{"id":1686,"date":"2010-04-28T09:20:00","date_gmt":"2010-04-28T09:20:00","guid":{"rendered":"http:\/\/localhost\/projects\/horsesforsources\/pramod-bhasin-part-i-42710\/"},"modified":"2010-04-28T09:20:00","modified_gmt":"2010-04-28T09:20:00","slug":"pramod-bhasin-part-i-42710","status":"publish","type":"post","link":"https:\/\/www.horsesforsources.com\/pramod-bhasin-part-i-42710\/","title":{"rendered":"Preaching Process with Pramod: Genpact’s CEO discusses the New Relentless Economy, Part I"},"content":{"rendered":"
Welcome to the New Relentless Economy<\/em>.\u00a0 As the global economy creaks back into life, we’re looking around at this new environment and\u00a0four factors\u00a0are\u00a0startlingly apparent:\u00a0<\/span><\/strong><\/div>\n
\u00a0<\/span><\/strong><\/div>\n
    \n
  1. Everything’s global<\/span><\/strong><\/li>\n
  2. The quest for improvement has never been as intense<\/span><\/strong><\/li>\n
  3. The tolerance for inefficiency has never been as low<\/span><\/strong><\/li>\n
  4. We need to\u00a0re-define our own roles in this environment<\/span><\/strong><\/li>\n<\/ol>\n

    The\u00a0opportunity\u00a0for the service providers to\u00a0help enterprises and their key talent achieve progress across these four factors is undeniable:\u00a0 some will step it up and become true consultative partners for their clients, while others will\u00a0remain where they are and hope customer requirements will never really change.\u00a0 Tomorrow’s\u00a0winning enterprises\u00a0already know what they have to do, and they need service partners who can help them achieve their goals.\u00a0\u00a0<\/p>\n

    \"\"<\/em><\/a><\/p>\n

    Genpact's President and CEO, Pramod Bhasin<\/p>\n<\/div>\n

    In order to help us grasp how the global provider community is responding to this new relentless<\/em>environment, we have engaged a number of CEOs of the leading providers to share with us their frank views of the changing world, how they survived the Recession, and how they intend to shape their businesses\u00a0to\u00a0support tomorrow’s winners.\u00a0\u00a0<\/p>\n

    To begin this series, we caught up with Genpact’s President and CEO, Pramod Bhasin, and are delighted to feature some his thoughts from a very engaging discussion…\u00a0\u00a0<\/p>\n

    \u00a0<\/strong><\/span><\/em><\/span>Phil Fersht:\u00a0 Good evening Pramod \u2013 thanks for taking time out to talk with Horses for Sources.\u00a0 Can we start by discussing Genpact\u2019s approach to the recession and measures you took to get through the worst of it<\/strong><\/span>?<\/em><\/span>\u00a0\u00a0<\/p>\n

    Pramod Bhasin:<\/strong> Our background\u00a0as a company with GE (General Electric)\u00a0really helped us. Especially their picking up signs that there was\u00a0\u00a0major problem ahead of us, frankly, in the last quarter of ’07.\u00a0 Seeing the nervousness in customers, the nervousness in the pipeline, and\u00a0talking to those in our industry,\u00a0all whom were a little jumpy about this. We at once began to put a lot of action into this, in fact,\u00a0quite early in ’08. Clearly discretionary spending, etc. are all things that we stopped.\u00a0<\/p>\n

    More importantly, from a customer perspective, we actually upped the ante and invested a lot more in getting better business development people onboard, getting stronger presence in the European market, actually putting more people out on the street in terms of talking to customers etc., as we felt that the worst thing we can do at a time of recession is pull back. Instead, we have to move ahead even more aggressively to capture, perhaps, other things that others may have left for us, as well as to make sure that customers understood that we were there with them. In many cases, we were willing to help, perhaps in helping them in projects by arranging a model of work that showed them that we were aligned with their goals.\u00a0\u00a0<\/p>\n

    There was a very positive effort to over-invest upfront and over-invest in managing the relationship in working with our current customers, which I think that this allowed us to hold the dam during that time. Otherwise, I think our results would have been worse.\u00a0\u00a0<\/p>\n

    Phil: So you used the recession to get closer to your existing clients?<\/em><\/strong><\/span>\u00a0\u00a0<\/p>\n

    Pramod: <\/strong>Absolutely. We actually sent a pin-point message out there some time in the middle of \u201808 that said a variety of things out of concern, like get closer to your customer, spend more time with them, invest more in business development, cut back on discretionary costs, focus on cash flows, and so on. We were ready for margin cuts also because we knew that others would come after us on price. But we were ready to\u00a0tackle price with promises of full volume, come up with monthly billing structures, we changed some of ways we were billing with customers so that we could lessen some of the upfront\u00a0blows that we know they would have otherwise seen from an outsourcing initiative.\u00a0\u00a0<\/p>\n

    Phil: How did you reinvest in the business in the last year, and how will this bear fruit in the forthcoming months?<\/span><\/strong><\/em>\u00a0\u00a0<\/p>\n

