Information and communication technologies now play a central role in driving efficiency and productivity improvements through dematerialization and automation for most businesses. This trend is being further strengthened with the continuing influence and adoption of new disruptive technologies like Big Data, Analytics, Internet of Things and Mobility. The trend of disintermediation is changing the way customer and business interactions takes place. Disintermediation gives consumers direct access to information that otherwise would require a mediator. As a result, new business models are being created and e-commerce is gaining wide acceptance. Unique opportunities for product innovation made possible by IT is resulting in democratization of ICT making technology more accessible and affordable to customers. All these trends contribute to IT becoming ubiquitous in everyday life addressing different needs of end users.
However, technology is not without its associated risks and challenges. The pervasive nature of technology also raises concerns related to data mismanagement, increase in surveillance, loss of privacy, and possible abuse. WEF Global Risks Report 2017 lists large-scale cyber-attacks and major data fraud/theft among the top 10 in terms of likelihood. Customer stewardship hinges on meeting customer expectations by being responsive to the emerging trends and offering portfolio of products and services which integrate resource efficiency, dematerialization, organizational transparency, connectedness and collaboration. Engaging with customers is critical to meet customer expectations and it is the foundation on which stewardship rests. Wipro has in the past year focused on increasing service presence in our key markets by setting up local delivery centers engaging the local community – in hiring and in sustainability initiatives. We have taken our bimodal theme from last year forward, with a focus on helping our clients Drive the Future (Change Strategy) of their businesses and to Modernize the Core of our clients’ businesses (Run Strategy). Highlights of our customer centric growth over the last year are below:
- On the digital front, Wipro Digital, while only three years old, continues to impress industry analysts and clients, and in Q4 FY 17 it constituted 22.1 percent of our revenues.
- We have consolidated and scaled up our Consulting arm at Wipro.
- Wipro has invested in products, platforms, frameworks and solutions centered around Wipro HOLMES Artificial Intelligence PlatformTM (HOLMES). In the last fiscal, the number of patents we held (and applied for) increased by over 50 percent.
- Over the last two years we have invested over USD 1 billion dollars in acquisitions, making sounds investments in innovative business models like BPaaS (Business Process as a Service)
- Wipro Ventures, has made four new startup investments in fiscal 2017 to bring our clients new technologies that are reshaping the future of enterprises, especially in Cybersecurity, Customer Care Automation, Business Process Automation and Big Data Lifecycle Management. Investments in new technologies are also being nurtured within Wipro through the Horizon program, to incubate thinking in Artificial Intelligence (AI), Cybersecurity, Digital, Industry 4.0, Internet of Things (IoT), and Software Defined Everything (SDx).
According to a research conducted by Harvard Business School, a 5% increase in customer retention can result in a profit increase of up to 75%, depending on the industry. The key to retaining customers is building strong relationships with them which is a sustained, ongoing and long-term process. But such efforts are justified by the lifetime value (LTV) of the retained customer. Customer retention is eventually more cost effective as it requires comparatively less service, at the same time providing more business. It is also revenue enhancing as a satisfied customer may contribute to new customer acquisition through positive referrals.