Response Informatics Ltd Management Discussions

73.08
(2.93%)
Jul 24, 2024|12:00:00 AM

Response Informatics Ltd Share Price Management Discussions

1. Background and Overview

Response Informatics is a global IT Enterprise Automation, Consulting & Software Solutions Provider,headquartered in Hyderabad, India. As we extensively work as consulting partner with Salesforce and as a Strategic partner of AWS, we have made significant progress in Data Science. We accelerate innovation through exceptional Automation Capability that empowers our clients to digitally transform themselves and seamlessly adapt to new technologies. Our focus is on building long-term customer relationships, by becoming their partners and trusted advisors, understanding and anticipating their unique needs so they can achieve significant ROI ahead of schedule that will enable them to Go to Market faster. Our Innovative approach for a digital transformation platform aims at bringing most of the operational functions that happen in an IT landscape together under one roof and simplifying them by way of Automation. This Cloud Agnostic and Technology Agnostic has no limitations to the industry for which they could be adopted. Be it the healthcare industry where a lot of compliance policy regulations are to be followed or the banking industry where a lot of focus needs to be given to security or any other industry,this platform fits in seamlessly.

This sophisticated platform provides a lot of digital insights into any Software/ Technology initiatives at any atomic level in the organization, helps enterprises migrate from On-Premise to Cloud along with Cloud Managed Services, accelerates DevOps transformation Journey, Automates any kinds of Compliance/ Regulation policies and IT audit checklists, enables End to End services.

This Sophisticated, modular, and flexible platform is a One Stop solution for many digital initiatives that Organizations are embarking upon today.We provide multidisciplinary expertise in digital technology and consulting, talent, and skills services to enable digital transformation and accelerate innovation.

Our vision is to be the leader in creating and delivering innovative workforce solutions that enable our clients to succeed in the changing world of work. The purpose of our organization is to enable organizations to adapt to a dynamic world of work by providing our services, and to guarantee peoples employability.

At Response Informatics, were guided by our firms key principles: Integrity, Innovation, Excellence, and Teamwork.We collaborate with organizations all across the world to improve their workforces, maximize talent, and increase employability.We leave a Trace and our milestones so far:

4. 1200+ Consultants

5. 180+ Developers

6. 64+ Clients

7. 60+ Contracts

26+ Years of experience

The recession that has set in had a separate set of challenges in terms of reduced demand for IT services, delayed IT projects, Job uncertainty, shift in priorities from growth oriented projects to cost saving initiatives. There has been a major thrust for mergers and acquisitions as a strategy to weather recession and that has led to changes in competitive landscape. Due to digital transformation, traditional technologies have given way to adapting to open source cost effective solutions thereby giving rise to cyber security that has become pivotal to protecting data and systems.

How did we anticipate and overcome the crisis:

8. Maintaining strong relationships with clients to retain business and also attract new clients

9. Invested in upskilling employees and invested in training and development programs

10. Supported talent acquisition teams of various clients in hiring niche resources

11. Brought increased savings to clients by staff augmentation from legacy to rebadging new talent

12. We are now well positioned in an attractive market with structural growth opportunities.

13. Talent scarcity being a major concern, companies are increasingly relying on us to help them build the high-quality, diverse, and agile workforces they need to run successful and dynamic businesses

1. Reshaping workforce:

While companies are reshaping their workforces to make them more agile and efficient, for talent, too much flexibility can feel short-term and insecure. In this new world of work, our role as an intermediary is therefore essential. We can give people confidence and help them see and believe in their futures, while also providing the support and security they need today. By seeing the possible in people, we can make flexibility work, enabling our clients to hire the best talent when they need them, and enabling talent to seize new opportunities, learn new skills, and take on various roles that suit their needs over time.

2. Encouraging Financial Results:

During the period under review, company has earned revenue of Nine crores in the form of revenue from its operations.

3. Opportunities and Threats:

Risk and opportunity management is essential to help us achieve our strategy. While entrepreneurship and innovation are stimulated throughout the organization, there are measures in place to define the risk boundaries and opportunities in steering our business in the right direction, especially in the recession set conditions in India and abroad. We are continuing initiatives to achieve seamless business processes, as well as robust IT systems and security capabilities that support our digital strategy. These efforts are changing our business models and impacting our risk profile. Initiatives are concentrated in areas where success is most likely.

