Datamatics Global Services Ltd Management Discussions

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Jul 25, 2024|03:32:32 PM

Datamatics Global Services Ltd Share Price Management Discussions

Introduction

AI is revolutionizing industries, automating tasks, and offering insights into customer behavior. With 90% of the worlds data created in the last two years, AIs role in analyzing data and making informed decisions is crucial. In todays business landscape, digital transformation is essential for adapting to market shifts. AIs ability to emulate human reasoning accelerates this transformation, propelling companies towards eciency and agilit y in an era of rapid change.

Datamatics is well-positioned to deliver end-to-end digital solutions and help enterprises go Deep in Digital to boost their productivity, customer experience, and competitive advantage. Datamatics is optimistic about areas like intelligent process automation, dynamic content management, digital experiences, and AI-driven analytics. To stay at the forefront of the digital transformation wave, Datamatics continues to expand its expertise in Digital Technologies, Digital Operations, and Digital Experiences. The company invests in the latest technologies and best practices to help enterprises achieve their digital transformation goals.

A. Economic Environment

According to the World Economic Outlook report of April 2024, the global growth rate is expected to increase to 3.2% in 2024 from 2.8% in 2023. However, the rate of growth is still low by historical standards due to various factors. These include high borrowing costs, reduced scal support, geopolitical tensions, weak productivity growth, and increasing geoeconomic fragmentation.

As per the World Economic Outlook Update, April 2024, the key forecasts for markets are as follows:

The forecast for the United States shows growth increasing from 2.5% in 2023 to 2.7% in 2024. However, it is also expected to experience a slowdown in 2025, with a growth rate of 1.9% due to gradual scal tightening and a softening in labor markets, which will impact overall demand.

The current environment is marked by uncertainty due to the upcoming US Presidential election, which is particularly significant as the US is our largest market and the ongoing con icts in Ukraine and Gaza. Additionally, high interest rates and a slow job market are contributing to the overall sluggishness.

The forecast for Europe is subdued, with only a marginal recovery expected from an estimated 0.4% growth rate in 2023 to a mere 0.8% in 2024 and 1.5% in 2025. This sluggish recovery is predicted to be driven by a slight improvement in household consumption as the severe impact of energy price shocks gradually lessens. However, with in ation expected to fall only modestly, a more robust recovery is doubtful.

The forecast for the United Kingdom indicates marginal growth, rising from an estimated 0.1% in 2023 to 0.5% in 2024 as the negative effects of high energy prices subside. Growth is expected to increase further to 1.5% in 2025 as easing in ation improves financial conditions and allows real incomes to recover.

Growth in India is projected to remain robust. The economy is expected to grow from 7.8% in 2023 to 6.8% in 2024 and 6.5% in 2025, driven by strong domestic demand and a growing number of working-age people.

Source: World Economic Outlook Update, April 2024

Industry Review

Digital Technologies

Worldwide IT spending is projected to total $5 trillion in 2024, an increase of 8% from 2023. Planning for GenAI initiatives will be a key driver for IT spending in 2024 and beyond.

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IT services will continue to see an increase in growth in 2024, becoming the largest segment of IT spending for the first time. Spending on IT services is expected to grow by 9.7% in 2024, reaching $1.5 trillion. This is largely due to enterprises investing in organizational eciency and optimization projects.

Datamatics has an AI-First approach at the core of its Digital Technologies. Datamatics has built a strong AI Centre of Excellence (CoE), which has developed several AI-powered market-ready solutions such as TruSDLC, a productivity tool that optimizes the software development lifecycle, and a business rule extraction tool for legacy codebases. The company has also developed customizable small language model and copilots. These solutions are helping our employees and customers leverage the power of AI to enhance productivity, streamline processes, and drive innovation. Datamatics has built GenAI into its products TruBot in Robotic Process Automation (RPA), TruCap+ in Intelligent Document Processing (IDP), and TruBI in business intelligence and data visualization; and is seeing good traction from its a customers. a

Datamatics as a strategy will focus on hyperscalers such as Salesforce, Microsoft, and AWS and will further continue to invest and strengthen its capabilities in these hyperscalers. As part of this Datamatics recently acquired Dextara Digital, a platinum-level provider of Salesforce services. Datamatics has also developed a stronger partnership with Microsoft with its products TruBot, TruCap+ and TruBI featuring on Microsoft Azure Marketplace. The company will continue to strengthen its footprint in these technologies in the years to come.

