IT services giant Cognizant has released its financial report for the fourth quarter of 2023, revealing a revenue decline of 1.7% year-on-year. Despite this, net profit increased by 7%. For the full year, Cognizant reported a slight dip in revenue compared to 2022. The company’s bookings for the fourth quarter saw a significant 9% rise compared to the previous year. Additionally, Cognizant has provided revenue guidance for the first quarter of 2024, expecting growth in the range of -2.7% to +1.2%, and for the full year, between -1.8% to +2.2%. CEO Ravi Kumar S expressed satisfaction with the Q4 revenue and highlighted the company’s sustained commercial momentum, with full-year bookings reflecting a 9% increase driven by new clients and large deals.
Meanwhile, Microsoft has unveiled a skilling initiative in India, with plans to equip 2 million individuals with AI skills by 2025. Named ADVANTA(I)GE INDIA, this initiative is part of Microsoft’s Skills for Jobs program, aimed at preparing the workforce with future-ready skills. The initiative aligns with Microsoft’s responsible AI principles and will be delivered in collaboration with governments, non-profit organizations, corporate entities, and communities. With the growing importance of AI in the workplace, Microsoft’s recent Work Trend Index indicates that 90% of Indian leaders believe their workforce needs new skills to adapt to AI-driven growth. Furthermore, 78% of Indian workers feel they lack the necessary AI capabilities for their current roles. ADVANTA(I)GE INDIA seeks to bridge this gap by focusing on training individuals in Tier II and III cities as well as rural areas, thereby fostering inclusive socio-economic progress. The initiative will concentrate on equipping India’s future workforce, upskilling government officials in AI, and enhancing the AI capabilities of non-profit organizations.
In other tech news, Akamai Technologies has introduced Content Protector, a product designed to prevent scraping attacks without disrupting legitimate traffic essential for businesses. Scraping attacks, often carried out by bots, can compromise intellectual property, reputation, and revenue streams. Akamai Content Protector employs advanced detection techniques to identify and mitigate malicious scraping activities while minimizing false positives. This solution is particularly beneficial for companies seeking to safeguard their digital assets and maintain business continuity.
Furthermore, Genpact has expanded its collaboration with ServiceNow to offer source-to-pay applications across finance and supply chain operations. Leveraging ServiceNow’s AI capabilities, Genpact’s Source-to-Pay solution aims to enhance team productivity, simplify user experiences, and drive cost efficiency. By integrating AI into its platform, ServiceNow enables seamless enterprise-wide connectivity and automation, facilitating efficient data extraction and processing from various finance and supply chain documents.
These developments underscore the ongoing efforts of tech companies to innovate, adapt, and address emerging challenges while driving digital transformation and fostering skill development in the workforce.
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