A strategic review of the top five offshore vendors

Making Leaders Successful Every Day
June 9, 2010
A Strategic Review Of The Top Five
Offshore Vendors
by Sudin Apte
for Sourcing & Vendor Management Professionals

© 2010, Forrester Research, Inc. All rights reserved. Unauthorized reproduction is strictly prohibited. Information is based on best available
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For Sourcing & Vendor Management Professionals
Executive Summary
While almost the entire tech industry struggled with the recession, many offshore players remained
upbeat as they continued growing and in fact increased profitability. Our research shows that new work
that is currently coming offshore and that will come offshore in the future will be substantially different
in terms of complexity, nature of work, deal and pricing models, and the way it will be delivered to the
clients. To cope with this new IT services reality the top five Indian providers recently retooled their
strategy. Our analysis, however, shows that most parts of their strategies are similar in nature. Age-old
offshore advantages (low cost, labor availability, and quality) are quickly commoditizing, so sourcing
professionals should focus on how these players execute their strategy, and more importantly, watch how
they are engaging with the clients to deliver the next level of value.
table of Contents
The Top Indian Companies Weathered The
Recession Successfully
Offshore Leaders See Opportunities In New
Market Segments
The Top Five Indians’Strategy Showdown
How Do The Top Offshore Firms Rank On
Emerging Success Criteria?
Recommendations
Validate That Your Provider Can Deliver
Business-Aligned Services
NOTES & RESOURCES
Forrester interviewed and/or studied the top
five Indian vendors including Cognizant, HCL
Technologies, Infosys, Tata Consultancy Services,
and Wipro, and spoke with more than a dozen
user companies that use these providers.
Related Research Documents
“Accenture, Cognizant, And Infosys Boost R&D
Services Competition”
February 8, 2010
“US And Global IT Market Outlook: Q4 2009”
January 11, 2010
June 9, 2010
A Strategic Review Of The Top Five Offshore
Vendors
Will The Indian Big Five Deliver Business Value Post Recession?
by Sudin Apte
with Christine Ferrusi Ross and Philipp Karcher
2
4
5
7
10

© 2010, Forrester Research, Inc. Reproduction ProhibitedJune 9, 2010
A Strategic Review Of The Top Five Offshore Vendors
2
The TOP INDIAN COMPANIES weathered THE RECESSION successfully
As a result of the recession, most clients cut their IT spending, which in turn caused the global
tech industry to shrink in size. However, the situation in the Indian IT industry was quite different.
While the offshore firms felt the brunt of the economic meltdown, it was less severe when compared
with many top tech companies, and it was also mild compared with many other IT service providers.
As offshore projects were not the first thing that most clients cut, Indian companies got some time
to plan for the downturn and could take steps to mitigate the risks of the recession’s fallout. While
several small and midsize Indian companies lost revenue when they picked up business at reduced
profitability, or even at a loss in few instances, the top five Indians — Cognizant, HCL Technologies,
Infosys, Tata Consultancy Services (TCS), and Wipro — demonstrated continued growth even at the
peak of the recession. In fact:
· The top five firms reported positive revenue growth when the economy shrunk. In the Indian
financial year ending March 31, 2009 — which included the early part of the recession — these
top five companies grew by more than 20% in size. Even in the subsequent fiscal year (ending
March 31, 2010) — which also included the recession — these companies continued to see an
increase in revenues. While the past 12 months have been difficult, and during the two quarters
from April 2009 to September 2009 some of these firms had a drop in revenue compared
with preceding quarters, overall these leading Indian providers closed the quarter ending on
December 31, 2009 on a positive note — and expect to close the full year with a moderate
growth of 2% to 10%. Cognizant, however, continues to record much higher growth and is
expected to grow by 15% to 20% in this accounting period (see Figure 1).1
· Thanks to stringent cost cutting, these firms improved profitability. To beat the recession,
most Indian firms — like every other firm worldwide — took serious measures to cut their
costs. They cut their salary bills by reducing (or even removing for a period) the variable pay,
and as attrition was at a record low, recruitment costs and annual raises were flat or reduced
by 5% to 7%. Some firms even reduced their headcount or asked employees to take a salary cut.
Other cost-cutting measures included reducing marketing spend, cutting long-term R&D and
intellectual property (IP) investments, stalling the start of new development centers or GDM
investments, and slashing overhead. Systematic budget cuts companywide coupled with tight
approval mechanisms helped these companies to cut their costs by double-digit percentages.
However, while costs were down significantly, they offered only a 4% to 6% discount to their
clients. The result? The top five firms actually increased their profitability in the past 12 months
(see Figure 2).
· The firms adopted new pricing and engagement models. In addition to cutting costs, the
smart providers also moved their clients from traditional time-and-materials pricing (T&M) to
fixed prices wherever possible. They also encouraged their clients to move to new engagement
models like managed services or platform-based service delivery. An analysis of operating
metrics of these top five firms show a shift of 6% to 8% from labor-based T&M pricing to fixed