Source: Gartner IT spending forecast 2024

Digital Operations

The Finance & Accounting Outsourcing (FAO) market is projected to total $13.3 billion, an increase of around 10% from 2023. The FAO market is likely to grow at 9-10% and is estimated to be $16.5 Billion in 2025.

Datamatics Digital Operations team is equipped with digitally augmented suite of technologies powered by . Artificial intelligence and machine learning. Datamatics FINATO, an AI-powered nance transformation product enables automation across procure-to-pay, order-to-cash, record-to report and financial planning and analysis.

Market trends indicate rapid growth in AI-driven content strategies. Lumina Datamatics is a pioneer in transforming digital content management, leading with innovative solutions that leverage AI to optimize work flows, enhance user engagement, and personalize experiences.

Source: Everest Group & Nasscom

Digital Experiences

The global contact center market is projected to total $98.4 billion in 2024 and accelerate at CAGR of 18% to reach $161.7 billion in 2027. In 2024, we will see the contact center market work towards taking a digital- first approach and reduce costs while focusing on enhanced customer and agent experience.

Datamatics Digital Experiences has embraced a digital- first paradigm to leverage AI and integrate intelligent solutions into our operations. Our multilingual and omnichannel centers, strategically located in the Philippines, India, and the USA, are sta ed by ‘Super Agents trained to understand the essence of our clients brand. Our offerings ensure superior customer experience, foster business growth, and enhance customer satisfaction and loyalty.

Our offerings encompass Cloud, Communication, Process Optimization, Training, Quality, Lead Generation and Nurturing, CSAT, Workforce Management, and Analytics. We have developed an AI framework, SuperCX, for our digital experience customers to incorporate digital interventions that drive customer satisfaction and brand loyalty. Additionally, we deliver advanced analytics, customer journey management, NPS measurement, mystery audits, data visualization, and digital proctoring services across the entire customer experience continuum.

Source: Gartner, Forrester, Everest Group

B. Key Analyst Recognition:

Digital Technologies

Everest recognized TruCap+ IDP as ‘Major Contenders in PEAK Matrix for Intelligent Document Processing (IDP) and Unstructured Document Processing Products Assessment 2023

IDC recognized TruCap+ IDP as ‘Major Players in MarketScape for 2023 Worldwide Intelligent Document Processing (IDP) Software Vendors

Everest recognized TruBot RPA as ‘Major Contenders in PEAK Matrix for Robotic Process Automation (RPA) Technology Provider Landscape Assessment 2023

Everest recognized Datamatics as ‘Major Contenders in PEAK Matrix for Intelligent Process Automation (IPA) Solutions PEAK Matrix Assessment 2024

ISG recognized Datamatics as ‘Product Challengers in Provider Lens for Intelligent Automation Platforms and Products 2023

Gartner recognized Datamatics in Hype Cycle for Natural Language Technologies, 2023

Forrester recognized Datamatics in The Automation Fabric Services Landscape, Q1 2024

ISG recognized Datamatics as ‘Product Challengers in Provider Lens for Next-Gen ADM Services - 2023 Provider Lens study

Everest recognized Datamatics as ‘Major Contenders in PEAK Matrix for Data & Analytics Services for Mid-Market Enterprises assessment 2023

Everest recognized Datamatics as ‘Major Contenders in PEAK Matrix for Application Transformation Services assessment 2024 North America, Europe

Digital Operations:

Gartner recognized Datamatics in Magic Quadrant for Finance and Accounting Business Process Outsourcing, 2023

Everest recognized Datamatics as ‘Major Contenders in PEAK Matrix for Finance and Accounting Outsourcing (FAO) Assessment 2023

IDC recognized Datamatics as ‘Major Players in MarketScape for Worldwide Finance & Accounting Business Process Services in the cloud 2023 Vendor Analysis

ISG recognized Datamatics as ‘Product Challengers in Provider Lens for Finance and Accounting Outsourcing (FAO) Services, 2023

Forrester recognized Datamatics in Cash Management Solutions Landscape, Q4 2023

Hackett recognized Datamatics as ‘Emerging in Excelleration FAO Matrix, 2023

HFS recognized Datamatics as ‘Disruptors in Horizon for F&A Service Providers, 2023

