Please introduce your company and give a brief about your role within the company?
Established in 2001, VIT is a global Software Development & Services company. VIT's primary business has been in providing technology services to renowned customers who are largely into software product development.
My primary role is in identifying the new avenues for growth of the Company, spotting opportunities in the adversities, preparing the road map for the Company and steering the company towards meeting the objectives.
What was the idea behind starting this organization?
During the Y2K days, Indian companies were not necessary providing Value Added Services and we sensed a gap primarily around providing technology services. We wanted to utilize this opportunity and create ODCs for technology players around the globe. We took the decision to start the Company with some key Customers and there is no looking back since then.
What are your company’s business model–in house team or third party vendors/ outsourcing?
At VIT, we have always believed in building and nurturing in-house expertise and leveraging this expertise for realizing the objectives of the company. From providing Graphics filters for leading Graphics Illlustration software company to building proprietary solutions in Artificial Intelligence & Machine Learning, this is the model that we have successfully replicated.
How is your business model beneficial from a value addition perspective to the clients compared to other companies' models?
We always endeavoured to be the one-stop solution provider for our Customers for all their Software services & solutions need. Whether we are providing the traditional Offshore Development Services or turnkey software development to our Customers, we always believe in taking the extra mile to beat Customer expectations. That said, I don’t really want to sound cliché differentiating on the business model front, execution has always been our strength and I am sure our Customers can vouch for that.
What industries do you generally cater to? Are your customers repetitive? If yes, what ratio of clients has been repetitive to you?
We generally cater to Graphics, FMCG, Automobile, Aviation, Collaborative & Content Management Companies, Investment Banking and Fin Tech industries. In general, 65% of our revenues YoY are from repeat customers. We still retain majority of the Customers who have been Customers since more than a decade.
What are the key parameters that you consider before selecting the right model for customer engagement?
This depends on multiple parameters: most of our new Customers are referrals from our existing Customers, so they already have a level of confidence in our delivery capabilities. With such Customers, depending on the level of direct engagement i.e. if they have a technical team on their end that will actively engage the team from VIT in day-to-day project execution, we propose them an ODC model. Otherwise, if the Customer wants VIT to manage the execution completely and give them an End-to-End solution, we work with them on a Turnkey Software Development model. Recently we are also providing Digital services using our AI & ML solutions that we built internally.
Agile or Waterfall, what model do you prefer for software development?
We always prefer agile model. This generally fits well into Customer’s product road map and maintains an implicit control on the Project costs for the Customer.
Please list some factors which are important while developing a product or service.
We need to have a good understanding of the problems that the product is attempting to solve. Equally important is to understand how the end users are going to interact with the product and what it takes to gain their acceptance. Other factors that need due consideration are time to market and the targeted load / volume of transactions for the product.
What are the key factors that you consider before deciding the billing rates for software development and services?
Software is very much prone to change of requirements and even otherwise is subject to frequent outruns. The first factor that affects the billing rate is who bears the risk of such outruns. In case of ODC model, this risk is taken by the Customer, hence the rates will be mostly in line with the standard rates that we offer for the resources with specific skill set. However, in case of Turnkey Software Development, the risk of outruns and the responsibility to minimize them is on us, hence the billing rates are higher to that extent to adjust for the cost of this additional risk.
What kind of payment structure do you follow to bill your clients? Is it Pay per Feature, Fixed Cost, Pay per Milestone (could be in phases, months, versions etc.)
For ODC customers, we will bill them on T&M model in a monthly billing cycle. For turnkey software development, we bill them on a milestone basis.
Do you take in projects which meet your basic budget requirement? If yes, what is the minimum requirement? If no, on what minimum budget you have worked for?
For our existing Customers we do not have any basic budget requirements as we believe in being One Stop service provider for our customers. For new Customers we have taken up projects as small as an overall cost of $25 K.
What is the price range (min and max) of the projects that you catered to in 2019?
We have worked on projects ranging from $25K to $1 Million.