GI Outsourcing MD, Vikas Chadha decodes the winning formula of success
GI Outsourcing was started by a top UK account outsourcing firm in 1991 with an aim to effectively outsource their clients compliance work. Nearly two decades later, Vikas Chadha, Managing Director of GI Outsourcing shares their ambitions to become a top global account outsourcing company.
As the COVID-19 pandemic hit the globe last year, one area that has witnessed significant changes in finance and accounting outsourcing. Companies are now thriving for external help to overcome operational and financial challenges and outsourcing has proven to be a boon for a lot of companies during these tough times.
Vikas Chadha, MD, GI Outsourcing speaks to Daily Hunt on the challenges and recovery during times of post-Covid.
Question 1: Last year was a tough year? How has this year transformed the Finance & Account Outsourcing industry, especially talking about GI Accounting? How has the company been able to navigate through this crisis?
Truly speaking, last year has been a year full of challenges. However, everyone including the economy showed unprecedented resilience, which clearly indicates that when chips are down, we can collectively come together and do the right things. We soon understood that while the impact will be deep, the recovery from the pandemic has to be digital, hence we focussed on accelerating our organizations digital capabilities in cloud and automation. This has also helped us redefine our operating model and get access to borderless talent and to innovate in real time with agility from anywhere.
Combining our digital prowess with GIs unmatched holistic solutions, we could seamlessly partner and collaborate in a larger ecosystem to deliver exceptional value to our end customer.
Question 2: You took over the reins of the company when Covid hit the globe, how has your experience been so far?
I joined GI Outsourcing in August ,2020 in midst of covid uncertainty which had impacted the customer sentiment and believe me it has been a lifetime experience. Having been around for more than two decades and establishing our credibility, reputation, and goodwill, GI leveraged the extraordinary pace of growing business across several levels both organically and inorganically.
Having a customer-centric approach enabled us to foresee future requirements of our clients that help us innovate our offerings. Increasing the attractiveness of our offering and keeping our price fixed ensured excellent value to all our customers.
After briefly examining and understanding the customer's unique needs, we ensured that our employees develop more agile and adaptive ways of working to meet the requirements. We created several pillars of growth including going deep in existing lines of business and leveraging our strengths on Quality and service with existing UK service business. Concurrently, we added new lines of business including cloud accounting that proved to contribute significantly to GIs global growth and revenue. This unique approach has helped us immensely as 65% of our turnover is now based on referrals - a reflection of the high esteem within which we are held.
By strengthening our full portfolio of services and solutions to customers, we also increased our footprint and set up our delivery centers in leading talent hubs in India; New Delhi, the NCR region, and Ahmedabad.
While we were witnessing incremental growth, talent posed to be the elephant in the room. We created a quality learning initiative GI Academy which has tied up to get top-notch Chartered Accountants (CA) from the Institute of Chartered Accountants of India and ACCAs from London.
Question 3: What are future company plans?
GI is looking at robust expansion plans and strengthening its footprint globally in various areas of finance and accounting. We are rapidly increasing our reach in India and aim to nurture and acquire the best accounting talent in the industry. In terms of market growth, I have been working on a strategy to take GI beyond the UK and Europe into other important markets of the USA, Canada, Australia, and Singapore. This will make GI a global player with the best accounting talent and training.
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