Gartner creates Magic quadrants to evaluate the companies on their ability in executing the services using IT. According to Magic quadrants the companies are positioned on the basis of the technology provided. The four categories in which the companies are rated are challenger, leaders, niche players and visionaries. Basically this process is a graphical representation of the research conducted on the service provided by various companies. This could help Gartner’s clients like banks to review the vendors providing different services.
Gartner recently published a magic quadrant report for Finance and Accounting BPO on June 29, 2011. Wipro was ranked in the report authored by Cathy Tornbohm. The ranking is made on the basis the performance of the company in comprehensive finance and accounting outsourcing process. Wipro has excellent rating for their service in comprehensive finance and accounting and the back bone for the company is the highly skilled and talented employees, which all together will come above 6000. The basic functions of the finance and accounting team is to provide various services like procure-to-pay and order-to-cash.
In the past 18 months Wipro has made deal with many global players in telecommunication and electronics. More over the company has 27 comprehensive financial and accounting BPO deals supported with skills in multi-country delivery. The clients of the company feel that Wipro provides services with transparency. The company understands the key business issues of the client. Wipro has also developed a unique solution and expertise to monitor their performance in financial and accounting business process outsourcing services.
As far as Wipro is concerned, the report was very helpful for the company. It could help Wipro to understand their future risk and uncertainties. The company got clear idea on the risk in generating revenue as well as the managing growth. The rapidly growing competition in the Information Technology (IT) sector could be a threat for the company. The Magic quadrant report provided information on risk factors such as maintaining cost advantage.
According to the clients the company should also focus on their attrition rate. It was also suggested that the company can focus on aggressive standardize and centralize F&A processes. As the company is looking forward to establish their services in Europe, they must be more concerned about the threats that may arise for the company both internal and external.