Category: In The News

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

March 13, 2024

The European Parliament passed some of the world’s first comprehensive artificial intelligence regulations Wednesday, meaning that enterprise businesses will need to start taking steps toward compliance.

The risk-based approach outlined in the EU AI Act is “unique,” said Nitish Mittal, Partner at Everest Group. “It allows you to take an appropriate measure for the appropriate level of risk,” Mittal said.

Read more in Tech Target.

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

March 13, 2024

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

March 11, 2024

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

March 7, 2024

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.

Client Base at Mid-Tier IT Cos Remains Intact | In the News

March 7, 2024

Mid-tier IT firms are able to sustain their client base in a tough economic environment, and are not losing out to the vendor consolidation that usually kicks up during a slowdown in the IT sector. Experts are of the opinion that once demand comes back, mid-tier IT firms will be the first ones to see growth revival on the back of a higher number of digital deals.

“There are some early indications that we may start to see some level of recovery in the late second quarter and building after that. Much depends on the greater macro environment and if the soft landing of the economy happens,” Peter Bendor Samuel, CEO of Everest Group, told Bizz Buzz.

Read more in Bizz Buzz.

 

Jack Madrid Sees Gen AI as Game-changer for IT-BPM Industry, Focuses on Upskilling

March 3, 2024

The Philippines sees generative AI as a game-changer for its booming information technology and business process management (IT-BPM) industry but acknowledges the need to upskill its workforce to adapt. The IT & Business Process Association of the Philippines (IBPAP) prioritizes proactive upskilling and reskilling for its workforce.

The association also plans to revisit its 2028 roadmap targets with research partner Everest Group to account for the evolving landscape.

Read more in Bilyonaryo.

IBPAP to Refresh 2028 Roadmap amid Gen AI’s Adoption | In the News

March 1, 2024

The Information Technology & Business Process Association (IBPAP) is updating its 2028 industry roadmap to align its goals with the ongoing expansion of the artificial intelligence (AI) landscape.

IBPAP, in a statement, said it is collaborating with leading research firm Everest Group in refreshing the industry roadmap and introducing an ambitious version for 2028.

Read more in SunStar.

Quiet French Revolution in IT Services? | In the News

February 20, 2024

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

February 19, 2024

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.

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