The New Era of GenAI Consultancies

Can't read or see images? View this email in a browser

THE WEEKLY NEWSLETTER OF AIM. Monday, Feb 12, 2024 | Was this email forwarded to you? Sign up here By Amit Naik Millions and billions of dollars are being pumped into generative AI, with major consultancy firms like Accenture, KPMG, EY, PwC, Wipro, and Cognizant investing heavily in the technology. It signals their recognition of its profound potential in reshaping businesses and taking them to a whole new level. Nearly 97% of executives believe generative AI is essential for their strategy, while 51% see it as a game changer for their company or industry. The technology is expected to have a significant economic impact, potentially adding $8 to $10 trillion value globally over several years. The infographic below showcases the GenAI consulting epoch. The First Movers  In June last year, Accenture announced its plan to invest $3 billion in data and AI, with a specific focus on generative AI. The company is actively using generative AI in over 100 client projects. This includes various applications such as content creation, improving productivity in life sciences, enhancing customer service, and improving worker safety, among others.  "For example, in a large telecommunications organisation, we applied generative AI to customer service, [which] drove 30% productivity and 60% increase in customer satisfaction," said Paul Daugherty, chief technology and innovation officer at Accenture.  Currently, the company has a pipeline worth $450 million and an estimated 450 projects and PoCs. In comparison, the top Indian IT service companies together have around 450 generative AI projects and PoCs in the pipeline, which would amount to an estimated current deal pipeline of $150 to $250 million. [Read: Accenture GenAI Numbers Signal Shift for Indian IT] Meanwhile, KPMG, in November last year, announced its plans to invest $2 billion in generative AI over the next three years, along with a partnership with Microsoft, and investments in Auditoria, Rhino.ai, and Cranium.  The outcome: “We expect to generate about $12 billion of additional revenue over the next several years," said KPMG chief Paul Knopp, citing generative AI, cybersecurity solutions and cloud migration.  Besides Accenture and KPMG, EY has also invested about $1.4 billion in generative AI, followed by PwC, Cognizant, and Wipro, each committing to investing $1 billion in generative AI. Early Bird Passes to expire on Friday for Rising 2024 | India's Biggest Summit on Diversity and Inclusion in Technology. Book your passes at the earliest. TOP STORIES OF THE WEEK >> The Next Big Hyperscaler Could Emerge Out of India Challenging times loom for AWS, Microsoft Azure, and Google Cloud as companies like Yotta Data Services, E2E Networks, and giants such as Adani, Tata, Reliance, and now Lenovo, are aggressively expanding the hyperscale capacity in the country.  Enjoy the full story here. PEOPLE & TECH >> LatentView Analytics Exceeds Indian IT GenAI Confidence Unlike Indian IT companies, LatentView Analytics’ approach to generative AI has been notably transparent. The Chennai-based data analytics firm secured two significant new customers during the third quarter (one worth half a million), shared Rajan Sethuraman, CEO of LatentView Analytics, in an exclusive interaction with AIM. Check out the complete interview here.  Why English Isn’t The Hottest Programming Language Around Douglas Crockford, the ‘JSON’ creator, is not smiling. He’s, in fact, worried about English being called a programming language – “it’s so ambiguous”. In an exclusive interview with AIM, Crockford shared his discomfort with the Roman language being advocated for programming through natural language via AI chatbots and said that the fundamental law of programming is that the code has to be perfect.  And English is far from perfect. Read more here. The SHAKTI-MAN of India  Veezhinathan Kamakoti, the director of IIT Madras and the visionary behind India's first microprocessor, has had an intensely busy few years working on bolstering India’s semiconductor capabilities and reducing the reliance on inexpensive imports from China. Read the full story here.  AIM VIDEOS >> Is Google Search Getting Worse?  In this eye-opening video, AIM delves into the unsettling reality of how Google Search is losing its edge. From biassed results to diminishing relevance, join us as we dissect the flaws and discuss their impact on your online experience. It's time to question the reliability of our go-to search engine.  AIM EVENTS >> The Rising 2024  The early-bird passes for India’s biggest diversity and inclusion summit is going to expire on February 16, 2024. Book your tickets now!  Location: Hilton Convention Center, Manyata Tech Park, Bengaluru Date: April 4-5, 2024 AIM SHOTS >> OpenAI chief Sam Altman is looking to raise $7 trillion, engaging investors including the UAE, to revolutionise the AI chip industry for advanced AI development. OpenAI announced that it will invest in the developer community in India and plans to hold several developer summits in the country this year. More details here.  Google finally released its highly anticipated Google Gemini Ultra, alongside rebranding Bard to Gemini. Read more here.  Google recently introduced ‘localllm’ which allows developers to develop next-gen AI apps on local CPUs. Genpact recently appointed Vipin Gairola as global operating officer and Vidya Rao as chief technology and transformation officer. Check out Genpact’s leadership transformation here.   Kyndryl collaborated with Google Cloud to develop responsible generative AI solutions and accelerate adoption by customers. Microsoft plans to expand the reach of Microsoft Research India’s initiative, the AI copilot, Shiksha CoPilot, to 100 schools by the end of the academic year. Microsoft backed Sarvam AI to scale Indic LLMs.  Microsoft looks to upskill 2 million people in AI by 2025.  Researchers from Université de Montréal, the CERC-AAI lab, ServiceNow, and Morgan Stanley, recently introduced Lag-Llama, an open-source foundation model for time series forecasting. Check it out here. Download our mobile app Access our stories, video content and events on the go. Stay Connected info@analyticsindiamag.com © 2023 Analytics India Magazine Pvt Ltd and/or its affiliates. All rights reserved. For more information, email info@analyticsindiamag.com

This email was sent by support@analyticsindiamag.com to alexvarboffin.abbb@blogger.com Not interested? Unsubscribe | Manage Preference | Update profile Analytics India Magazine | 280, 2nd floor, 5th Main, 15 A cross, Sector 6, HSR layout Bengaluru, Karnataka 560102