© 2010, Forrester Research, Inc. Reproduction Prohibited June 9, 2010
3
prices, and in addition, each of these service providers told Forrester that they now generate
around 5% to 6% revenue via new engagement models. These companies also reported that their
clients are rapidly adopting these highly industrialized, shared risk-reward-based, domain IP-
driven engagement models to derive the next level of benefit (see Figure 3).
Figure 1 The Top Indians Continued To Grow Even During The Recession
Source: Forrester Research, Inc.56214
Revenues for the 12 months ended March 20101-2
The quarter ended March 2010 showed signs of recovery1-1
Source: Quarterly reports from the companies
Cognizant HCL Infosys TCS Wipro
Revenue for the quarter
ended March 2010
(USD millions)
Year-over-year growth
$960
29%
$685
21%
$1,296
16%
$1,686
18%
$1,114
11%
Revenue for the 12 months
ended March 2010
(USD millions)
Year-over-year growth
$3,493 $2,574 $4,804 $6,340 $4,391
20% 24% 3% 5% 2%
Note: For financials published only in rupees, a conversion rate of 1 USD = 45.11 INR was applied.
Source: Quarterly and annual reports from the companies
Figure 2 The Top Offshore Providers Made More Money During The Recession
Source: Quarterly reports from the companies
Net profit (USD millions)
Net profit as a % of
revenue
% increase in net profit
$152
34%
$77
78%
$349
9%
$420
60%
$287
17%
16% 11% 27% 25% 26%
Financials for the quarter ended March 2010, compared to the same quarter in 2009

4
Figure 3 The Components Of Emerging IT Services
• Lower labor costs
• Offshore scale and resource availability
• Technology skills, software engineering
• High quality standards and certifications
like CMMI 5
• Process superiority, methodologies, and
initiatives like Six Sigma
• Productivity improvement measures like
Lean and factory approach
• Horizontal services lines capabilities: ADM,
enterprise apps, testing, infrastructure
• Limited industry vertical process
knowledge
• Harnessing new and emerging technologies
like Web 2.0, green, pervasive
• Deep industry vertical/business process
knowledge
• Developing new engagement and pricing
models
• Building global delivery including nearshore
and onshore scale
• Creating industry solutions and
intellectual property (IP) strategy
• Showcasing strong thought leadership
and management depth
• Sales, marketing, and value articulation or
differentiation capability
Traditional value proposition
of offshore providers
Next-gen IT services
success criteria
The new offshore IT services value proposition
OFFSHORE LEADERS SEE OPPORTUNITIES IN NEW MARKET SEGMENTS
During the height of the recession, most companies across North America and Europe cut their
spending by more than 10%. In many situations, Forrester saw projects and deals get cancelled.
In contrast, Forrester’s latest survey data anticipates growth in IT spend in 2010 and 2011.2
The
offshore leaders that held their revenues and grew marginally in the toughest times will surely
show higher growth in the coming two to three years. In fact, while announcing quarterly earnings
recently, two of the five providers raised their guidance and gave indications of 4% to 5% sequential
(quarter-over-quarter) growth. Our interactions with executives of these firms indicate that they
anticipate double-digit growth in 2011 and possibly higher than that, with several providers even
crossing 20%.
While a steep drop in rates put pressure on offshore projects, mild cost pressures and small budget
drops actually accelerates offshoring as clients view sending work to locations like India as a way
to cut costs. Our research during the past two recessions confirms such acceleration during the
later stages. We see many new offshore markets opening to complement this growth. For example,
midsize North American companies as well as Continental European clients face globalization
and competitive pressures from companies from developing economies and see offshoring as a
way to fight that difficulty. The new offshore buyers, often less mature tech users, will take the safe
bet and sign up with the top established offshore brands. For example, our more than two dozen
interactions with Continental companies show their inclination to work with top Indians like

