Concentrix

Concentrix
Outsourcing
Industry Business services
Founded 1983 (1983)
Headquarters Greenville, SC, United States
Number of locations
 125+
Area served
 Worldwide
Key people
 Chris Caldwell[1] (CEO)
Owner Synnex Corporation
Number of employees
 100,000+
Website www.concentrix.com

Concentrix, a business services company, is a subsidiary of SYNNEX Corporation (NYSE: SNX) since 2006.[2] Its parent, SYNNEX sits at number 198 on the Fortune 500 listing.[3] Concentrix is headquartered in Greenville, SC. Concentrix provides service in 10 industries: Automotive, Banking and Financial Services, Consumer Electronics, Energy and Public Sector, Healthcare Services, Insurance, Media and Communications, Retail and eCommerce, Technology, and Travel, Transportation and Tourism.[4]

History and acquisitions

Concentrix was founded in 1991, its heritage can be traced back to 1973 to its insurance administration business solutions and services which were acquired in 2013 by Concentrix from IBM.[5] Concentrix has grown through multiple acquisitions bringing on board eight companies since 2006. Two of the acquisitions that are especially notable include the IBM Worldwide Customer Care Services Business and the Minacs Group Pte.

On June 28, 2018, Convergys and Synnex announced they have reached a definitive agreement in which SYNNEX would acquire Convergys for $2.43 billion in combined stock and cash, and integrate it with Concentrix.

On October 5, 2018, Convergys Corporation and Synnex announced that they have completed the merger.[6]

IBM Worldwide Customer Care Services Business

On September 12, 2013, SYNNEX paid a purchase price of $505 million, consisting of approximately $430 million in cash and $75 million in SYNNEX common stock. Concentrix added 45,000 employees. The acquisition included adding over 300 clients delivering services in more than 40 languages through 50 delivery centers on six continents.[7]

Minacs Group

On August 2, 2016 SYNNEX announced completion of the acquisition of The Minacs Group Pte with closure on September 1, 2016.[8]

Advanced analytics capabilities

Includes Voice of the Customer Analytics (VOCA) for unstructured content analysis, performance scorecards, call centre analytics, call volume forecasting, operational analytics, agent optimization; IVR analytics; web analytics customer life time value, revenue enhancement, and other analytics capabilities.

"Digital First" and multi-channel enablement

Voice, self-service, Interactive Voice Response (IVR), SMS, chat, mobile & smartphone support, web & social media, mail, fax and face-to-face integration (branch/store/office)

Technical and product support

Technical support, help desk, product activation, warranty service, service scheduling, and field support.

Collections

Axis Bank Collections portfolio at Mumbai, Bangalore and Noida. Collection of loan and credit card delinquent customers for not making payments for 1st time to customers becoming NPA.

Sales

Lead generation, customer inquiry, promotions, multi-channel sales, product inquiry and demonstration, up-sell and cross-sell, negotiate and close, win-backs business-to-business sales support.

Service

Account management, customer care, problem and dispute resolution, correspondence management, and billing management.

Marketing

Lead management, campaign management, list generation, customer segmentation, customer profitability, market segmentation, product profitability, channel performance, prospect analysis, market analysis, and business unit analysis

Concentrix runs these services as part of an integrated global delivery network with centers located on six continents. Concentrix supports multiple communication channels that include voice, chat, email, SMS, and social media.

Concentrix provides systems for administration of life and health insurance products, tools for front-office engagement and process and operations enhancement through analytics, consulting for transformation, market optimization tools for enhancing the end-to-end customer life cycle, and focus on market optimization tools, digitalization and automation that includes Internet of Things (IoT), and Telematics business solutions.

Controversies

In 2014, Concentrix won a £75 million contract from the UK's tax authority, the HMRC, to review two million tax credit claims for fraud and incorrect tax credit awards.[9] Tax credits are a form of UK social welfare benefit paid out to parents and workers on low incomes.

By 2016, however, Concentrix was receiving heavy criticism from the cross-party parliamentary committee on welfare for incorrectly closing the claims of thousands of claimants, leaving them without money for essentials.[10] A government report disclosed that of 36,000 appeals against Concentrix, 87% were upheld.[11] In September 2016 the HMRC announced that it would not renew the contract, due to expire in 2017, although the Treasury has resisted calls for a full inquiry thus far.[12] As a result of Concentrix's failings, thousands of claimants are also due to receive back-payments for incorrectly stopped claims.[13] Processing the resultant case reviews cost HMRC £38 million.[14]

References

  1. ↑ "Concentrix Executive Team". Synnex.
  2. ↑ http://ir.synnex.com/annuals-proxies.cfm
  3. ↑ http://beta.fortune.com/fortune500/2015/
  4. ↑ https://www.concentrix.com/about/locations/
  5. ↑ https://www.bloomberg.com/Research/stocks/private/snapshot.asp?privcapId=1051101
  6. ↑ "SYNNEX Corporation Completes Transaction with Convergys Corporation". convergys.com. Retrieved October 5, 2018.
  7. ↑ http://ir.synnex.com/releasedetail.cfm?releaseid=789947
  8. ↑ https://www.concentrix.com/concentrix-acquires-minacs/
  9. ↑ "HMRC chief Jon Thompson confirms US firm Concentrix won't have tax credits contract renewed". Civil Service World. 14 September 2016. Retrieved 30 September 2016.
  10. ↑ "'Reign of terror' tax credit company loses HMRC". The Guardian. 13 September 2016. Retrieved 27 September 2016.
  11. ↑ "Concentrix tax credit cases to be reviewed, government says". BBC News. 2017-02-06. Retrieved 2017-02-06.
  12. ↑ "Treasury refuses to hold inquiry into Concentrix tax credits contract". The Guardian. 14 September 2016. Retrieved 27 September 2016.
  13. ↑ "Thousands due back-dated tax credit payments after HMRC contractor blunders". The Independent. 15 September 2016. Retrieved 27 September 2016.
  14. ↑ Dunton, Jim (12 November 2017). "Calamitous Concentrix cost HMRC £38m, Treasury documents reveal". Public Technology. Retrieved 9 April 2018.
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