Category: In The News

Square Launches Business Banking, Savings Products | In the News

Banking will allow Square to strengthen client relationships as it targets sellers who use the company’s payment devices and inventory-management products, analysts said.

Ronak Doshi, vice president at research and advisory firm Everest Group, said Square’s foray into checking and savings accounts makes sense as a way to lower the cost of customer acquisition and drive higher customer lifetime value.

Read more in Payments Dive

Infosys’ Focus on Big Deals Pays Off | In the News

Pravin Rao, COO, Infosys, said that the energy, utility, resources and services vertical grew in strong double-digits, along with impressive deal wins during the June quarter.

Ankit Gupta, Practice Director at Everest Group, said since late 2019 Infosys has been very vocal about focusing on large deals and committed resources (both in terms of people and monetary) to achieve the result. Across multiple deals such as Vanguard, Infosys’ commitment was seen in getting a large deal even if it takes significant investments to kick-start the engagement. “The balance sheet leverage includes appetite to absorb and rebadge client employees,” he added.

Read more in The Hindu Business Line

Intelligent Document Processing (IDP) Adoption Swells as Enterprises Seek to Lower Costs Through Automation; IDP Market to Grow 55-65% in Next Year | In the News

The global market for Intelligent Document Processing (IDP), estimated at US$700-750 million in 2020, is expected to grow at a rate of 55-65% over the next year, according to Everest Group. Cost impact is now the key driver for IDP adoption as enterprises seek to realize tangible benefits from the technology, closely followed by improving operational efficiency and productivity.

Read more in AIThority.com

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, US President Joe Biden signed an Executive Order 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 has been 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. 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, BidOps hosted a webinar on June 22 called, Staying Ahead of Price Increases and Shortages: Procurement Experts Share Their Playbook. The expert group of panelists included Everest Group’s Amy Fong, as well as Saum Sharma and Edmund Zagorin.

Read more on BidOps’ 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

 

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