5
Infosys and TCS. While their suitability and interest to bid for first-time offshore users is debatable,
the top Indians are seeing a large number of incoming leads as the popularity of offshoring grows
beyond Fortune 500 companies.
The TOP FIVE INDIANS’STRATEGY SHOWDOWN
To understand how these firms are preparing to win in the post-recession world and compete
against each other as well as their global competition, Forrester interviewed the CEOs and members
of the senior management teams at Cognizant, HCL Technologies, Infosys, and Wipro. During the
approximately 120- to 150-minute interactions, each IT services firm talked about their respective
strategies and how they plan to prosper post recession. Forrester also reviewed the financial and
operating data of these companies and reviewed a strategy presentation made by TCS at its recent
industry analyst day. Among the providers:
· Cognizant leverages client references to grow faster than the pack. To understand the market,
Cognizant approached its top clients systematically to understand their changing requirements
and business issues. Then the top 30 executives in the company got into a huddle — a process
repeated periodically — to discuss how the firm can remain highly relevant to their clients who
are looking for not only cost cutting, but also business value and innovation. The company
then took a bold step and increased its spend in a tough economy on activities such as R&D
and innovation, account management, building new offerings and solutions, and continued
recruiting at the senior and middle management level when arguably many other firms were
cutting their budgets.
Cognizant also planned to expand its technology capabilities by strengthening its service lines
like app development and management, adding new lines like analytics, and building specific
offerings to handle clients’ M&A situations. Based on its higher domain expertise and
consulting skills, Cognizant plans to take client relationships to a new level in the next 12 to 24
months. In the long term, it wants to leverage its proprietary global delivery methodology —
Cognizant 2.0 — to win in new areas such as cloud computing and IP-led solutions like
platform BPO. Cognizant also talked about its “four-point diamond” strategy that focuses on
efficiency, effectiveness, innovation, and virtualization.
· HCL takes the unbeaten path to differentiate itself. HCL talked about key initiatives like
“employee first,” which empowers its employees and assures them of internal support while they
focus on delivering client benefits; “destroy the office of CEO,” which makes each business unit
self-controlled and self-managed; and its new “value portal,” which will help the company to
shift from a volume or labor-centric business to value-driven client relationships. It wants to
differentiate and build a strategy in areas where, as HCL believes, global as well as the top Indian
firms are too much alike.

6
HCL also talked about capping profitability at 20% and reinvesting anything above that back
into the business — similar to what Cognizant has done. Other initiatives include shifting focus
from vanilla application work (which is getting fast commoditized) to what HCL calls full-
service sourcing, which includes application combined with infrastructure support as well as the
process layer on top; extending transparency in the transaction to boost client trust; building a
transformation mindset to deliver business-aligned IT; and encouraging more clients to go for a
shared risk/reward-based new engagement models.
· Infosys prepares to make its clients smarter. To build a broader services footprint from
consulting to maintenance, Infosys is focusing on extending its GDM, improving efficiency, and
harnessing new engagement models. It wants to leverage its current relationships to sell additional
lines of services such as testing, product design/R&D services, and analytics. Infosys is also
investing in building platforms for delivering a range of services from FNA, HR, legal, customer
service, and insurance to learning. To achieve this and evolve as prime supplier in a given account,
it is extending its system integration capabilities, planning to increase local delivery capabilities,
and looking to build IP-based industry solutions. Overall, it intends to help clients in their mission
of building a smarter organization based on ideas such as collaboration, trusted partnerships, and
employee reorganization to better leverage decision tools and social networking.
As Infosys prepares to help clients move in to the 21st century and to understand what will
make them successful, Infosys has also created a small team to track the top business trends,
how technologies are changing and the impact of these changes, and what Infosys can do to
make client organizations into “smart companies.” It also believes that its earlier “flat world”
strategy has helped it penetrate deeper into client accounts and has helped to develop more
long-term relationships.3
· Tata Consultancy builds on its leadership position. TCS wants to build on its current
leadership position and leverage its large number of existing client relationships, wide range of
service lines, globally distributed delivery centers, and strong presence in emerging markets.
To that effect, it continues investing in areas such as platform-based BPO, components and
framework, and software products for the financial services industry. It also anticipates a huge
success with its unique offering, “IT-as-a-service (ITaaS),” which it is successfully piloting in the
SMB space. It also plans to take its collaborative innovation strategy (T-COIN) to the next level
using its proprietary platform, IDEAMAX.
In order to win in the new world, TCS articulated a strategy of being more agile and announced
its new organizational structure to support nimble, empowered business units. Some other
initiatives that TCS is working on include building ethnic diversity, large-scale recruitment
plans and continued recruitment of fresh university graduates, and building a new center of
excellence for emerging technologies like social networking, cloud, and Web 2.0.

