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Five years ago, when global information technology and consulting major Accenture roped in Avinash Vashistha to head their business in India as the chairman and managing director (CMD), it was seen as a progressive move by the firm that was still trying to catch up with larger rivals such as IBM and HP. After spending close to five years there, Vashistha, also the founder of offshore advisory firms such as neoIT and Tholons, quit this month to pursue interests outside. In an exclusive interaction with Bibhu Ranjan Mishra, Vashistha talks about why it was the best time for him to move on. Excerpts:
Why did you decide to leave Accenture abruptly?
When I came to Accenture in 2011, the initial thinking was to spend some three years and then move on. The journey was exciting and that's why I ended up spending two additional years.
What about the timing of your decision? India as a market for technology seems to be really opening up with a lot of thrust on digital, make in India, etc.
I have been thinking over this for the past six-seven months, but new leaders would come in to take-up profit and loss responsibility from September, which is the beginning of the financial year for the company.
During the past five years, I met many clients, mostly chairpersons, chief executives and decision makers in large organisations in manufacturing, automotive, banking, steel and oil & gas. I was involved in all of these industries and that has given me a very good perspective on how some of these industries can be transformed and improved by leveraging technology. For me, it is a very exciting time because each and every company in India is now looking at how they can sustain, be competitive and grow, both in India and globally.
So, are you planning to join one of these large conglomerates?
There are actually quite a few companies that have approached me including some of the large Indian conglomerates and global companies. But, whatever I do, it will be another big excitement and another big thing. At this point, I have not decided and will think over those the next month.
What made you join Accenture?
It took me six months to make up my mind to join Accenture in 2011. At that time, as a part of my advisory firm Tholons, I made a presentation to Bill Green, who was then the chairman and chief executive, Kevin Campbell, who was then the group chief executive (technology), and the group chief financial officer. It was a very insightful presentation, where our team looked at the data on what companies did just two-three years before the global downturn and tried to interpret as to why some of the things happening then were based on the things the firms had done. In the report, we also predicted the kind of things that would happen a year from then. After that, Bill (Green) gathered more information about me and the kind of stuff I had done for Accenture as a consultant.
What is the passion you now want to drive outside of Accenture?
One thing is that Indian companies want to go global. Every big conglomerate right now wants to have a bigger global play whether it's Tata, L&T, Mahindra or Birla. The other thing is that people should take digital seriously. Take for example the HotStar application Accenture has launched with Star TV, which is set to change the way viewers watch television. I think, going ahead, digital is going to impact and transform every business.
And for the established players, it will be not about facing another competitor, the competition may be someone who does not exist today. Lots of innovations now-a-days are coming from smaller companies and start-ups.
He was keen to have you as CMD?
Yes. He asked Kevin if I can join Accenture to run their India business. But Kevin knew I was not very keen. It was difficult at that point to leave Tholons because it was my baby. He even offered to buy out Tholons in order to have me onboard. My entire thinking then was 'how can I?'
After a few months when I shared this with a couple of my close friends in the US, they persuaded me to take it forward. I had a meeting with Green, Kevin and Pamela, who was the CFO, again in London. There was a good debate and I felt good with the kind of support I was able to get. That gave me the confidence that it was going to be good, and that changed my mind.
At Accenture, I had been driving a programme called Open Innovation, which was about connecting the top clients to the start-ups in India. When you talk about making Indian conglomerates go global and transform them for the digital world, these are the two most exciting things for me.
How would you rate your stinat Accenture?
It has been very fulfilling. There are lots of initiatives which I can't disclose but I can definitely say that there has been a significant impact on what we have done for the Indian government. I have led many significant projects for the company whether in areas of skilling, enabling citizen services in North East region, digital health programmes and banking and financial services space. We did the digital banking for the State Bank of India. And that have been my passion because I really believe that companies should do things in the country they are in. In terms of growth of business, while I can't disclose the numbers, I can certainly say that Accenture's business in India has grown four times in the last five fiscal years. We are now one of the top players in the domestic market, with spread across all industry segments and verticals.
Because you came from outside, did you face friction in the MNC work environment?
That is something people have to deal with. If an entrepreneurial person can manage to collaborate with people and make things happen, the excitement is really good. One of the things that I am quite happy about is that I have been an entrepreneur in Accenture. It's about really feeling that it's your company and what will make it good.
My global CEO and chairman often told me I am assertive, navigate extremely well within the firm and do things without confrontation. This is a very good feedback because it worked for me.
