Exploring the Beauty Behind Genpact and Its Luxury Portfolio
Back in February, Genpact released its report for the fourth quarter and full 2020 year, describing the company’s performance as a reflection of its agility and culture of embracing change that allowed it to rapidly meet client needs.
The company’s total revenue for 2020 was estimated at $3.7 billion, up 5% year-over-year, predicting the full 2021 year to be around $3.99 billion.
For those unfamiliar with Genpact (NYSE: G), the New York City-based professional services firm of over 90,000 people, has been operating since 1997, originally beginning as a unit within General Electric (GE). Its charter was to provide business process services to GE’s businesses, and successfully managed a wide array of processes for over eight years. In January 2005, the company became independent and began to service clients outside of GE, listing on the NYSE under the symbol ‘G’ in August 2007.
For three-years in a row, Genpact (NYSE: G), has received an award for one of the World’s Most Ethical Companies, presented by Ethisphere Institute.
In February 2019, Genpact contractors in Hyderabad who were assigned content moderation tasks for Facebook reportedly experienced psychological trauma while evaluating videos depicting suicide, torture, terrorism, and pornography. The company has at least seven acquisitions, including, but not limited to Austin-based Endeavour Software Technologies, OnSource, Commonwealth Informatics, Inc., Barkawi Management Consultants, and riskCanvas from Booz Allen Hamilton.
This year’s award, which is one of only four honorees in the consulting services category for 2021, was awarded to the global professional services firm which is focused on delivering digital transformation, separates it out from many in the industry, who unfortunately due to the COVID-19 pandemic have continued to struggle.
Its most recent acquisition was Rightpoint, a digital consulting agency back in October 2019. I spoke with Ross Freedman, co-founder and CEO of Rightpoint, a Genpact company that services clients in the experience economy. The experience economy rewards organizations that can connect people, process, and technology effectively to deliver the right experience at the right time.
24-Years of Branding
As a Genpact company, Rightpoint describes the overall branding of its parent company as combining both experience and process innovation to “drive end-to-end digital transformation” which will allow for clients to win in the growing experience economy.
“We share a joint purpose in the relentless pursuit of a world that works better for people and an alignment of vision and culture,” Freedman explains. By helping companies innovate in today’s digital world, Freedman acknowledges that all business must eventually become an “experience company” or risk becoming obsolete.
“…experience is the last frontier for competitive differentiation,” the CEO continued. “Rightpoint helps companies leverage the power of strategy, design and technology to masterfully connect people and process to orchestrate remarkable experiences for every brand interaction.”
But what is most challenging for agencies like Rightpoint, whIch help clients with brand association, is that they have to maintain their own brand identity as well.
“In the sea of sameness it can be difficult for executives to differentiate between agency services so the opportunity we have embraced is being able to stand out from others making similar promises. We set out to show that delivering just a solution isn’t enough anymore. Consumers and employees are wanting more personalized and unique experiences that are tailored to their preferences.”
The 2022 Cadillac LYRIQ
Currently, Rightpoint is working with Cadillac in the automotive industry on the auto leader’s 2022 Cadillac LYRIQ. You may have seen the vehicle in the Super Bowl LIV commercial back in February. The auto leader has continued to push the boundaries of in-vehicle user experience for decades, now inviting innovative companies like Rightpoint to help transform the user interface experience throughout the industry.
“A vehicle’s user experience is quickly becoming one of the most important and differentiating parts of the overall experience,” Freedman told me. “In fact, many automotive insiders believe that software will make up 90% of automotive innovation by the end of the decade. Rightpoint was presented with the challenge to reimagine the in-vehicle experience of the 2022 Cadillac LYRIQ and redefine what luxury is in a digitally enabled world.”
Rightpoint began with the simple question of “why can’t things work better?”, as its mantra, setting out to reimagine the experience central to the future of the Cadillac brand. “Leaning into our expertise with a fresh perspective, we breathed new life into the LYRIQ’s vehicle displays. As a luxury brand looking to the future, it was essential that every physical or digital touchpoint of the Cadillac LYRIQ did not just reflect but actually redefine what a luxury experience is. Our team set out to create an experience that sweated every pixel, interaction and design element in an effort to deliver a truly compelling experience.”
The Future of Luxury Experience
Over the past five years, the company has seen a change across the luxury auto industry, believing its future to be “less about just the appearance and what’s under the hood, and more focused on leveraging technology previously unknown in this industry.”
In addition to its work with Cadillac, Rightpoint also modernized Nestle’s Garden of Life existing commerce platform to enhance the customer experience. “By aligning empathy, data and creativity to highlight their industry expertise, Garden of Life saw a 317% increase in revenue YOY.”
Freedman also referenced Cost Plus World Market, where the opportunity to provide a “joyful customer experience online” similar to what they could expect when visiting their stores, presented itself. “Together, we brought a real in-store layout to life, which utilized unique storytelling and content that inspired customers and helped them feel they were a part of something special.”
