Extraordinary times demand extraordinary responses
Dear Stakeholders,
The year 2020 was a challenging one and our thoughts go out to all who
have been impacted by the pandemic. We saw a significant impact on our society, the global
economy and every industry due to this disruption. Through all the widespread uncertainty,
we, at Hexaware, came together as an organisation to deliver on our purpose to help
customers achieve technology-led business transformation. Hexaware adapted rapidly to the
changing environment, serviced our customers with minimal disruption and delivered strong
financial results. Our response, in many ways exceeded our own expectations and I thank my
colleagues for their resilience and agility in seeing us through this extraordinary year.
A year of accelerated transformation
The pandemic deeply impacted every industry and validated the value
proposition of digitisation; especially with on-demand and scalable models. Digital
transformation has never been more core to organisations; it is now fundamental to their
success and in many cases, their very survival. Every company leveraged digital to find
new channels to connect with customers, improve supply chains, change their modes of
operations, deliver new products and services, and manage a remote workforce.
Every sector saw an acceleration of digital transformation efforts as
clients had to simultaneously transform multiple areas of their business. The pandemic
exposed the divide between the digital leaders and the laggards. Enterprises that were
digital leaders were able to constantly respond to external changes, and service their
customers; thus navigating the crisis relatively better than others.
On the other hand, the digital laggards felt multiple shocks to their
businesses as many aspects of their operations and customer interaction were put to the
test. They now need to not only catch up but to also leapfrog their efforts. While the
pandemic has meant an acceleration in digital transformation by years, the extent of
technology-led transformation opportunities ahead is immense.
Evolving operating context
The year 2021 is expected to witness a healthy surge in worldwide IT
spending as organisations across the globe accelerate their journey towards digitisation
and release the investments held back in 2020 due to the pandemic. With the accelerated
adoption of digitisation across industries, cloud has been imperative in the
transformation. The broad industry shift to the cloud was well underway before the
pandemic. As companies look to accelerate their digital engagement with clients, their
workforce and the ecosystem, they are utilising on-demand, scalable cloud models. We are
now facing the next era of cloud adoption; one that will accelerate at a previously
unforeseen pace. A Gartner survey data indicates that almost 70% of organisations using
cloud services today plan to increase their cloud spending in the wake of the disruption
caused by COVID-19 (1). On the back of these drivers, the cloud computing
market is expected to grow from US$ 371.4 billion in 2020 to US$ 832.1 billion in 2025,
growing at a CAGR of 17.5% (2).
At Hexaware, every industry shift is an opportunity for us to innovate,
create new solutions and transform the industry and our business. As organisations rapidly
transition to digitisation, we push our limits to identify and address the changing needs
of our clients with our range of solutions.
Right time. Right place.
We are geared up to leverage the growing opportunities through our
three strategic pillars of Automate Everything™, Cloudify Everything™ and
Transform Customer Experiences™. We have built three platforms supported by the
pillars - Tensai™, AMAZE™ and Mobiquity. They help our clients hyper-automate,
transition quickly to cloud and provide unmatched experience to their customers.
Along with these offerings, we are expanding our reach and targeting
new markets to continue on our growth trajectory.
The solid support of our team
I am proud of the way we have conducted business during the year -
which would not have been possible without the grit and determination of my colleagues.
While themselves adapting to change, they continued to connect, collaborate and innovate
to take the organisation to greater heights of success. On behalf of the Board and
leadership at Hexaware, I would like to thank all of you for all that you have done and
continue to do.
I would also like to thank our fellow Board members, management team,
customers and partners for their continuous support during these challenging times. Your
unwavering trust in us assures us of our ability to scale any mountain.
I firmly believe that the journey forward will be even more exciting.