23.7

7.1

31.4

8.8

7.5

21.5

Contribuon to total revenue (in %)

Technology Infrastructure Services

Analycs

Business Applicaon Services

BPO

PES

ADM





26/26

Exhibit 27. Region-wise contribution to the total revenue

About the authors

Prof. Tripti ghosh sharma is currently an Assistant Professor, Marketing, at the IMT,Ghaziabad. She teaches Services Marketing, Marketing Communication and Business

Research methods. Her research broadly focuses on exploring marketing issues usingquantitative models across diverse sectors such as insurance, media and entertainment,e-commerce, tourism etc. She also has keen interest in developing India specific case

studies, her focus being in the domains of strategy, social enterprises andentrepreneurship. Tripti ghosh sharma is the corresponding author and can be contactedat:[email protected]

Mr Tapabrata Ghosh is a second year PGDM student of IMT Ghaziabad specializing inInformation Systems and Consulting. Prior to this, he has a work experience of 3 years withInfosys. He completed his B.TECH in Electronics and Communications in 2005.

[email protected]

Figure E25

49.9

8.8

29.6

10.7

1

Contribuon to total revenue

Americas

India and Middle EastEurope

APAC

Japan


Report/Investor Reports
mailto:[email protected]:[email protected]:[email protected]:[email protected]