Firstsource Overview
Firstsource solutions think that because of the changing dynamics of the economy and technology it is important to invest in the future which is what they are doing. One of the main things that they invest into is platforms which helps in all types of things like innovation, collaboration and progress. They also invest into a lot of platforms helps help enterprises and companies to serve their customers in a better way through high tech platforms. Firstsource is a company that specialises in providing business process solutions to leading companies for the past 20 plus years. Through these years they have gained a lot of experience and they have domain expertise. Firstsource provides services for more then 150 leading companies in Healthcare, Banking and Financial Services, Communications, Media and Technology and other diversified industries. They have a good platform to make which serves as a guiding principle which helps them launch new solutions. They empower businesses to became better by using latest technology combined with industrial experience. Their main job is to make complex process simpler for business. Helping them to operate with increased efficiency, realise significant cost savings, and achieve unparalleled execution. And this is why they provide value for all their clients. Some of their product offering include, DECX empowers clients to make sure that customer experience is way better and it assists in crafting a good strategy that aligns with business strategy and supports product, sales, and marketing efforts. For their sector wise DECX offering. In Media the offer sales conversion and other offerings like savings and reduction in service time among some thing. For healthcare they help in claims status, benefits and remote patient monitoring among stuff. For mortgages it’s like lead generation and loan servicing. For banking and financial services they help with stuff like new client acquisition, onboarding and stuff like that. Another solution is their intelligent back office which makes administrative functions easier like procurement, finance, payroll, and supply chain. It also simplifies connections within the front office and back office making sure that clients have the desired outcome. For this product sector wise offering include banking and financial services in which they help with Customer life cycle, receivable, relationship management. Communications, Media and Technology in which they help with customer and sales analytics for communications and for media they help with customer acquisition and servicing among others and for technology they help with AI/ML data integrity among others. For health care providers they help with Pre-service solutions, eligibility & enrolment services among stuff. For health plans and Healthcare services they help with Claims operations, member enrolment and billing among some things. Another solution is platform, automation and analytics. These solutions are meant to ensure a seamless integration with existing technologies that amplify their value with high-quality security. These solutions help make sure that all the organised and un organised data come together and combine. The result is a lot of time efficiency, quality, speed, and customer experience. They also provide mobile-first, cloud-based services, designed to streamline processes and achieve scalability while effectively reducing costs. Their sector wise offerings include offerings for providers in which they offer Automation offering for patient care funding and servicing and automated data extraction among other service. For mortgages they offer Origination, underwriting, title, post-closing among stuff. For banking they provide analytic services to improve collection services, reducing Provider denial rates among a lot of things. For finance and accounting they provide AI services to optimise operational efficiency. Lastly for telco and Media they provide analytics services for better decisions and elevating customer experiences. For the revenue split their DECX contributes to 49.4 percent and their intelligent back office provide for 29.9 percent and their platforms, analytics and automation provides for 20.7. While DECX revenue contribution were expected the intelligent back office fell from 45 to 30 and their third one increased from 10 to 20. This could be a good thing because their third product offering will be better with all the development of AI and another good thing is that despite seeing this sudden drop they have been able to preform exceptionally this year meaning that the company can handle most of the stuff and now they have a good diversified revenue stream and their third product which should be a high growth one seems to be doubling every year in terms of revenue contribution. Their 4 main industries that they serve are Banking and Financial, Healthcare, Communications, Media & Technology, Diversified Industries. For their revenue contribution from their 4 sectors 42.9 percent comes form banking and financial services, Healthcare is equal to 33.5 percent of their revenue, Communication, media and technology contribute to 21.1 percent of the revenue. And their other diversified industries contribute to 2.5 percent of their revenue. In fy 23 the continuous technological chan get lead to the need of deeper investments into AI and other tech based things. First source also expanded their geological footprint by going into Mexico and strengthening their hold on Philippines. They have a few new products in the pipeline which is expected to be launched one by one in the next few years. The transformation of AI should help their business a lot and make it easier for them to deliver solutions. The global mortgage faced a lot of un expected slow down because of the hike in interest rates, and the healthcare industry also encountered a lot of challenges affecting a few of their services. They have diversified their portfolio to make sure that macroeconomic problems should not be a big challenge of them whole getting exposure into new areas of the market especially the high growth areas. Summary. First source a digital solutions provider who mainly provides to 4 main sectors which are Banking and Financial service, Healthcare, Communication Media and Technology and Diversified industry. They help in a lot of things that are digital related for these 4 sectors and their revenue contribution is 42.9 percent comes form banking and financial services, Healthcare is equal to 33.5 percent of their revenue, Communication, media and technology contribute to 21.1 percent of the revenue. And their other diversified industries contribute to 2.5 percent of their revenue. They also have a very diversified portfolio to make sure they can navigate a lot of the problems and have exposure to a lot of high growth are. Personal thoughts. They mentioned that Ai has been growing which would make their solutions more effective and easier to deliver but could this also work against them cause if AI becomes so developed then could the company just use AI and not ask for First source to make a software solution that uses AI. Other then this I think this is a great company because of how many people need the stuff that they are providing and I think that it is really good that their platforms, analytics and automation is growing cause I think that this is the best part. Also I like how despite the fall the saw in the intelligent back office contribution they still grew a lot.