Industry news

Artificial intelligence is a top investment priority for business leaders.

More than two-thirds of US CEOs rank investment in generative AI as a primary priority for their company, according to a new KPMG survey of 400 US chief executives.

"This is not hype," KPMG US chair Paul Knopp told Yahoo Finance Live. "It will be disruptive, and CEOs are paying close attention.

IBM CEO Arvind Krishna has made it clear that his intention is not to lay off any programmers due to AI but rather to increase hiring.

Speaking at the Fortune's CEO Initiative conference in Washington, DC, Krishna stressed the importance of dispelling the misconception that associates productivity gains with job losses.

He provided insight into IBM's own experience with this shift, arguing that the technology would in fact generate more jobs than it would eliminate and that AI would enhance the productivity of programmers by up to 30%.

The UK automation scene remains a maturing market that continues to change and develop rapidly, with users, buyers and suppliers of associated solutions all struggling to surface maximum business value among the confusion and hype.

Read the full article on TechMarketView here.

The practice of moonlighting in India’s tech sector dropped significantly due to a subdued job market, limited freelance gigs, and a return to office-based work.

Prasadh M.S., head of workforce research and analytics at staffing company Xpheno, said there is a 70-80% reduction in moonlighting compared to last year, mainly due to fewer projects available for software developers and UX designers.

Similarly, Sunil Chemmankotil, CEO of staffing firm TeamLease Digital, said the fall in moonlighting underlines that it is “no longer a candidate’s market.”

Ongoing diplomatic tensions between India and Canada may hinder Indian IT companies from finalizing new outsourcing deals with Canadian businesses.

Indian IT firms favour Canada due to its straightforward visa processes and pro-business environment. Canada contributes about 4-5% of revenues for India’s major IT firms.

IT giants like Infosys and Wipro have expanded in Canada, while Tata Consultancy Services (TCS) partners with Canadian entities such as Bombardier and Payments Canada.

At the same time, numerous Canadian companies also operate their Global Capability Centres in India.

Despite global economic headwinds, India emerged as the top IPO market in 2023 thanks to its booming technology and communication sectors.

According to a report by GlobalData, of the 750 IPOs worldwide raising US$147 billion in January-August 2023, India secured the top position in the number of IPOs with 152, totaling US$3.8 billion.

GobalData Company Profile Analyst Murthy Grandhi said India stood out in the first eight months of the year despite global economic uncertainties and geopolitical conflicts.

Read the full article on Outsource Accelerator here. 

EXL, the data and analytics focused Business Process Services (BPS) player, is expanding its operations into Dublin with the establishment of a new headquarters.

EXL has been one of the stand out performers in the BPS space of late, posting growth of over 25% last year . The BPS provider’s largest business unit focuses on analytics and it’s here where EXL has carved a real niche

DXC has landed a contract with the Crown Prosecution Service (CPS) for England & Wales as its Service Desk Partner. The £9m, “multi-year” contract will, according to Derek Allison, VP UK Public Sector, Aerospace, and Defence, see DXC “evolving on-demand IT support to an agile service desk model” to better support the CPS’ 7,000 staff in delivering casework quality.

Read the full article on TechMarketView here.

Procter & Gamble India (P&G India) in partnership with WEConnect International, conducted the next edition of the Women Entrepreneur Development Program (WEDP).

About 30 women entrepreneurs, who were selected via an application process, graduated from the two-day program aimed at their capacity development.

As part of the program, senior leaders from P&G conducted training and workshops with case studies covering various aspects of building a sustainable business including professional skills like business strategy, finance capital, new customer outreach and more, including strategic inputs for driving business growth.

Read the full article on Everything Experiential here.

It’s increasingly clear that the resulting shifts in how people live, work, and play are not temporary but structural, beginning a new economic era characterized by volatility, regionalized supply chains, AI dominance, and talent scarcity.

To succeed in the new environment, organizations are currently embedding agility, technology, and innovation into every aspect of their value chains.

Read the full article on Mckinsey & Company here.