How this hyperautomation firm helping companies get smarter
The Chennai-based Vuram has successfully driven digital transformation for several enterprises across the globe; It pegs Indian hyperautomation market at half the size of Chinese market
Vuram is a global hyperautomation services company that specialises in low-code enterprise automation. Powered by passionate people since its inception in 2011, the Chennai-based company has successfully driven digital transformation for several enterprises across the globe. It has received numerous global recognitions, and consistently ranked as Best Places to Work.
The company's hyperautomation technology stack encompasses business process management (BPM), robotic process automation (RPA), optical character recognition (OCR), document processing, and analytics. In an exclusive interview with Bizz Buzz, Raghav Sriram, Global Head - Sales and Customer Success at Vuram, shares his insights about the market
Globally, Vuram has over 940 employees, whom we call Vuramites. The number of people working for the organisation almost doubled over a period of one year. The headcount grew by 105% to 940 employees by March 2022 from 468 during the previous year
In 2021, the annual attrition was 8% at Vuram, with only 70 people leaving the organisation globally. At the same time, Vuram's referrals doubled in 2021 to 104.65%, with 88 referrals. The rate of rejoiners stands at 233.33%
What is the market size of hyper-automation services in India and across the world? What is the CAGR and forecast for the next few years? What is Vuram's market Share?
The market can be categorised into a direct hyperautomation market and a market for technologies that constitute hyperautomation across industries. While the former defines the market for hyperautomation, the latter defines the market for all the technologies involved.
According to leading research firms, the current market size of hyperautomation enabled software is estimated to be in the range of $400-600 billion. The hyperautomation market is projected to grow in the Asia-Pacific with China taking the biggest market share.
While the data for the Indian market is not available. I would peg the Indian hyperautomation market at almost half of the Chinese market. While there are a couple of caveats as we project this data, Vuram's revenue is largely driven by non-Indian markets.
Where do you see more opportunities for hyperautomation services? What are the reasons behind the growing demand? The company has more clients from which sectors?
The market for hyperautomation is largely defined by specific use cases. The RPA, OCR/Doc.AI, analytics, and artificial intelligence (AI) are the broad categories we observe constituting maximum opportunities.
The RPA opportunities are rising globally. Geographically, every market is showing growth - although mature markets such as the US are focusing on Cognitive RPA, markets such as the Middle East are focusing more on Core RPA.
The latter market also shows price consciousness. The adoption of RPA in the Indian market is also robust. The global regions including Mexico, Australia, and the US show good potential in OCR/Doc.AI.
Industries such as mortgage, banking, and insurance that have large exposure to documents show very high potential for adoption. Function-wise, the finance function has the greatest potential for OCR/Doc.AI adoption.
Contrary to RPA and Doc.AI, the adoption of AI shows industry-specific trends. For example, the healthcare sector shows the maximum potential for AI adoption, especially around image models and Natural Language Processing (NLP).
Conversational AI also shows promise. Region-wise, the North American market is distinctly poised for adoption followed by Asia (India/ China).
What is the team size in India and all over the world? What percentage of them are women? Are you planning to increase the headcount?
Globally, Vuram has over 940 employees, whom we call Vuramites. The number of people working for the organisation almost doubled over a period of one year. The headcount grew by 105 per cent to 940 employees by March 2022 from 468 during the previous year.
Currently, 435 women work at Vuram, comprising 52.7 per cent of our total workforce. Out of which, 102 women employees are married, showcasing our solid return to work policy.
Currently, what percentage of the workforce is availing remote work? When are you planning to sask your employees to return to the offices?
At Vuram, we have unlimited work from home policy. Apart from the essential people and those who volunteer to attend the office, all are utilising the option to work from home. Also, we have flexible work from anywhere policy giving people flexibility.
Further, we have workations, to create opportunities for team building where teams can work remotely from holiday destinations for a minimum of three days to a maximum of one week.
What is the monthly attrition rate at Vuram? What are the retention plans adopted by the company?
The attrition rate in Vuram has always been the lowest in comparison with the industry numbers due to the robust people-centric culture. That is why we have been consecutively rated as a Great Place to Work (GPTW) organisation year after year.
In 2021, even during the great resignation trend, the annual attrition was 8 per cent, with only 70 people leaving the organisation globally. At the same time, Vuram's referrals doubled in 2021 to 104.65 per cent, with 88 referrals. The rate of rejoiners stands at 233.33 per cent.
What are the awards and accolades received by the company in the recent past?
Vuram has received several prominent recognitions, including the Inc 5000 fastest-growing private companies in the United States, HFS hot vendor (2020), Rising Star- Product Challenger in Australia by ISG in ISG Provider Lens 2021 report.
The company has consistently ranked in India's Best Places to Work certified by Great Place to Work institute. In 2021, Vuram is ranked among the top 25 Best Places to Work when it comes to IT and IT-BPM companies in India.
How many offices does Vuram have at present in India and abroad? What are the expansion plans of the company?
Currently, Vuram has offices in six nations around the world including, India, the United States of America, Canada, Mexico, the Netherlands, and Australia. In India, we have offices in Chennai, Bengaluru, and Tiruchirappalli.
Are you looking for new partnerships or acquisitions?
We are always looking at strategically aligning with partners to provide a streamlined outcome to our customers.
How has Vuram become a trusted brand in the global hyperautomation services market? What are the targets ahead?
Our thought leadership and success in solving complex business problems globally for our customers combined with our customer-first mindset have gone a long way in establishing us as a trusted brand globally. The customers who have worked with us will endorse our commitment to ensuring that the right business outcomes are delivered.