Category: In The News

Startup Founders Plot Tata’s Digital Push | In the News

The Tata Group, which recently boosted its consumer internet play with the acquisitions of BigBasket and 1mg, and a minority investment in Cultfit, is piecing together a blueprint for its digital foray and upcoming ‘super app’. Leading the charge are the startup founders it procured as part of these deals.

Quote: “The latest direction from the US administration adds to the growing backlog of digital transformation projects in the marketplace. This bodes well for the Indian IT industry and will further accelerate an already hot market for them,” said Peter Bendor-Samuel, chief executive officer of Everest Group, a US-based IT advisory and research firm.

Read more in Economic Times

Transitioning Customer Service to the Gig Economy | In the News

Gig economy CX workers can ease the strain on full-time contact center staff, enhancing customer engagement in the process.

Nowadays, these ‘gigs’ have come to be associated with the real-time delivery of goods or services, especially through digital mediums like Fiverr, Uber and Upwork which went into serious overdrive during the pandemic. The gig economy has exploded in popularity since then, and the Everest Group estimates that US gig work will surpass the permanent workforce by 2027, growing 40% by 2027 to reach 86 million gig workers.

Read more in Tech HQ

What does the US President’s Executive Order Mean for Indian IT Sector | In the News

On 9th July 2021, the US President Joe Biden signed an Executive Order with an aim to promote competition in the US economy that will not only reduce prices for families and increase wages for employees/workers but also promote faster economic growth. For decades, corporate mergers/corporate consolidation is on the rise and in over 75 percent of industries in the US, a few of the large enterprises now control more of the business than they did two decades ago. And this holds true across sectors such as agriculture, healthcare, financial services, and many others.

“The latest direction from the US administration adds to the growing backlog of digital transformation projects in the marketplace. This bodes well for the Indian IT industry and will further accelerate an already hot market for them,” mentioned Peter Bendor-Samuel, Chief Executive Officer of Everest Group, a US-based IT advisory, and analysis agency. “We believe that the market is at the start of a five-year megacycle as digital transformation and modernization move into its scaling phase,” Bendor-Samuel added.

Read more in CIO Review India

IT Majors May Take Big Hit as Contract Renewals Drop | In the News

With re-orders seen dipping a third to $32 billion, vendors will have to go for new business in a difficult market.

IT services and business process service contracts worth only $32 billion are expected to be renewed in the next two years down by over a third from last year’s renewal expectation worth $49 billion, according to a report by Everest Group, which tracks global ITS and BPS contracts.

Read more in The Hindu Business Line

Predictive Sourcing: The Solution to Price Increases and Shortages | In the News

If you’ve been searching for a way to get ahead of price increases and shortages, predictive sourcing might just be the light at the end of the tunnel you have been searching for.

Bringing together the procurement and supply chain communities, we hosted a webinar on June 22nd called Staying Ahead of Price Increases and Shortages: Procurement Experts Share Their Playbook. Our expert group of panelists included Saum Sharma, Amy Fong, and Edmund Zagorin.

Read more on BudOps website

Process Mining: A Key to Continuous Value Realization in your Automation Journey | In the News

 Enterprises across industries are making it a top priority to accelerate the shift to digital, automated, and intelligent business processes. Amardeep Modi, Practice Director at Everest Group, explains in this blog how this imperative transformation is a result of evolving customer expectations, intensifying competition, changing market dynamics, and expanding regulatory coverage and stringency. COVID-19 has further exposed survival issues and business continuity risks that exist in legacy business models.

Read Amardeep’s full blog on UiPath’s website

Cross Border Merger | In the News

Globally, in the last decade there has been a flurry of activity in the area of merger & acquisitions. As multinational companies are expanding due to more demand in the market, experts are of the opinion that it will on a rise in the next decade as well. Post the introduction of economic reforms in 1991, Indian industries faced several challenges, both nationally and internationally. The cut-throat competition from international markets forced the Indian companies to opt for merger and acquisition strategies, making it vital for survival.

In China, where the retailer has over 440 stores, it bought a 5% stake in JD.com, the second-largest online retailer in the country, in 2016, India had made it to the list. “Walmart needed Flipkart possibly more than Flipkart needed Walmart,” said Yugal Joshi, practice director at management consulting and research firm Everest Group. “It didn’t have any shortage of funds and Softbank and others were really invested. It is a strong sign that a global giant found an Indian startup so important for its own online survival in the online market.” For people who had been closely monitoring Walmart and its activities, it was not at all a surprise that Walmart would take this huge leap from brick and mortar stores to coming into the business of e-commerce.  Walmart’s investment includes $2 billion of new equity funding to help accelerate the growth of the Flipkart business. Both companies will retain their unique brands and operating structures in India.

Read more in Aishwarya Sandeep’s blog

 

Funding Roundup: New Delhi-based Pine Labs Nabs a $600 Million Investment Round | In the News

This week, some of the more notable funding rounds included sizeable capital raises for a New Delhi fintech and two European companies, indicating investors ever increasing interest in making headway into Asian and EU markets. Here are the Bank Automation News highlights.

“Younited’s key proposition is the faster credit decisioning cycle and the enablement of fair and transparent P2P lending to support customer’s life events (travel, marriage, home buying) or business needs,” Ronak Doshi, vice president at research and consulting firm Everest Group, told BAN.

Read more in Bank Automation News

Digital Transformation: 3 Post-pandemic Best Practices | In the News

Don’t let common challenges like silos and change management slow your organization’s digital transformation success.
But success is far from guaranteed. Past data shows that a majority of companies struggle to make these initiatives a success: A 2019 Everest Group survey reports that 78 percent of enterprises failed to meet the business objectives of their digital transformation.

IT Sector in India to See Strong Recovery This Fiscal | In the News

The USD 100 billion IT services sector will stage a strong recovery this fiscal, with revenue growth of 10-11%, according to ratings agency Crisil.

The majority of large IT services companies have strengthened their deal teams, given the increase in the number of deals in the market, Peter Bendor-Samuel, chief executive officer of Everest Group, IT advisory and research firm said adding that the number of large deals is growing and we expect this trend to continue for some time.

Read more in CXO Today

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