7
· Wipro focuses on technology, delivery innovation, and productivity to help clients save more.
Some of the top themes that Wipro is working on include integrating IT services and BPO,
enhancing its consulting capabilities, and building a nonlinear service delivery to break the link
between headcount and revenue. To compete in the 21st century, Wipro told Forrester that it is
taking key steps such as building a global workforce, striking strong alliances with partners that
tie Wipro and the partner together on various fronts such as selling, building a product/solution,
and distributing partner products, as well as looking actively for acquisition targets.
To focus on large accounts, Wipro is revamping its client engagement program with dedicated
engagement management and consulting-led selling. It continues to invest in building IP-
led technology solutions, new engagement models to strengthen its services delivery, and
harnessing capabilities for technology initiatives like Web 2.0 and green technologies. Wipro’s
three-phased execution of its strategy addresses incremental cost savings and cash conservation
in the near term, new engagement models and SI capability to impact client business in the
medium term, and expands transformation capabilities to reinvent the client business model
in the long term. Wipro strongly believes that such a plan will allow it to help its clients as the
technology and business base line — what Wipro calls a “new normal” — changes in the years
to come.
HOW do the TOP OFFSHORE FIRMS RANK ON Emerging SUCCESS CRITERIA?
As these firms work on their new strategies, they need to address two challenges. First, their
strategy needs to help them fight global competition as their age-old differentiation is getting fast
commoditized. Second, their strategy needs to be prudent enough to cope with the new, changing
features of IT services: scope, business buyer’s influence, complexity, delivery mechanisms, and
pricing models. Considering these requirement shifts, Forrester developed a new framework that
includes a combination of traditional success factors that will not go away (such as low cost, quality,
efficiency, and reliability) and new criteria to meet the demands of next-generation IT services (see
Figure 4). Given the leadership position of these five providers in the current market format, they
obviously score highly on success factors for their existing services model. Our newly added success
criteria include:
· Harnessing new technologies and domain capabilities. Clients are leveraging India for more
and different types of services. They want to leverage offshore providers for work related to
newer technologies such as SOA, Web 2.0, and pervasive technologies like RFID or GPS that
connect the physical world to the digital. They are also looking for industry vertical or business
process expertise from their offshore suppliers. Arguably, all five providers score well on the
technology front. Over the past two to three years they have also invested in building business-
side capabilities by either recruiting industry experts or by acquiring small firms with deep,
strong, or specialized capabilities.