Digital Experiences:

ISG recognized Datamatics as ‘Product Challengers in Provider Lens for Customer Experience Services 2023

Everest recognized Datamatics as ‘Major Contenders in PEAK Matrix for Customer Experience Management (CXM) Services PEAK MatrixR Assessment 2023- Americas

Everest recognized Datamatics in Turning Challenges into Growth Opportunities: Customer Experience Management (CXM) State of the Market 2023 Update

Quadrant recognized Datamatics as ‘Leaders in SPARK Matrix for Contact Center Outsourcing Services, Q2 2023

Key Awards

Datamatics Recognized as Forbes Asia 200 Best Under a Billion Companies 2023

Datamatics recognized amongst Indias Top 500 Value Creators 2023 by Dun & Bradstreet India

Datamatics recognized by FINTECH India Innovation Award 2024 in the Best Customer Experience Service category for Automated Fare Collection Services

Datamatics named as ‘Leader in the IAOP 2024 Global Outsourcing 100 List

Datamatics recognized in the prestigious UN Women WEP India Awards 2023

Lumina Datamatics received the Operational Excellence through Digital Transformation Award at the 5th edition of the CII DX Awards 2023

Lumina Datamatics awarded with IMC RBNQ Milestone Merit Recognition Awards in the Customers and Operations categories.

C. Business drivers

AI Innovations and Collaborations: For the financial year FY25, we are excited about the opportunities that Artificial intelligence presents. Recently, we became one of the first digital technology companies worldwide to receive ISO 42001:2023 Certification for AI Management Systems. This achievement will help our customers manage AI-related risks and opportunities, balancing innovation with governance. We are collaborating closely with Microsoft and Google. We have developed our own customizable small language model and copilot, which will be showcased at various customer forums throughout the coming year. One notable development is a Partner Onboarding Copilot powered by Microsoft Azure OpenAI, which was among the top three copilots featured by Microsoft at the Microsoft Build conference. Additionally, Microsoft recognized Datamatics as ‘AI First Movers. To date, Datamatics has executed over 40 AI projects.

Global Management Team: Over the past year, we have strengthened our management team with proven leaders with vast experience in digital transformation services. We have inducted Bala Gopalakrishnan to lead Digital Technologies, Dinesh Kumar VK to head Global Sales, and Sreekanth Lapala, founder of Dextara Digital, to spearhead our Salesforce business. Additionally, our mid-management and regional sales teams have been strengthened.

Products & Platforms: Datamatics continues to develop as well as update its own IP solutions in the digital technology space. Datamatics Intelligent Automation Platform (IAP) is a uni ed platform to automate a series of tasks, processes, and unstructured and semi-structured data in documents. The IAP combines the capabilities of TruBot for Robotic Process Automation (RPA), TruCap+ for Intelligent Document Processing (IDP) along with Artificial intelligence (AI)/machine learning (ML) models developed by Datamatics. Apart from this Datamatics has developed FINATO for AI-powered nance transformation, and TruBI for business intelligence & data visualization.

Datamatics has incorporated GenAI in its intelligent automation suite of products and has rolled it out to over 30 customers. Datamatics products TruBot, TruCap+ and TruBI are also featuring on Microsoft Azure Marketplace.

Account Penetration: Datamatics has customers across industries, many of which are Fortune 500 companies. Datamatics is focusing on deeper penetration within customer accounts through account management, cross-selling, and upselling through its integrated sales and marketing efforts.

Branding & Marketing: Datamatics has been investing in marketing and branding efforts to increase visibility, strengthen its digital footprint, and expand its geographic reach. In FY24, Datamatics engaged with prospects and customers through events, conferences, seminars, and digital campaigns. We also hosted a grand New Year celebration party for our customers in Mumbai.

D. Business performance

Datamatics consolidated revenue for the year was at 1549.9 Cr., a growth of 6.2% over previous year. Our consolidated EBIT stood at 207.7 Cr. Consolidated EBIT margin was at 13.4%.

Digital Technologies including Digital Transformation Service & Intelligent Automation- constitute 39%. On the other hand,

Digital Operations including Digital Finance & Digital Content constitute 45% and Digital Experience including Customer Experience & Research & Analytics constitute 16% of total revenues. The revenues from Digital Technologies solutions grew by 0.4%, Digital Operations grew by 10.1% and Digital Experiences grew by 11.2% over the previous year.