4. Embracing new technologies

The digital world has changed the game in business. In order to stay competitive, you need to be able to adapt your operations and services to meet consumer demand— and today, that means embracing emerging technologies such as Data science to make informed decsions.Leading businesses are investing as much in upgrading the core of their business as they are in innovation, often by harnessing technology.

5. Digital transformation is the Key:

Response Informatics has embarked upon Digital Transformation initiatives with various clients. Digital transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements. This reimagining of business in the digital age is digital transformation.

It transcends traditional roles like sales, marketing, and customer service. Instead, digital transformation begins and ends with how you think about, and engage with, customers. As we move from paper to spreadsheets to smart applications for managing our business, we have the chance to reimagine how we do business — how we engage our customers — with digital technology on our side. For small businesses just getting started, theres no need to set up your business processes and transform them later. You can future-proof your organization from the word go. Building a 21st- century business on stickies and handwritten ledgers just isnt sustainable. Thinking, planning, and building digitally sets you up to be agile, flexible, and ready to grow.

As they embark on digital transformation, many companies are taking a step back to ask whether they are really doing the right things.

6. Building Strategic Resilience:

To meet the challenges posed by the pandemic, businesses around the world had to react in agile and decisive ways. As we move into the next phase, now is the time for businesses to seek out and seize the opportunities emerging in the recovery.

7. Human Assets:

At Response Informatics, HR Professionals try to prevent employee turnover by implementing effective retention strategies by adopting critical sustainable trends such as establishing a strategic plan, involving employees in the decision-making process, initiating personalized compensation plans, installing mechanisms for career planning, training, and development and building flexible work programs, especially for critical knowledge - employees. These will help to retain core employees that will competitively drive the production wheel in the organization.

Response Informatics practices the three-phrase mantra to sustain in the competitive business environment. "Attract - Develop - Retain".

8. Right hire for a right job:

The retention starts from the point where we hire the right candidate for the right profile. Employees get frustrated whenever there is a mismatch between their skill set and the job he does and definitely would end up looking for other job opportunities. Thorough research and background verification are done while hiring a new candidate and fitting him into the right job. Ensure every individual has been assigned responsibilities according to his specialization and interest. Employee recognition is one of the most important factors that go a long way in retaining employees. Nothing works better than appreciating the employees. Their hard work is acknowledged. Monetary benefits such as incentives, perks, and cash prizes are motivating instruments for the employees to a large extent and they prefer sticking to the organization. Send a mail wishing the employees on their birthdays or congratulating them when they perform exceptionally well make them feel special and attached to the Organization. The top performers have always an upper edge and get a special performance bonus at the end of each quarter apart from the salary hikes and promotions after the appraisal.

9. Transparency:

The team leads or the key managerial personnel are empowered and allowed to take critical decisions that make them feel important or valued by the company. It has greatly helped us in gaining the trust and confidence of the employees.

10. Benefits:

Employee benefits can impact a companys strategic advantage by positively influencing organizational outcomes through costs and affecting employee behaviors, including retention, attraction, and motivation, in a way that is uniquely effective for the company. Offering better health insurance and retirement benefits tends to experience better rates of employee retention.

H. Health Insurance:

The Employee Health Insurance Policy is a huge benefit, especially for those who cannot afford individual health insurance. The employees do not have to pay the premium for this plan. It is paid by the company on behalf of the employee. This way, the employees receive health insurance coverage free of cost from day 1 of their joining with no waiting periods and one such prominent example of it is the Maternity cover which was offered to many women employees in the organization. With such a policy, the employees feel that the company cares for their wellbeing and does not treat them as just a resource. It is one of the driving factors in creating a people-first company culture that is beneficial for both the employee and the company.

12. ESOPs:

The management has initiated a series of steps to retain talent and attract niche resources in to the company by offering ESOPs to all employees. The jubilant workforce was overwhelmed with the kind courtesies extended to them by making them owners to the company they work for. This initiative has not only built confidence in the corporate but also reiterated management commitment to the growth and sustenance of employee welfare.

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