Category: In The News

Breakdown: CX Leaders Spooked by Gen AI Data and Compliance Snafus | In the News

Decision makers in the CX space are almost entirely sold on generative AI (gen AI). Nevertheless, many can’t shake off the nightmare scenarios that the technology could bring in matters of data security and compliance.

Data security and compliance are the issues of most concern for CX leaders seeking to deploy gen AI in their organizations, according to a recent survey by Everest Group and TELUS International.

Read more in Nearshore Americas.

Outgoing Wipro CEO Delaporte “Found It Tough to Win Hearts and Minds of Traditional Indian IT Firm” | In the News

Thierry Delaporte was announced as the CEO and MD of Wipro in July 2020. Since 2020, the value of the company’s stock and market capitalization grew by 2.5X. But the Frenchman could not complete his five-year tenure.

Peter Bendor-Samuel, CEO of Everest Group, puts it, “As a European, it was difficult to win the hearts and minds of a traditional Indian IT services firm and this undoubtedly also contributed to flagging morale.”

Read more in The Indian Express.

Why Wipro Is Returning to Its Roots with New CEO Srinivas Pallia | In the News

Wipro has a new CEO. Srinivas (Srini) Pallia was named chief executive and managing director with immediate effect on April 6, according to a press release from India’s fourth-biggest IT services company.

Pallia will replace Thierry Delaporte, ending Wipro’s four-year experiment with a foreign CEO. “It is very hard for a non-Indian to run a large Indian firm,” Peter Bendor-Samuel, CEO of Everest Group, says. And the macroeconomic conditions that he had no control over made Delaporte’s job that much harder.

Read more in Forbes India.

IT Services Set for Gradual Recovery in 2024, Says Everest Group | In the News

Everest Group’s latest Forces & Foresight research revealed that the IT services industry is on the brink of a gradual recovery in 2024 after enduring the impacts of the 2008 global financial crisis and the COVID-19 pandemic.

According to Everest Group Vice President Prashant Shukla, the path to recovery this time around is expected to be more measured — unlike the sharp rebounds observed after previous downturns — and influenced by a mix of stabilizing factors and emerging demand in specific sectors.

Read more in Outsource Accelerator.

Indian IT Firms Face a Tough FY24 with All Round Pressure on Revenue & Margin | In the News

The Indian IT services industry has faced a tough financial year in FY24 with hope for a better fiscal year starting April 1. Tepid revenue growth rate, pressure on margin, low hiring, fall in headcount, disruption coming from generative AI, leadership changes at the top level, and sound deal pipeline characterized the ongoing financial year.

“Large deal pipelines are full, however, predicting the timing of their closing is becoming increasingly difficult,” Peter Bendor Samuel, CEO of Everest Group, told Bizz Buzz.

Read more in Bizz Buzz.

Slowdown in Global IT Space Bottoming Out? | In the News

Will the global IT services industry show signs of recovery in 2024? That’s a question to which every stakeholder is seeking answers. Experts say past trends indicate that after eight consecutive quarters of growth deceleration, recovery happens.

“We forecast one more quarter of deceleration, and then a modest uptick in demand. A fun fact is normally these declarations last eight quarters. We can see that large enterprises are talking about new initiatives. This is particularly the case in the largest industry sector, banking,” Peter Bendor Samuel, CEO of Everest Group, tells Bizz Buzz.

Read more in Bizz Buzz.

Generative AI vs. Large Language Models (LLMs): What’s the Difference? | In the News

Text-generating AI tools like ChatGPT and LLMs are inextricably connected. LLMs have grown in size exponentially over the past few years, and they fuel generative AI by providing the data they need.

LLMs have been around since the early 2010s, but they gained popularity when powerful generative AI tools like ChatGPT and Google’s Bard launched. Everest Group notes that one reason 2023 saw such exponential growth is the expansion of parameters in LLMs, with GPT-4 having more than 175 billion parameters.

Read more in Medium.

Payroll Reporting “Missing” for Majority of Businesses | In the News

A concerning new research report from Everest Group reveals that the majority of businesses are critically lacking in payroll reporting capabilities, hindering informed decision-making and putting operations at risk.

While the report shows adoption of comprehensive unified pay solutions is still nascent for 33% of respondents, the researchers found encouraging signs. Samarth Kapur, Practice Director at Everest Group, noted, “These early adopters are already experiencing positive outcomes. In many cases, the actual benefits realized have even exceeded initial expectations.”

Read more in The CFO.

10 Best Practices When Partnering for Strategic Skills | In the News

With talent gaps growing, IT leaders are forging new partnerships centered on transformational skills. Knowing when, where, and how to do this right is only going to become more critical.

“Collaboration with external partners allows enterprises to enhance their IT prowess, drive innovation, and bridge skill gaps more effectively amid a swiftly evolving digital landscape,” says Arpita Dwivedi, Practice Director at Everest Group.

Read more in CIO.

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