E. Financial Performance Balance Sheet Equity and Liabilities

EQUITY

( in Crores)

Particulars

March 31, 2024 March 31, 2023 Change

Total equity

1220.73 1042.12 178.61

v The increase is mainly due to the profit for the year amounting to 198.19 Cr., allocation of reserve for Performance based employee stock option plan at 3.45 Cr., and decrease due to dividend distribution totaling 29.80 Cr.

LIABILITIES ( in Crores)

Particulars

March 31, 2024 March 31, 2023 Change
Non-current liabilities 49.59 54.59 (5.00)
Current liabilities 192.94 185.83 7.11
Total liabilities 242.53 240.42 2.11

v Non-current liabilities comprise lease liability maturities, capital expenditure creditors, advances from other parties, the fair value of outstanding forward contracts, provisions for Share Appreciation Rights, and employee benefit plan provisions. The decline is largely due to a decrease in lease liabilities amounting to 5.38 Cr., provision for Share Appreciation Rights by 3.85 Cr., other advances by 5.00 Cr., os et by an increase in the employee benefits plan provision by 9.56 Cr.

v Current liabilities consist of trade payables, the fair value of outstanding forward contracts, lease liability maturities, unearned revenue, customer advances, accrued employee liabilities, unpaid dividends, and other contractual obligations. The rise is mainly due to unclaimed dividends by 14.51 Cr., Provision for Share Appreciation Rights by 5.10 Cr., and statutory liabilities by 5.20 Cr., counterbalanced by a reduction in trade payables of 12.84 Cr. and the fair value of outstanding forward contracts by 3.85 Cr.

ASSETS

Particulars

March 31, 2024 March 31, 2023 Change

Non-current Assets

Property, Plant and Equipment, capital work in progress 102.90 113.79 (10.89)
Goodwill / other intangibles/Right- to-use assets 115.97 104.30 11.67
Other non- current assets 299.19 172.42 126.77

Total

518.06 390.51 127.55

v During the scal year, capital expenditures on property, plant, and equipment amounted to 12.10 Cr., while depreciation charges led to a decrease of 23.04 Cr.

v There was a decline in the Right to use assets amounting to 6.98 Crores this year, which is a change from last years addition of 16.21 Crores. Goodwill increased by 19.03 Crores as a result of new acquisitions.

v Other non-current assets, comprising investments, deferred tax assets, and non-current tax assets, rose principally due to an investment in ux of 112.15 Crores and unbilled revenue amounting to 23.34 Crores, os et by a reduction in deferred tax assets and non-current tax assets totaling 9.06 Crores.

( in Crores)

Particulars

March 31, 2024 March 31, 2023 Change

Current Assets

Investment, cash and cash equivalents, bank balances (Cash, bank and investments ) 458.26 401.30 56.96
Receivables 286.34 268.94 17.40
Other 200.60 198.97 1.63

Total

945.2 869.22 75.98

v Other current assets encompass security deposits, accrued revenue, accounts with government authorities, prepayments, and various financial assets. The growth in other assets is largely attributable to trade receivables amounting to 17.40 Crore, advances given to employees worth 0.70 Crore, and prepaid expenditures totaling 2.6 Crore.

Statement of Pro t and Loss

Revenue from operations

v Revenue stood at 1549.89 Crores compared to 1459.19 Crores in FY23, representing a growth of 6.2%.

v A three-year overview of revenue and CAGR is presented below:

Other Income

Expenditure

v Operating costs (excluding depreciation and nancing) encompass IT products and licenses, employee benefits, and various other expenditures. Operating expenses rose to 1305.91 Cr in FY 2023-24 from 1216.66 Cr the previous year. The ratio of operating expenses to revenue grew slightly from 83.4% in FY 2022-23 to 84.3% in FY 2023-24.

v Employee benefits expense has increased to 989.09 Cr in FY 2023-24 from 897.00 Cr in FY 2022-23. Employee benefit expenses has increased from 61.5% of revenue in FY 2022-23 to 63.8% of revenue in FY 2023-24.

Depreciation and Amortization

v There is marginal increase in depreciation to 36.26 Cr in FY 2023-24, from 34.95 Cr in the previous scal year.