8
But not all five players possess high-end business skills across all verticals. For example, while
Cognizant is historically strong in the financial services, insurance, and healthcare domains, it
is quickly building capabilities in some other verticals like manufacturing and retail. HCL, on
the other hand, has limited vertical capabilities as several of its stronghold service lines like
infrastructure services or engineering are predominantly cross-industry or technical in nature.
· Developing new engagement and pricing models. All of the five providers Forrester spoke
with understand the clear shift from a time-and-materials (T&M) pricing model or dedicated
development centers (ODCs) to more industrialized engagement models wherein vendor
payment will be a function of the output they deliver, not how much effort they put in. To that
effect, providers have set up special groups to analyze client business models, forecast demands,
and financials and come up with win-win price levels.
These five providers also told Forrester about the early success they have achieved and how
they have converted 8% to 10% of their existing business from old models to new ones like
managed services or transaction-based pricing. While this is a long-term trend and all of the
providers are at the initial stage, our analysis shows that factors such as the ability to understand
and model a client’s business and financials, engaging with clients to assess that client’s historic
cost data, and the ability to take on some risk are some key factors in determining provider
success. Early indications show that HCL and Cognizant lead the pack, with Wipro and Tata
Consultancy exploring various avenues to offer new models. Infosys, however, struggles here
as it is risk averse when compared to the others, and several clients have also told Forrester that
they found that Infosys is slow moving when it comes to the actual bidding. Infosys reiterates
that it is committed to new engagement and pricing models but wants to be selective on the
deals it picks as this trend evolves.
· Building a global delivery network. The future of IT services demands that the providers shift
from a simple offshore model involving an onshore client site and an offshore India location to
multiple client locations supported out of globally distributed provider locations. While Tata
Consultancy has a clear lead with its multiple and sizable development centers across Europe and
Latin America, others are working hard as well to build a global delivery footprint. For example,
Wipro’s acquisitions, such as Infocrossing, gave it not only resources but also hosting and data
center facilities in the US. Infosys’ acquisition of the Philips facility in Poland and HCL’s Axon
deal are some other examples of providers growing their delivery networks outside of India.
· Creating industry solutions and strategies for intellectual property (IP). With IT becoming
aligned with the business, and the business partially controlling IT’s decisions and budgets, IT
service providers need to offer solutions that help with business goals and not just CIO issues.
They also need to deliver IP-based solutions to help clients build industry-leading business
processes. The key factors here include the provider’s ability to find the right white space and to
employ effective governance so the opportunity is well leveraged. Infosys and Cognizant have

9
made big strides with their development and deployment of IP-led solutions across several
verticals. They also have a strong executive commitment, dedicated experienced resources, and a
structured review method in place. HCL has also made good progress in building IP as well as
product development in IT, and the Axon acquisition gave the firm IP in several verticals where it
did not operate in the past. Tata Consultancy and Wipro lag behind as most of their IP initiatives
are technology and tools-centric and feature limited client success stories to talk about.
· Showcasing thought leadership and management depth. One of the main reasons for the
growth of the Indian IT industry in the past was that clients wanted to cut costs and as a result
pushed more work offshore. But as offshore services are commoditized, with almost all global
providers offering them, the opportunity is diffused. Like any other highly competitive business,
factors such as how the company is managed, quality of top management, brand recall, and
thought leadership have become important not only in opening the doors for the vendors and
striking the deals, but also for strengthening the executive relationships and building trust and
visibility among global business community.
With each of top five firms undergoing a management reorganization of sorts in the past two
to four years, this aspect is evolving as a battle of nerves as C-level executives from these
five competing firms fight to get away from the shadow of their predecessors and build their
individual brands. Traditionally, Infosys’ top leadership was seen as the light bearer of not only
IT, but all Indian industry, and led the country at global platforms like the World Economic
Forum or through industry associations. The new management team at Infosys, however, is
not able to sustain the charismatic leadership standards set by their earlier CEO and has had
limited success in opening business opportunities for Infosys via those avenues. On the other
hand, management changes at Tata Consultancy and HCL have positively affected not only the
public image of these firms, but also visibly increased the energy levels and motivations of their
employees. At Wipro, the high concentration of ownership of the company and the unique
organizational structure with two CEOs remains a concern for many clients.
· Extending marketing and value articulation capabilities. As the battlefield shifts from an
internal, delivery-centric offshore focus to more of a client focus, the importance of all client-
facing roles has skyrocketed. Factors such as the ability to segment and target a specific market
for pointed solutions, the sophistication to articulate the value proposition, the ability to engage
successfully with business buyers at a client’s location, and leveraging the capabilities or past
successes to build the next level of a relationship have become key to the service provider’s
success. A provider also needs to invest enough in building these capabilities, even at the cost of
increased profitability.
Cognizant and Infosys have achieved great success with their continued focus on this area — and
they continue to recruit the right skills to man the client-facing roles. HCL is also starting to
follow Cognizant’s blueprint and impose limits on profitability by investing more on in the field

