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Strong demand for IT services, effect of falling oil prices still to be felt: Azim Premji

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By NewsGram Staff Writer

There was a strong demand for IT services in Europe and the US where the economy gained a lot of strength, Wipro chairman and IT czar Azim Premji said on Wednesday.

“With the US economy gaining lot of strength, we are seeing strong demand for IT services globally, particularly in continental Europe,” Premji told reporters on the margins of the software major’s 69th annual general meeting here.

Noting that digital technology has emerged as a major trend in IT services, Premji said the company was investing substantially in digital domain in a big way to capitalise on the opportunities unfolding in the sector worldwide.

“We have a venture fund to invest in early stage tech start-ups. We also have enough strength (funds) in the balance sheet for strategic acquisitions,” Premji said.

Admitting that sharp fall in crude oil prices helped the country in reducing its import bill and the trade deficit, the Wipro chairman said the growth was still not felt on the ground.

“Fall in oil prices has helped country but the jury is still out on the growth of the GDP (gross domestic product). We need to, however, give the government more time,” Premji said.

Earlier, in his address at the AGM, Premji told the shareholders that he gave away nearly 40 percent of his equity holding in the company to philanthropy in two transactions, including 21 percent earlier to the Azim Premji Foundation and Azim Premji Philanthropic Initiative.

“I have given up an additional 18 percent of my equity stake in the company for charity to earmark 39 percent of my holding (valued at Rs.53,284 crore) to the charitable trust,” Premji said, drawing applause from the investors.

The 69-year-old IT czar is the first Indian to sign the Giving Pledge, sponsored by billionaires Warren Buffet and Microsoft co-founder Bill Gates to invite the world’s richest to donate majority of their wealth to charity.

“Over the last 15 years, I have tried to put this belief into action through my personal philanthropic work,” Premji told the shareholders.

(With inputs from IANS)

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Enterprises now deploying AI technologies: Infosys

More than 1,000 business and IT leaders with decision-making power over AI solutions

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  • Enterprises are deploying AI more broadly
  • This is bringing in a positive change in their working
  • Companies are investing huge amount in AI technology

Enterprises are moving beyond the experimentation phase with Artificial Intelligence (AI) and are now deploying AI technologies more broadly, said an Infosys survey on Tuesday.

There is a fundamental shift in how enterprises operate as AI takes hold, according to the “Leadership in the Age of AI” survey.

Also Read : Artificial intelligence to amplify digital transformation: Vishal Sikka

India to deploy more AI technology, revealed Infosys survey.
India to deploy more AI technology, revealed Infosys survey.

“AI, as the research shows, is becoming core to business strategy, and is compelling business leaders to alter the way they hire, train and inspire teams, and the way they compete and foster innovation. Industry disruption from AI is no longer imminent, it is here,” Mohit Joshi, President, Infosys, said in a statement.

“The organisations that embrace AI with a clearly-defined strategy and use AI to amplify their workforce rather than replace it, will take the lead, and those that don’t will fall behind or find themselves irrelevant,” Joshi added.

Seventy three per cent respondents strongly agreed that their AI deployments have already transformed the way they do business, and 90 per cent C-level executives reported measurable benefits from AI within their organisation.

Use of AI is transforming businesses.
Use of AI is transforming businesses.

Also Read : Humanity’s days are numbered, Artificial Intelligence will cause mass extinction, warns Stephen Hawking 

Organisations are taking steps to prepare employees and business leaders for the future of work, with 53 per cent respondents indicating that their organisation has increased training in the job functions most affected by AI deployments.

More than 1,000 business and IT leaders with decision-making power over AI solutions or purchases at big organisations across seven countries were included in the survey. IANS

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