Contribution of mindtree consulting limited to Indian IT industry and study of its future challenges and prospects

Abstract

The word Mindtree appears in ancient Indian literature, written in 4000BC and means a source of eternal intellect and wisdom for all who come in contact with it, because it springs from the mind. MindTree truly lives up to its name and is one of the newer breed, forward--thinking Software Companies that exemplifies the best practices in not just its business but also in it s attitude towards people and society. This company, which belongs to the third-generation of Indian outsourcers , is different in terms of its thinking and its personalised approach to its customers that was lacking in first -generation companies like TCS, Wipro etc. It is currently positioned as the best “mid-sized” company. MindTree Consulting is an international IT -consulting company that offers both IT services and R & D. It has currently 4200 MindTree Minds (as they call their employees). Its revenues for the year 2007 amounts to $145 million, a growth of 31.5% compared to last year. MindTree is head quartered in Bangalore and has offices in India, United States of America, United Kingdom, Japan, Singapore, Australia, Germany, Switzerland and UAE. Some of its key customers include Burger King, ING Bank, insurance giant AIG and Avis Budget Car Rent al, Unilever, Alcatel an d Volvo. MindTree is a special company - unique in its culture. It is different because of the following reasons1: 1. It is the first Indian IT services company to reach $100 million in revenue in such a short span of time, just six years since its inception . 2. It is the world's youngest company to be assessed at Level 5 in both CMMi and P -CMM. 3. It has been recognized as one of the fastest grow ing technology companies in India by Deloitte Touche Tohmatsu in the “Deloitte Technology Fast 50 India” program . 4. It was recognized among the world's top 100 outsourcing service providers in 2007 bythe International Association of Outsourcing Professional 5. It was a recipient of the Most Admired Knowledge Enterprises (MAKE), India award in the area of Knowledge Management in 2006. 6. MindTree was ranked 2 nd in the Best Companies to Work for Survey conducted by Business Today-TNS-Mercer. The survey ranked companies across all industries . 7. MindTree was placed 6th in the Great Places to Work Survey conducted by Businessworld and Grow Talent across all industries . MindTree can be considered as the emerging face of the Indian IT sector. It has nearly doubled its revenues in the past year and is growing at twice the industry average . This study is an attempt at understanding the reasons behind the impressive fast growth of MindTree. It has achieved phenomenal success during the last 7 years since its inception. Thisstudy has tried to explore its success factors and its future challenges and prospects.