Raj Joshi's instinctual curiosity drove him to a valuable realization four years ago during a discussion with the CIO of a top technology company. "We talked about how the CIO could actually help his clients—other executives—do a better job of doing their business," recalls Joshi, who is a managing director of Infosys Consulting. "The same sort of question was cropping up on other large, technology-enabled transformation engagements."
While Joshi was prepared for the conversation, what he said must have taken his client off guard. "When we do all of these technology-enabled transformation projects, we spend a lot of time and effort in redesigning business processes … understanding the as-is processes and focusing on the to-be processes," Joshi explained. "In reality, this is not that important. It doesn't matter how the process is designed. The important part is configuring the solution to make a measurable improvement in key operational metrics."
In other words, improving accurate orders from 90 percent to 95 percent and/or increasing the rate of on-time order shipments from 98 percent to 99 percent matters far more than the intricacies of business process redesign. That thinking formed the basis of the value realization model (VRM) Joshi conceptualized and developed for Infosys Consulting. The methodology enables CIOs to translate the value of system improvements—or "transformation" in the consulting vernacular—to their business counterparts. When the CEO or CFO asks the CIO what the return is on a $50 million technology investment, the CIO can reply in the business vernacular of the bottom line by identifying improvements to operational metrics that reflect the company's efficiency and competitiveness.
Joshi's model "breaks down traditional barriers between business value … and technology programs," notes Stephen Pratt, Infosys Consulting's CEO and managing director. "The result is a much tighter accountability for the client and our firm to translate operational changes into cash flow and shareholder value."
VRM also has served as a foundational element of Infosys Consulting's growth, for which Pratt credits Joshi—employee No. 1 at the now 700-employee firm—with playing a crucial role in cultivating. "I am proud of Raj for maintaining his core of management consulting values while transitioning to a 21st century model of global program delivery," Pratt adds.
Joshi, who spent 10 years with Deloitte Consulting before helping to launch Infosys Consulting, is delighted by the challenges of building this next-generation firm. "It is like solving a Rubik's Cube while speaking on the cell phone as you rush from one terminal to another to catch a connecting flight about to leave," he notes, referring to juggling act of simultaneously winning new business, attracting new leaders and developing pragmatic intellectual capital.
Yet, he still manages to squeeze in time for perfecting his down-the-line service returns on the tennis court and hashing out strength of schedule analyses during fantasy football season. "Yes, you can apply VRM to fantasy football," Joshi says with a laugh in response to the question. "But you also need to apply your gut feel as well."
—Eric Krell
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