Digital transformation has the potential to unlock stagnated cash within a company, especially if it can improve the cash management cycle and thereby reduce working capital requirements, says Vijay Padmanabhan, Chief Financial Officer, UST.
Digital transformation cannot be seen in isolation or treated as a separate channel, Padmanabhan told businessline here. Its impact is interwoven with talent of the company, cost management decisions, risk exposure and much more. “At this juncture, 70 per cent of CFOs are believed to be channelling investments into digital technologies, notably in hyper-intelligent automation, aiming for a seismic shift in efficiency and error reduction.”
Extracting full potential
However, the real challenge has been extracting the full value of potential digital transformation promises. Upskilling employees, educating and enabling them to leverage the power of this transformation are key to unlocking their full capacity and the company’s most successful outcome. “Digital transformation should, in essence, be seen as a catalyst to facilitate further initiatives within the company,” says Padmanabhan.
Right from the beginning in 1999, UST’s philosophy has been anchored in building meaningful relationships and becoming a strategic partner of choice for Fortune 500 and Global 1000 customers in focus industries, he explained. “We doubled down on industries like healthcare, retail, BFSI and STC (semiconductor, technology and communication), building deep domain expertise in each of these areas. We deliver in this market through our offerings in digital solutions, platforms and product engineering.”
Evolving technology
UST’s focus is on ensuring the company’s offerings keep pace with constantly evolving technology. “This helps us in not only staying relevant in a dynamic market, but also pivoting swiftly, like we did by injecting Generative AI into our latest solutions. This special combination of deep domain expertise with technological capability has enabled us to be at the forefront with our customers, solving their mission critical challenges.”
In recent years, UST has enhanced its go-to-market channels, as well as overhauled branding and positioning. “We have built a consulting practice, UST Evolve, which has become the tip of the spear of our offerings. We have also brought on a strong advisory board, helping to reshape offerings in this dynamic market. Our parallel focus on inorganic growth has also remained steady, helping to build synergies across the business.”
Steady returns
UST’s growth has also been heavily supported by a steady return on its commitment to invest in communities where it operates in, Padmanabhan pointed out. An example is the UST Step IT Up programme that identifies and trains members from disadvantaged and underrepresented communities, helping them to enter the tech world, gain employment and help deliver results. UST Step IT Up has provided free training and job opportunities to over 1,000 minority members, women, and veterans within the US alone, he added.