Tax expense

v The annual tax expenditure stood at 53.69 Crores, down from last years 58.07 Crores. The E ective Tax Rate (ETR) for the current year was 21.4%, which is lower than the previous years rate of 23.9%.

Pro t after Tax

v Net profit after non-controlling Interest rose from 188.92 Cr in FY 2022-23 to 198.19 Cr. in FY 2023-24.

Cash Flow

Cash Flow

( in Crores)

Particulars

2023-24 2022-23
Operating activities 183.87 130.46
Investing activities (179.35) (98.96)
Financing activities (38.46) (66.24)
Net Cash flow during the year (33.94) (34.74)

Key Financial Ratios

Particulars

Refer notes for variance March 31, 2024 March 31, 2023 Variance

Pro tability Ratios

EBITDA Margin (%) 1 15.7% 16.6% -5.3%
EBIT Margin (%) 1 13.4% 14.2% -5.8%
PBT Margin (%) 1 15.7% 16.3% -3.2%
PAT Margin (%) 1 12.4% 12.6% -1.5%
EPS Basic (Rs.) 1 33.60 32.05 4.8%

Liquidity Ratios

Current Ratio (In Times) 4.9 4.7 4.7%

Eciency R atios

Debtors Turnover (No. of days) 67 67 0.0%

Leverage Financial Ratios

Return on Equity Ratio (%) 1 17.5% 19.9% 12.0%

Note:

1. Decrease in profit during the current year due to Employee cost has increased compared to previous year.

F. Risk management

The Companys global operations bring in considerable complexities and in response to that, Datamatics has established a robust enterprise risk and compliance management framework and process. This process provides an enterprise-wide view of risks and compliance which enables it to take a more holistic approach towards informed decision making. Some significant risks that could hinder Company operations are identified below:

Global Economic Risk

Datamatics derives majority of its revenues from overseas geographies. The changing economic conditions, in ation, reforms in tax laws, scal and monetary policies in these markets could enhance cost pressure and affect the Company adversely in several ways. The Company may also witness price reduction, lose key projects and customers, deterring financial performance.

Datamatics mitigates global economic risk by generating business from new market segments and enhances steeper growth in geographies other than the US and Europe.

Employee Related Risks

Datamatics business is dependent on the quality of its workforce. Companys inability to attract, retain and motivate key employees would impair its ability to offer the right quality of service to the clients.

As a talent-driven organization, the Companys key goal is to have the best talent, with highly specialized skills in every business vertical, at the right levels and at the right locations, to enhance differentiation and competitiveness.

It strives to maintain its position as the employer of choice. Its Human Resources Department (HRD), is aligned with the Companys vision to attract, retain, and nurture high-quality talent.

The Company consistently tries to create a culture of learning and continuous improvement, to build and grow employees career, across all HR functions.

Headcount

The total number of Employees including subsidiaries as on March 31, 2024 was 12,311 as against 12,463 as on March 31, 2023.

Business Continuity and Information Security

Datamatics is fully aware of Business Continuity risks arising out of global disruptions such as natural disasters, IT outages, cyber threats, pandemic, terror and unrest, power disruptions, to name a few. This is likely to hinder availability of people and process, technology and infrastructure.

The Company has a well-de ned, robust and tested Business Continuity Plan (BCP) and Disaster Recovery (DR) processes in place. There are primary and secondary locations identified and equipped with the necessary infrastructure and facilities to ensure that the business processes can continue uninterrupted. There are dedicated, trained and empowered cross-functional teams at various levels in all locations to ensure that the BCP and DR processes are implemented in shortest possible times. Readiness according to the BCP and DR processes are regularly tested through surprise mock drills and audits. The audit and mock-drill findings are reviewed by senior management in Management Information Security Forum (MISF). In the past, the readiness was successfully veri ed in real scenario during the oods in Nasik and Chennai

/ Puducherry locations. The Company could bring up customer processes at the BCP and DR locations well-within the defined timelines. The Company was appreciated by customers for the several such occasions.

The Companys operations and ISMS have been successfully assessed and are compliant to ISO 27001:2013, ISO 9001: 2015, SSAE 18 SOC 1 and SOC2 requirements and HIPAA requirements. The Company has PCI-DSS certi cation. These standards are extremely important for nancial, insurance and healthcare industries.

Moreover, Datamatics successfully implemented Security Information and Event Management (SIEM) solution, strengthening Information security management framework.

