Mphasis Goes "Digital" In Its New Avatar
IT services firm Mphasis is looking to emerge as a specialized player in the market, making significant investments in digital technologies like mobility, wearable computing and e-wallets. As a step in this direction, Mphasis that has not only refreshed its brand with a new logo and a tagline: “Unleash the Next,” but has also dropped parent company Hewlett Packard’s name from its corporate identity.
Mphasis CEO Ganesh Ayyar believes that in its current form, the IT services industry will die in a few years, and in the future IT Services market, success would require intense customer focus, specialization, co-creation, superior human capital and IP, states. He said in a statement that in the years to come, IT Services as a standalone business may cease to exist, and models such as ‘IT Services Inside’ and ‘Business Transaction as a Service’ will become mainstream. In such a scenario, rebranding reflects the company’s attempt to evolution into a highly differentiated, customer-centric company.
According to reports, at present Mphasis gets about 40% of its revenue from HP as against 55% a year ago, as the share of HP business has been falling steadily. This prompted the IT services company to seek non-HP revenues in banking, capital markets and insurance verticals to recompense the loss. For now, however, HP is reported to retain the 60% stake in it.
According to industry watchers, over the last 2-3 years, Mphasis has been focusing on specialized processes and was having a special set of customers and an integrated services structure. Over the past year, Mphasis has made significant investments in Mobility, Wearable Computing and Customer Insight Management, among others. Last year, Mphasis introduced Billing as a Service to Insurance companies and Mortgage Risk and Compliance Services as part of ‘XaaS’ model.
According to analysts, the IT industry is all about change and those companies that wish to stay relevant are going through transformation at different levels. As an outcome of this transformation, the refreshed brand represents innovation, imagination and unlimited possibilities through specialized business. As Ayyar states that “this change will help the company leverage transformation journey and deliver cutting edge solutions in the Digital Market place.”
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