The company has achieved a lot of the strategic changes it had modelled out earlier this year and is now focused on the next twelve months of transformation.
“Firstly, we will continue to accelerate our momentum and ambitions through our continued focus on clients,” Wipro CEO Thierry Delaporte said at the opening of the company’s annual investor meeting on Saturday. Our growth will come from large deals and by expanding our market share of more than $200-300 million accounts.”
Wipro added $2.4 billion worth of deals in the past four quarters, a significant chunk of which were cloud contracts that now comprise a third of the company’s pipeline and generate 70% of its revenue, Delaporte said. As on Sept. 30, the company had 15 clients in the $100 million-plus range and its Top 10 clients contributed 20% of the overall revenue.
The Bengaluru-based IT services major has moved 60% of its leadership team closer to clients to serve them better. It has increased focus on proactively shaping and winning larger transformation deals, doubled down on existing clients and streamlined investments in frontline sales.
“Account leadership is a key enabler here. One-third of our global account executives are new,” Delaporte said. “They are senior leaders brought in from the industry who are building connections, trust and delivering excellence to our customers…therefore, growing our strategy clients at a faster pace.”
Wipro’s Top 10 clients grew at 33% year-on-year in the September quarter, which is higher than the average client growth reported by the company. It added four $100-million accounts and five $50-million accounts in the second quarter. “I can share with you here that 80% of the $30 million-plus deals were in our strategic accounts. This shift we feel is the start of a significant move, one that I believe will continue,” Delaporte said.
The company will also focus on its portfolio of services to drive greater value for customers.
“We’re investing significantly in scalable internal systems to drive efficiency and productivity. We have incrementally invested 0.3% of our revenues into process and IT transformation driving automation, security and simplicity across processes. And this will continue into the year ahead,” Delaporte said.
According to him, the first strategic change that the company announced in January 2021 has scaled well over the course of the year. Initiatives like a chain-management system, post-merger integration teams and effective engagement measures have helped the company transform into a nimbler organisation over the past 12 months.
