Category: In The News

Cognizant Gets Its Mojo Back under New CEO’s Watch | In the News

January 10, 2024

As former Infosys President Ravi Kumar S completes one year as CEO of IT services and consulting major Cognizant Technology Solutions Corp this month, experts and insiders at ET gave a thumbs up to the new chief of the US$19.4 billion dollar company.

Peter Bendor-Samuel, CEO of IT research firm Everest Group, said, “He has matched his competitors in fully funding the big deal team, however, the results are not particularly spectacular. Most of these moves have been simple execution moves and not big strategic changes.”

Read more in The Economic Times.

For IT, a US$16 Billion Deal Feast on the Table | In the News

January 5, 2024

India’s top software exporters are set to compete intensely with local and overseas peers for a sizeable share of the estimated US$16 billion in global IT services large deals that will come up for renewal in the next six months.

Many renewals are coming in at lower rates, with smaller scope but longer terms, said Everest Group CEO Peter Bendor-Samuel. “In other words, many deals are being renewed for less per year, but over a longer contract life,” he said.

Read more in The Economic Times.

Spur Economic Growth By Protecting Supplier Diversity Programs | In the News

January 3, 2024

The ongoing debate surrounding supplier diversity programs has recently become more heated with increasing lawsuits against them. While critics raise concerns about potential reverse discrimination against non-diverse-owned businesses, proponents stress the positive impact of these programs in driving economic growth for everyone.

When governments and corporations purchase from diverse suppliers, the downstream economy is stimulated, driving inclusivity and prioritizing talent within communities with high potential but limited employment prospects, according to Everest Group.

Read more in Forbes.

Big Ticket Deals Fail to Cheer IT Investors | In the News

January 2, 2024

Large deals announced by Indian IT services providers and even their global peers have failed to enthuse investors’ faith in any near-term recovery of technology spend.

“There will be several large deals announced (in the third quarter), but these will be heavily discounted as there continues to be a growing gap between book-to-bill or bookings and revenue. The street has lost confidence in the book-to-bill ratio as a predictor of revenue growth, and the large deals contribute to this controversy,” said Peter Bendor Samuel, CEO of Everest Group.

Read more in Bizz Buzz.

14 CIO Priorities and Trends for 2024 | In the News

January 2, 2024

Generative AI (gen AI) will be the top technology trend in 2024 and a priority for CIOs tasked by boards with vetting new tools, provisioning infrastructure, preparing for new risks, and taking advantage of new user experiences.

Yugal Joshi, Partner at Everest Group, comments on these trends by saying that some firms will continue to experiment with and sometimes even scale gen AI initiatives. But more enterprises will turn to their existing platforms, such as ServiceNow, SAP, Salesforce, and Microsoft, for simplicity and speed.

Read more in Tech Target.

Subdued Q3 in Store for IT Cos This Fiscal! | In the News

January 1, 2024

Indian IT firms are likely to post subdued revenue growth numbers with a fall in overall headcount in the third quarter ended December 2023, with more negative news becoming the order of the day.

“It is likely that we will see the overall technology services market de-grow or see contraction. There will be a number of large deals announced, but these will be heavily discounted as there continues to be a growing gap between book to bill or bookings and revenue,” Peter Bendor Samuel, CEO of Everest Group, told Bizz Buzz.

Read more in Bizz Buzz.

Lightning AI New Platform is a One-stop Shop for Developers | In the News

December 14, 2023

Lightning AI, the vendor behind the popular open-source Python library Pytorch Lightning, released a new AI studio that makes it easier for developers to build, train, and develop AI models on the cloud.

Lightning AI Studios is a response to a need to coordinate among AI tools in the complex ecosystem of technologies that enterprises work with, said Vishal Gupta, Analyst with Everest Group.

Read more in Tech Target.

After a Dry Spell, IT Sights Green Shoots with Higher Budget for 2024 | In the News

December 14, 2023

Green shoots have started showing for IT services companies after a catastrophic year when tech demand nosedived amid geopolitical and macroeconomic concerns, and analysts expect a revival in IT spending in 2024.

However, Everest Group CEO Peter Bendor-Samuel expects that budgets will be flat. “What this means is that at this time, most firms are preparing for another year like this one with modest to low discretionary spending, and what spending there is, is closely aligned with business needs,” he added.

Read more in The Economic Times.

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