10
resources. While this is now also a top issue at Tata Consultancy and Wipro, they still have some
distance to travel to catch up with the leaders. Infosys was an early starter on this front, but can’t
rest on its laurels and needs to put sustained efforts into maintaining its leadership in this area.
Figure 4 A Baseline Qualitative Analysis Of The Top Five On Emerging Services Success Criteria
Very
low
Some Average Good Excellent
Harnessing new and emerging technologies
like Web 2.0, green, pervasive
Depth of business knowledge across verticals,
breadth of industry verticals served
Developing new engagement and pricing
models
Building global delivery including nearshore
and onshore scale
Creating industry solutions and intellectual
property (IP) strategy
Showcasing strong thought leadership and
management depth
Sales, marketing, and value articulation or
differentiation capability
R e c omme n d at i o n s
Validate That Your Provider Can Deliver business-aligned services
The providers that get a berth in the top five ranks in today’s offshore market may not make it to
the coveted leadership position in the next several years. To identify if your provider(s) will be able
to provide higher-level services, sourcing executives should:
· Treat all five firms almost at par for mundane application-related work. More than 50% of
the work that comes offshore falls under the application development and management
category. The top five providers have been successfully delivering this type of work for
decades. However, we see many clients still evaluate the top five firms on things like technical
skills, number of people, scale, attrition, and tools or methodologies they are adopting to
improve their productivity. Our research shows that all five players deliver reasonably good

11
services across these areas and typically undertake very similar new initiatives to boost
efficiency and to contain costs. Hence, Forrester suggests that buyers focus mainly on the
contract terms and rates the providers offer in this highly commoditized space.
· Focus on diverging strategies and new success factors. We find that the top providers
differ substantially when it comes to creating new solutions, developing IP strategies,
pursuing white spaces, choosing which verticals to specialize in, and building new nearshore
or onshore centers. As expectations from services firms change to deliver more business
value, factors like end user support, knowledge of specific business processes, and IP-led
solutions that can offer better client experiences or strategic advantages are more important.
Sourcing professionals should revisit their service provider evaluation models and scorecards
to accommodate these new criteria and either remove or place less emphasis on some older
ones like CMM.
· Look at their execution, not only at their plans. Dig into the investments that your
provider is making. Ask for periodic updates on their strategies related to industry solutions,
IP governance and success stories, and growth in nearshore and onshore centers. Also insist
on appointing an executive sponsor and dedicated account team that can engage with
their top management and business leadership to assure shared risk and a value-based
trusted partnership, not a provider relationship where a delayed project means more billable
resources and more money to the provider.
· Stop evaluating top offshore vendors and onshore vendors separately. Many clients
maintain two exclusive lists of providers that offer onshore and offshore services and
evaluate them separately. Forrester suggests that sourcing professionals rework their service
provider lists. The first list should include top Indians and MNC providers that deliver a
large set of end-to-end, enterprise-class services to globally distributed companies, and the
second list should include the specialists that can deep dive in a niche capability and can
deliver incremental value over and above what the broad-based generalists in the first list
can deliver.
Endnotes
1
Infosys, Tata Consultancy Services, and Wipro announce their results on an April to March cycle, and their
fiscal results are taken accordingly. For Cognizant and HCL — which follow different accounting years than
the typical Indian fiscal year — we have used reports for the12 months preceding March 31, 2010, to make
a fair comparison.
2
A recent Forrester report predicted that the US IT market will grow by 6.6% in 2010 (twice the 3.1% growth
in nominal GDP), following a drop of 8.2% in 2009. See the January 11, 2010, “US And Global IT Market
Outlook: Q4 2009” report.
3
Anticipating a huge growth in the offshore product development market, top IT services firms Accenture,
Cognizant, and Infosys are investing in it. See the February 8, 2010, “Accenture, Cognizant, And Infosys
Boost R&D Services Competition” report.

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