Category: In The News

Tech Boost? Several Us Federal Contracts up for Renewal in Next Two Quarters | In the News

Several large US federal deals from the likes of General Services Administration, US Cyber Command, Department of Energy, NASA, Federal Aviation Administration, and Department of Education are up for renewals over the next two quarters.

Everest Group CEO Peter Bendor-Samuel believes that the Indian firms have been making sustained investments in the Federal market, “The going is slow, and they face entrenched competition, a long selling cycle, and are less advantaged from a cost perspective than they are in other areas,” he said.

Read more in Economic Times

When AI Chatbots Go Bad | In the News

AI ethicists may be wringing their hands about generative AI’s (gen AI’s) potential to end humanity, but businesses adopting the technology for customer support face more pedestrian, reputational concerns as customers game chatbots for providing poor service.

A recent Everest Group survey of more than 50 global CIOs found that 61% of enterprises are “actively exploring and piloting” gen AI and that 22% have already deployed the technology for one or more business processes.

Read more in Information Age

Most Enterprises Still at Beginning of Their AI Journeys: Report | in the News

Talk about the endless possibilities and impact of AI is rampant, yet a new report by Everest Group shows that the majority of enterprises (83%) are currently only testing the capabilities of AI through pilot programs or have adopted generative AI for one or more production-grade use cases.

Read more in IT World Canada

IT Gives Bears a Bull Hug: What Is Driving the Rally in Tech Stocks? | In the News

Despite muted earnings in the previous quarter and little expectations of major recovery in the next quarter, what is driving the rally in tech stocks?

“The large mega deals look to be the one bright spot in an otherwise difficult market. We are also seeing some green shoots around some of the large foundational software areas with encouraging performance of the software firms, which often leads tech services spending,” said Peter Bendor-Samuel, CEO at Everest Group.

Read more in Economic Times

BFSI Vertical Set for Recovery in H2 | In the News

Recovery in the all important BFSI (banking, financial services & insurance) vertical is not likely before June of 2024 despite some IT firms witnessing green shoots in their financial services business during the third quarter.

“At this time, we do not see a full-scale banking recovery in the cards for the next two quarters,” Peter Bendor Samuel, CEO at Everest Group, told Bizz Buzz.

Read more in Bizz Buzz

Biopharma Trends in 2024 and Beyond | In the News

An Everest Group study across industries found that 48% of enterprise respondents are expecting to shift to a shared services or global business services (GBS) sourcing model.

Biopharma has been slow to adopt this model. However, as GBS transitions from capacity to capability centers and enterprises’ expectations from GBS evolves from cost productivity to augmenting technology capabilities and strategic process re-engineering, pharma GBS centers will increasingly partner with specialist service providers to augment and elevate inhouse capabilities.

Read more in Pharmaceutical Executive

Layoff Binge Bottoming Out at IT Firms in India | In the News

There may still be some room for further headcount reduction in line with demand rebalancing. However, we are starting to get to the end of this cycle, Peter Bendor Samuel, CEO at Everest Group, tells Bizz Buzz.

Read more in Bizz Buzz