Competition Risk

The technology market is evolving at a lightning speed. The world is moving towards smart automation and the emerging digital technologies are disrupting and changing the paradigm of business operations across Industries. This enhances the risk of competition. Datamatics manages to mitigate the competition risk by adopting the following measures:

Datamatics invests in new technologies and product development in Robotics, Artificial Intelligence, Mobility and Analytics and consistently updates its own IP solutions in the digital technology space.

With rapid urbanization, Datamatics is focusing on areas such as Automated Fare Collection, Smart Gates, and Contactless Gates service offerings to name a few Datamatics has deep domain knowledge, skilled professionals, delivery capabilities and ecient sales force along with relationship managers to help retain its competitive positioning amongst peers.

Adopting a customer centric approach together with its ability to innovate customer specific solutions, through its in-house incubation hub, DataLabs, Datamatics conducts research and development based on emerging trends and cutting-edge technologies.

Datamatics aggressively invests in widening its partner network and believes that the evolving partner ecosystem will increase sales momentum and ensure smooth implementation and support for Datamatics IP solutions globally.

Legal and Regulatory Compliance Risk

Datamatics is exposed to greater compliance risks than ever before due to its presence in multiple developed and developing countries. Data Privacy and protection of personal data is a high priority concern globally. Legislations such as General Data Protection Regulation (GDPR) in Europe and California Consumer Privacy Act (CCPA) in the United States carry severe consequences for non-compliance or breach. Any violation or security breach, non-compliance or inadequacy of privacy policies and procedures can result in substantive liabilities, penalties and reputation impact.

To keep the Company protected against the risk of data privacy breach, all its contracts with the customers in the EU region have been revised to incorporate GDPR requirements. A dedicated Data Protection Ocer (DPO) has been appointed to address issues, if any, raised around GDPR compliance. Regular online training and workshops on Data Privacy and GDPR are conducted to foster a culture of awareness and responsibility among its employees. GDPR awareness is an integral part of the employee induction program.

Datamatics also uses services of professional consultants under the supervision of its dedicated in-house compliance team which is equipped to anticipate compliance risks and ensure compliance with domestic as well as overseas laws and regulations. Changes in the applicable regulations are monitored and tracked on a global basis.

Currency Risk

Datamatics derives majority revenues in foreign currencies. Volatility in currency exchange movements negatively impacts Companys financial performance. Through appropriate hedging strategy and business marketing practices aligned with market best practices, the management team takes adequate steps to minimize currency-related value erosion. The Company consistently reviews economic scenario and updates policies accordingly.

Internal Control Systems and their Adequacy

Datamatics has mechanisms in place to establish and maintain adequate internal controls over all operational and financial functions. The Company intends to undertake further measures as necessary in line with its intent to adhere to procedures, guidelines, and regulations as applicable in a transparent manner.

The Company has appointed, M/s. Ajmera & Ajmera, Chartered Accountants, Mumbai as Internal Auditors of the Company. During the year, the Internal Auditor has carried out Company audit on significant areas affecting the Companys business. The Audit Committee reviews its findings and recommendations at periodic intervals.

The Companys internal control system is adequate conside-ring the nature, size and complexity of its business.

G. Outlook

Datamatics is optimistic about the growth opportunities in the current scal year. The company will continue to focus on AI, training and upscaling key talent, a focus on the US and European market, hyperscaler technology platforms, and investments both in R&D and technology.

AI- first approach. Datamatics has been actively investing in AI as technology. At Datamatics, we have developed a Center of Excellence to help customers start and scale their AI journey.

Focus on hyperscalers. Datamatics will invest in building competencies in hyperscalers such as Microsoft, Salesforce, AWS, Snow ake, OutSystems, etc. Datamatics recently acquired Dextara Digital, a premier Salesforce partner, which aligns with this strategy and will help us to address the fast-growing Salesforce market.

Focus on the US, European markets. Datamatics will continue to focus on the US and Europe markets by leveraging its regional sales teams. The company sees a significant potential market in these two regions and plans to capitalize on the opportunities by expanding its presence and partnerships.

Datamatics will scale talent globally, invest in employees and accelerate innovation and digital capabilities to capitalize on the expanding market opportunities. The company sees enormous potential to engage and partner with customers to help them go deep in digital to enable transformation.

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