The trend of large contracts going out to bid, which intensified in the December quarter, continued, leading Genpact to book "record deals" in the first two quarters of 2023, according to NV (Tiger) Tyagarajan, CEO of the US-based business process management firm. According to the London-based CEO, the company's data-tech-artificial intelligence division, which currently accounts for 45% of total sales, will account for half of total revenue by 2026. In the last few months, almost 100% of Genpact's customer talks have been turned into engagements where generative AI (GenAI) is being employed in their normal operations, he noted.

 

The record deals are a "one-of-a-kind opportunity," but cost reduction remains a priority for clients, he says. “There doesn't seem to be much worry about recession than before but the interest rates, mortgage rates and energy bills have gone up. Therefore, all the leadership teams (of clients) are focussing on cost,” he said.

 

He said application of genAI which involves customer-engagement — be it involved in sales, helpdesk, collection or services — is a top use case of the emerging technology, as per economic times.

 

“Everyone is talking about GenAI and how to use it … we have about a 100 proof of concepts going on. When we launched our internal hackathon in April, we had around 9,000 ideas,” he added.

 

As per survey by Nasscom and McKinsey & Company, the addressable market for the IT sector is likely to grow as providers reinvent existing solutions or build new ones over the next five years, resulting in an additional 15-20% growth.