Category: In The News

EU AI Act Sets Global Standard for Managing AI | In the News

The European Parliament passed some of the world’s first comprehensive AI regulations Wednesday, meaning that enterprise businesses will need to start taking steps toward compliance. The European Union’s AI Act regulates the technology by placing AI models into buckets of risk ranging from minimal risk to unacceptable risk.

The risk-based approach outlined in the EU AI Act is “unique,” said Nitish Mittal, Partner at Everest Group. The approach addresses some of the AI paranoia attached to the growing use of large language models.

Read more in Tech Target.

EU AI Act Passes: How CIOs Can Prepare | In the News

The European Union on Wednesday passed its sweeping AI Act, which will establish tough guidelines and penalties for businesses using artificial intelligence.

“This law is the most definitive stab at governing this AI monster,” Nitish Mittal, Partner with Everest Group, tells InformationWeek in an interview. “I believe this is going to have a ‘halo effect’ for other regions. GDPR deals with a very specific point around data privacy. But AI is such a big, broad existential issue for our society and businesses right now, every country is trying to see what they can do to get inspired by this law in some shape or form,” he added.

Read more in InformationWeek.

5 Benefits of Using Process Mining | In the News

Process mining software can recommend how and when to apply other types of technology, like robotic process automation, to a company’s operations and can help companies become more efficient by discovering ways to improve operations.

“This is the top benefit for process owners, automation leads, and [chief experience officers], as [carrying out process mining can improve] an organization’s productivity, cost-effectiveness, and competitiveness,” said Santhosh Kumar, Practice Director at Everest Group.

Read more in Tech Target.

Is the Metaverse Dead? Here’s What Happened and What’s Next | In the News

Recently, the buzz about the metaverse, or at least about the term, has died down. There are numerous causes, including Meta’s slow progress, a crash in the non-fungible token (NFT) market, and more.

Parul Trivedi, Practice Director at Everest Group, said that the vision of a fully immersive, universally adopted virtual realm where users interact seamlessly in virtual and augmented realities faces real-world challenges.

Read more in Tech Target.

Quiet French Revolution in IT Services? | In the News

A quiet French Revolution is brewing in IT services, though it may not last long. Even as most leading companies in the sector are seeing a big decline in growth rate, France’s Capgemini is seeing relatively better growth rate.

According to Peter Bendor-Samuel, CEO of Everest Group, Capgemini’s better performance can be attributed to its concentration in Europe as a geography, which has performed better than the US and also has a better market-leading position in engineering services.

Read more in the Times of India.

Recession in UK, Japan May Hit Indian IT Sector | In the News

Despite the recession in the UK economy, large cost takeout deals are likely to flow unabated for the next two quarters though discretionary spend by clients will remain under check.

“We believe that there is still some way to go for modernization in the UK and EU and that these markets are also more receptive to cost-takeout mega deals. Hence, we see the current market conditions of more cost takeout and large deals to continue for at least two quarters,” Peter Bendor Samuel, CEO of Everest Group, told Bizz Buzz.

Read more in Bizz Buzz.

What Insurers Need in Order to Win in 2024 | In the News

The world is facing increased risk and uncertainty today, which means that the need for protection has increased for individuals as well as for corporations. This also means insurers can charge higher premiums for their products. Read on to find out three ways insurers can differentiate on customer experience and win in 2024 in this article co-written by Manu Aggarwal, Partner in Everest Group’s Business Process Services practice.

Read more in Insurance NewsNet.

Nearly 75% of Enterprises Pivoted to Text-based Generative AI to Improve Operational Efficiency | In the News

Over 45% of enterprises identify the lack of internal technical expertise as a major barrier to generative AI implementation.

According to the recent Generative AI in CXM Survey Report by Everest Group and WNS, 75% of enterprises are elevating their business strategies by piloting, deploying, or scaling up text-based generative AI solutions, followed by 62% for code generation and 52% for image generation.

Read more in Analytics India.

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