“We face intense and evolving competitors and our service choices should maintain tempo with vital technological advances within the quickly altering markets we compete in,” Kumar stated within the annual report for 2023 launched on Tuesday.
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The US-headquartered IT {and professional} providers agency had final yr introduced that it might make investments $1 billion over the subsequent three years to reinforce its generative synthetic intelligence (Gen AI) capabilities.
Addressing shareholders, associates, shoppers and companions, within the annual report for 2023, Kumar, who took cost in January final yr, stated, “As I start my second yr as CEO, I see us in a far stronger place than after I wrote to you final yr.”
In his letter, Kumar added, “In early 2024, we acquired Thirdera, an Elite ServiceNow accomplice that focuses on options for the ServiceNow platform. Including Thirdera brings an on-andnear-shore international presence to our personal ServiceNow Enterprise Group and helps our technique to quickly scale this partnership within the years forward.”
“As I start my second yr as CEO, I see us in a far stronger place than after I wrote to you final yr,” Ravi Kumar stated within the introductory word.
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In 2023, 90% of its international workforce invested in studying, with 270,000 of the staff buying at the very least one new ability or proficiency and 88,000 finishing programs on AI and gen AI. “Now we have inspired our workers to include AI into their pondering and skilling and to benefit from our firm’s AI investments and infrastructure to organize for a future of labor formed by this new period of expertise, the report stated.Kumar intends to reinvest the vast majority of financial savings into development alternatives whereas persevering with to focus on modest margin enlargement in 2024.
The US-headquartered agency has 254,000 or greater than three-fourths of its whole headcount in India. It had 347,700 workers on the finish of 2023.
As a part of the NextGen programme carried out in Might final yr, the US-based agency incurred $115 million of worker separation prices and $114 million of facility exit and different prices totalling $229 million in 2023. It expects to incur whole prices of about $300 million, with about $70 million of such prices anticipated in 2024.
Throughout 2023, Cognizant reported whole contract worth (TCV) offers of above $100 million rising at 42% year-over-year.
Kumar, who joined in January final yr from home rival Infosys, acquired $22.5 million as compensation for FY23, as proven within the firm’s 2024 proxy assertion submitting with the US Securities and Change Fee.
