**Title:**
Cognizant CEO Ravi Kumar Reveals Impact on Financial Services Sector and Company’s Expansion Plans
**Description:**
In this exclusive interview with CNBC-TV18, Cognizant’s CEO Ravi Kumar discusses the challenges faced by the financial services sector and the company’s strategic measures to save costs and drive growth. Kumar highlights the structural changes implemented by Cognizant and their plans to move operations to Tier-2 cities. This insightful conversation sheds light on the company’s growth mindset, founders mentality, and client-centric approach.
**Transcript:**
Shereen Bhan: Thank you for joining us, Ravi. It’s been four months since you took over as the CEO of Cognizant. How has this period been for you?
Ravi Kumar: Thank you, Shereen. It’s great to be here. The last four months have been quite a trial by fire, not just for me but for the entire tech business. As I delved into the archives of Cognizant, I realized that the company is young and has a deep-rooted history in India. We have a growth mindset, a founders mentality, and a client-centric approach. These three aspects have been instrumental in our success.
Shereen Bhan: How do you plan to leverage these strengths to further accelerate growth?
Ravi Kumar: The key is to catalyze our heritage to create a winning combination. We are focused on tangible next steps that will help us regain market share and expand our presence. In the first quarter, we witnessed a 28% increase in bookings, with 30% coming from large deals. We have ramped up our outreach and infrastructure to cater to these large deals. Additionally, we aim to become an employer of choice, with our attrition rates already showing a positive trend.
Shereen Bhan: Can you elaborate on the operational discipline and simplification of operations that you have implemented?
Ravi Kumar: As part of our Next Generation program, we are taking steps to drive operational efficiency and cost savings. One of the key initiatives is transitioning our real estate to tier-two cities in India. This will not only save costs but also stimulate growth. By catalyzing growth, we anticipate a positive impact on our margins.
Shereen Bhan: In May, you mentioned that some sectors were experiencing a decline in discretionary spends. Is this revenue softness still prevalent?
Ravi Kumar: Unfortunately, the challenges in select sectors, especially in financial services, persist. The impact on discretionary spending has caused a decline resembling a cliff. However, Cognizant is working diligently to navigate through these uncertain times and find opportunities for growth.
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Cognizant’s CEO Ravi Kumar says that financial services sector has ‘fallen off a cliff’ due to an impact on discretionary spends. Kumar tells Shereen Bhan about the co’s structural changes to save costs & its plan to move to Tier-2 cities
#cognizantceoexclusive #cognizantexpansionplans #cognizantbusinessoutlook #cnbctv18 #businessnews #businessnewstoday #businessnewsinenglish #sharemarkettoday
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n18oc_business
By emphasizing clarity, communication, and choice, one can simplify complex decision-making processes and enhance the likelihood of achieving desired outcomes. I absolutely loved the fact he only says – “my”, he owns the room.
Very well articulated by Ravi. I loved the comment on the virtuous cycle between clients and talented employees which is the bedrock for the industry.