Retail, CPG and Manufacturing
Banking, Financial Services and Insurance
Travel, Transportation and Hospitality
Communications, Media & Technology
Retail, CPG and Manufacturing (RCM); Banking, Financial Services and Insurance (BFSI); Travel, Transportation and Hospitality (TTH); Communications, Media and Technology (CMT) and Healthcare.
Customer Success, Data & Intelligence, Cloud, Enterprise IT, Mindtree NxT; and Consulting. The alignment was based on exhaustive discussions with our clients and analysts/partners and reflect both the current buying patterns as well as areas of emerging needs for end-to-end digital transformation initiatives, creating a win-win situation for both Mindtree and clients.
North America, UK & Ireland, Continental Europe, APAC & Middle East. This geographical alignment is reflective of tremendous market opportunities and growth potential that exists across these regions. In FY22, we made significant investments in strengthening leadership in the regions which position us well to capture the increased demand.
Consulting and NxT sit at the intersection of our industry groups (IGs) and service line capabilities. We will continue to strengthen our Consulting practice to be able to shape client demand and help stitch together our offerings across service lines for end-to-end transformation, making us more relevant to the evolving needs of our clients.
Our NxT acquisition, completed in FY22 and part of our Mindtree NxT practice, sharpens our expertise to optimize, evolve, and transform the entire IoT value chain, that is, from edge to experience. We are investing in developing robust partnerships and building further capabilities in this space.
In FY22, we incubated Healthcare as a separate IG. The health industry is seeing significant changes, with technology as a core enabler. Based on the convergence of healthcare and sectors such as technology, retail, and insurance, we see an opportunity to leverage our existing strengths in enabling digital transformation for identified segments of the healthcare market. Our focus in this segment will be in the areas of customer experience, cloud and data analytics for payer and provider, medical devices and health-tech customers.
Amidst the continued uncertainty and pressures imposed by the COVID-19 pandemic, our strategy is resonating well with our clients and enabling us to rapidly scale our offerings and strategic client base. We are confident that this strategy along with targeted investments will help us stay in the profitable growth path.
We intend to focus our investments in the following areas:
We work in an intensely competitive market that is constantly evolving due to advances in technology and customer demands. The technology ecosystem banks heavily on integrated solutions, making it imperative for technology service providers and innovators to collaborate and create sustainable solutions. We work with a set of strategic partners and we are looking at expanding this set. Together with these partners, we will continue to build solutions that enable our clients to do business better and reach their future goals faster.
Large, long-term deals drive long-term impact for our clients and help us sustain our business performance. The momentum for large deal wins for us has grown sequentially in the recent quarters. This aligns with our intention to bring the best solutions and offerings to our customers. Along with building our domain expertise and consulting capability, we are also focusing on a strong solutioning team that will ensure that our solutions are fit-for-purpose and competitive, both from an operational and a financial perspective.
We are always looking at ways to enhance our capabilities in response to market needs. Two areas where we are making investments are:
Be it malware such as Trojans or sophisticated attacks, enterprises, irrespective of their size, face a range of information security vulnerabilities that can compromise their functioning. Companies that handle large amounts of customer data are particularly vulnerable. Our end-to-end IT security services expertise helps reduce operating risk for businesses and enable them to manage their IT infrastructure networks, data centers, servers and other IT assets more securely. We also help reduce information security management costs, besides making it more predictable. Rapid digital adoption and hybrid ways of working have made cybersecurity a critical issue for the security of both enterprises and citizens. We will continue to build our strength and expertise in this area.
Given their tremendous potential, we are building our capabilities and proof of concept (POC) around next-generation technologies such as Blockchain, Web 3.0, the Metaverse, AR/VR, Quantum technologies, 5G applications, cyber-physical systems etc. We are partnering with universities and start-ups to create new offerings and solutions and making secure next-generation platforms that are resilient and can evolve as per client needs. Our Digital DNA and innovation culture help us stay ahead of the curve.
The pandemic has enabled a reimagining of the future of service delivery and the workforce. Organizations are today settling into a hybrid model that combines remote working and office-based collaboration, driven by both necessity and acknowledgement of the benefits of remote work. At Mindtree, a taskforce was set up to provide actionable recommendations for the future working model. We are evaluating an F-O-R (Flexible-Office-Remote) hybrid working model that we are using for our return-to-office planning, and based on the market, client sentiment, our projects, and strategic focus areas, we will continue to invest in strengthening our hybrid delivery model. Our focus areas will include remote work enablement, nearshore delivery capability, post-pandemic office layouts, and cybersecurity.
To sustain our growth drive, we are strengthening our employee value proposition by making talent integral to the fabric and mindset of the organization. We are refreshing our talent strategy, strengthening our campus and talent acquisition partner connects, preparing an aggressive fresher hiring plan, expanding our location footprint in India to include Coimbatore, Warangal, Kolkata, while also expanding our presence in Pune and Chennai, for example. These work alongside innovative programs like Mindtree EDGE, a learn-and-earn program for BSc and BCA graduates in India, and a returnship program for technology professionals looking to restart their career after a break.
We are gaining an increased recognition of our capabilities through our sustained engagement with the analyst and advisor community, along with our focus on enhancing our partnerships. We are committed to investing in the right areas and emerge as thought leaders in our chosen competencies. In 2021, we were featured in more than 74 reports across 13 analyst firms, emphasizing the depth and breadth of our relationships.
As part of our strategy, we emphasize on M&A to gain access to new markets, capabilities, domain expertise, or quickly scale up in our chosen geographies. In FY22, we completed the acquisition of L&T NxT, whose capabilities around IoT, AI, and Industry 4.0 synergize well with our existing offerings. NxT will remain a dedicated business unit in Mindtree while we leverage synergies with our other service lines.
Integrated Annual Report 2021-22