Everyone Is A CEO Of Their Career: Prashant Ranade, Syntel
May 3, 2014, Forbes India
Profile: Executive vice chairman, Syntel
Career: Rockwell Automation; Siemens; Syntel since 2006
Education: BTech Engineering, IIT Bombay; MS, University of Cincinnati; MBA, Xavier University, Cincinnati
Interests: Travelling, playing golf, reading and listening to music
Syntel's Prashant Ranade talks about how investing in people and investing ahead of the curve helped the IT services company grow faster than a buoyant market
Q. What do you mean by ‘investing ahead of the curve’?
Syntel’s profit after tax for the year ending December 31, 2013, stood at $219 million. Growing profitability allows us to invest in our people, our campuses and presence around the world and our investments are driven by what current clients will be confronted with in the future. For instance, for almost all clients, the handheld device will be their new browser and that is going to change how applications are developed and rendered.
In our case, when the move towards open source software came about, there was a lot of discussion around it and we invested in ‘reporting’ capabilities. There were a couple of clients who were using proprietary software that they had licensed and they were rendering reports to thousands of their associates—the majority of whom were like me, who prefer to get a canned report relevant to me, as opposed to the ability to configure every report every day. You don’t really need so many people with access to that licence! By investing in open source software ourselves, we were able to save clients money and improve efficiency.
Read the full interview here.