Genpact commits $600Mn to AI
NEW YORK, UNITED STATES — Genpact, a leading global professional services firm, is bolstering its commitment to artificial intelligence (AI) by investing approximately $600 million in the domain over the next three years, as revealed by CEO Tiger Tyagarajan.
Business Standard repots this investment will be primarily divided among research & development (R&D) for AI solution-building, capital for strategic AI-centric acquisitions, and upskilling their vast workforce.
With a current roster exceeding 115,000 employees, the majority situated in India, Genpact is not a newcomer to the AI field.
The company initiated its AI journey back in 2015, integrating developments like machine learning and natural language processing.
One illustrative application allows an automotive client to receive a comprehensive analysis report daily rather than weekly, covering 100 car models across 100 markets, by leveraging GenAI.
Besides enhancing customer offerings, GenAI also plays a pivotal role internally. For instance, it has reduced training durations, enabling new recruits to commence transactions in just two weeks, as opposed to the conventional six.
Genpact generated an annual revenue of $4.4 billion in 2022 and ranked #20 on the Time Doctor OA500, an index of the world’s top 500 outsourcing firms.
Other top business process outsourcing (BPO) firms have been making significant investments in AI.
IBM has recently participated in a $235 million Series D funding round for Hugging Face, an open-source AI platform. The company has also acquired several AI companies, including Databand.ai and Turbonomic. IBM’s investments in AI are aimed at integrating AI into various aspects of their business, such as automating back-office processes and enhancing their hybrid cloud platform.
Accenture, which ranked 1st on Time Doctor OA500, has also announced plans to invest $3 billion in AI over the next three years. This investment will be used to double the company’s headcount of data and AI experts from 40,000 to 80,000, as well as to develop new tools and capabilities.