    Pramod:<\/strong> Our European and UK operation has more than doubled our business development headcount, and our pipeline is up by more than 75 percent. In addition, we have added more domain-specific people in the US in certain\u00a0areas such as financial services, mortgages, loan modifications (and things like that) \u00a0healthcare upping people by 25 to 30 percent in the US itself. We made more investments in China and in India, in new businesses that we wanted to purse. So it is pretty much all around the world, Phil. We felt very strongly that it was a great time to diversify to into other geographies that we may not have touched.\u00a0\u00a0<\/p>\n

    Phil: Where are the new opportunities for Genpact?\u00a0 Where are you doubling-down?<\/span><\/strong><\/em>\u00a0\u00a0<\/p>\n

    Pramod: <\/strong>A bunch of stuff is happening.\u00a0Companies that needed to restructure have done so. People are more secure about their jobs – that in itself had posed a lot of problems for people. If people are\u00a0that insecure, they are not about to make any more moves. In addition, IT spending is back somewhat, it is not fully back yet, but its back.\u00a0\u00a0\u00a0\u00a0<\/p>\n

    We are seeing a lot more traction in terms of mining new business with existing customers who are saying, \u201cWe know where we are at. The market seems to have bottomed out. Let\u2019s get on with it. Let\u2019s do what need to do to get our cost-base changed to adapt to the new reality.\u201d\u00a0 So, that process is actually moving ahead pretty well.\u00a0\u00a0<\/p>\n

    We\u2019re also diversifying quite well \u2013 our India business is growing at 100%, and\u00a0I have just came back for an exhilarating trip in the Middle East and Latin America, which I think which I think offers tremendous opportunity for us which we will go to. Along with that are new areas where we are building our real expertise; for example healthcare, and our\u00a0 process\u00a0capabilities in terms of what we are able to do to in terms of driving efficiency and effectiveness for companies across the board. All of those things are begining to play out very well.\u00a0\u00a0<\/p>\n

    Phil: In terms of the culture of Genpact emerging from the recession, what would you say has changed and what would you do differently in retrospect?<\/em><\/strong>\u00a0\u00a0<\/span><\/p>\n

    Pramod:<\/strong> There was a lot of learning, some good and some not so good, frankly. I think that we realized that we have to be a lot more commercially savvy, because companies were pressurizing us for price so on and so forth. I think that we could have come off potentially with\u00a0different structures to solve some of those issues.\u00a0\u00a0<\/p>\n

    I think the need for (what I call)\u00a0consultative selling and real expertise we can take to a customer, is very significant at these times. They want real solutions. The same old solution won\u2019t work.\u00a0 So, you really have to have a way within your organization to help people find their solutions and to help them “think” into customers in a way that is different and meet their needs. Customers want to convert capital costs into operating costs. They want to reduce transition times. They want to reduce upfront costs. They need\u00a0to figure out how\u00a0to manage change. So out of the recession I am very certain that expectations have hit a completely different level.\u00a0\u00a0<\/p>\n

    Customers are clearly saying, \u201cBring me real expertise because I am hurting very badly, and I don\u2019t want to hear same old, same old. I need real expertise and creative solutions.\u201d\u00a0 That\u2019s tough for companies like us with our mass of people, so that is something that we have to learn to do much better.\u00a0<\/p>\n

    In the next part of this interview, Pramod discusses the competitive landscape, the development of new BPO delivery models and gives some practical advice for young executives.\u00a0 Stay tuned…<\/em><\/strong>\u00a0<\/p>\n

    Pramod Bhasin (pictured above) is President & CEO, Genpact.\u00a0 Pramod established Genpact (formerly GE Capital International Services) in 1997. Pramod was earlier an Officer of General Electric (GE). His career with GE and RCA spanned 25 years across the US, Europe and Asia. He was most recently the head of GE Capital in India and in Asia, having earlier worked with GE Capital’s Corporate and Finance Group in Stamford, Connecticut, USA.\u00a0 You can read his full bio <\/em>here<\/em><\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    Welcome to the New Relentless Economy.\u00a0 As the global economy creaks back into life, we’re looking around at this new…<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,838,88,836,91,95],"tags":[653],"ppma_author":[19],"yoast_head":"\nPreaching Process with Pramod: Genpact's CEO discusses the New Relentless Economy, Part I - Horses for Sources | No Boundaries<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.horsesforsources.com\/pramod-bhasin-part-i-42710\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Preaching Process with Pramod: Genpact's CEO discusses the New Relentless Economy, Part I - Horses for Sources | No Boundaries\" \/>\n<meta property=\"og:description\" content=\"Welcome to the New Relentless Economy.\u00a0 As the global economy creaks back into life, we’re looking around at this new...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.horsesforsources.com\/pramod-bhasin-part-i-42710\/\" \/>\n<meta property=\"og:site_name\" content=\"Horses for Sources | No Boundaries\" \/>\n<meta property=\"article:published_time\" content=\"2010-04-28T09:20:00+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.horsesforsources.com\/wp-content\/uploads\/2010\/04\/Pramod-Bhasin.jpg\" \/>\n<meta name=\"author\" content=\"Phil Fersht\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@pfersht\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Phil Fersht\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.horsesforsources.com\/pramod-bhasin-part-i-42710\/\",\"url\":\"https:\/\/www.horsesforsources.com\/pramod-bhasin-part-i-42710\/\",\"name\":\"Preaching Process with Pramod: Genpact's CEO discusses the New Relentless Economy, Part I - 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