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Global professional services company <keyword id="6370971" type="ORGANIZATION" weightage="20" keywordseo="accenture">Accenture</keyword> which has over 5 lakh employees worldwide is to cut at least 5 per cent of its 'low-performing' workforce and thousands of Indians are set to lose jobs owing to the sluggish business the company is witnessing during the Covid-19 pandemic. A report in the Australian Financial Review (AFR) first reported this, citing an internal staff meeting by Accenture CEO Julie Sweet in mid-August. India, which has the largest Accenture employee base of nearly 2 lakh employees, could see thousands of workers being affected by the move. Accenture told IANS that at this time, the company is not planning extraordinary global workforce actions. "Every year, as part of our performance process, we have conversations with our people about how they are performing, areas for improvement, their potential to progress, and whether they are a long term fit for Accenture," it said. "This year, across all parts of our business and all career levels, we will identify approximately 5 per cent of our people as our lowest performers, and these individuals will transition out of Accenture. This is consistent with our actions each year," the company informed. According to the AFR report on Tuesday, Sweet said in the global staff meeting: "In a normal year, we transition out about 5 per cent and we hire to replace them, because we are in a demand scenario". "Right now, we're not in a demand scenario, so if we manage out the same percentage of people and don't replace them, it allows us to continue to invest and preserve some people who have lower chargeability for when the market comes back. "This year, in addition to the normal 5 per cent, we've identified more people who need improvement ... So we're making sure ... if we have to make other actions, we know where our performance is," she was quoted as saying In an internal global staff meeting streamed online. Accenture said that In India, "we continue to hire, and as part of our ongoing compensation programs, we also recently recognized a number of our people with bonuses and promotions". Sweet "faced questions from staff about changed internal performance assessments" in the global meeting. "She said that despite cutting subcontractors and halting fresh recruitment, the company still needed to reduce numbers," the report said. "We finished our second quarter at the end of February and we were growing 8 per cent. We were having an incredible year". The growth had collapsed to 1.3 per cent owing to the pandemic. Accenture currently has 509,000 people serving clients in more than 120 countries. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/loan-moratorium-still-ends-on-aug-31-while-supreme-court-gives-the-government-another-week-to-clarify-if-accrued-interest-should-be-waived/articleshow/77758597.cms">Loan moratorium still ends on Aug 31 while Supreme Court gives the government another week to clarify if accrued interest should be waived</a> <a href="https://www.businessinsider.in/science/news/elon-musks-working-neuralink-device-will-debut-this-friday-over-a-live-webcast/articleshow/77759406.cms">Elon Musk’s ‘working Neuralink device’ will debut this Friday over a live webcast</a> <a href="https://www.businessinsider.in/personal-finance/news/indians-are-borrowing-heavily-against-gold-but-it-may-have-been-wiser-to-borrow-money-to-buy-the-precious-metal-instead-of-homes/articleshow/77757126.cms">Indians are borrowing heavily against gold⁠— but it may have been wiser to borrow money to buy the precious metal instead of homes</a>

Accenture to lay off 25,000 employees as it cuts 5% of its 'low performing' workforce

<keyword id="6370971" type="CITY" weightage="100" keywordseo="Accenture">Accenture</keyword>, the leading global professional services company, has decided to rev up its innovation engine in India using ideas from its employee base in the country. 
 
For this, the company has built a proprietary platform, called IdeaHarvester, where employees can submit their ideas from where it is sent to the right people for curation. 
 
During Innovation Summit, a competitive program that started in January 2016, Accenture received 4,000 ideas, and 500 of them have even been implemented, with shortlisted ideas being given an initial funding of $2000 each, so that employees can go ahead and build prototypes for their innovation. 
 
"The program is about cultural change. We need to lead in innovation and all our programs -from Accenture Labs to our initiatives with colleges, employees and customers -are focused on this," Mohan Sekhar, Senior MD, Technology - Delivery Centers for Technology in India, told ET. 
 
"It is not just platforms, we have put in place processes to help improve our innovation activities. And we are seeing an increase in participation. We had nearly double the number of ideas in this year's Innovation Summit," said Raghavan Iyer, MD - Technology. 
 
Not only this, Accenture has also done over 40 Innovation Workshops with its customers where these ideas are presented and thought over. 
 
IT companies are focusing more and more on innovation because of digital processes disrupting the traditional techniques of business. For example, Infosys has a 'zero-distance' program so that it can improve the way it innovates and clients can be given better processes. 
 
<a href="https://jiunnli.files.wordpress.com/2009/12/dsc006301.jpg">Image source</a>

Accenture is harvesting ideas of its employees to boost innovation

New Delhi, June 30 (IANS) Microsoft on Tuesday announced to collaborate with global professional services company Accenture to host the third edition of the Accenture Ventures Challenge for B2B startups in India. This year's edition will recognise startups in India in four categories: supply chain resilience, channel shift to digital commerce, systems resilience and responsible technology. Microsoft in February launched the "100X100X100" programme to bring 100 companies to commit $100,000 each for enterprise-ready solutions from 100 business-to-business (B2B) startups in the Software-as-a-Service (SaaS) space in India over the course of 18 months. Launched in 2018, the Accenture Ventures Challenge identifies the best B2B tech startups to develop solutions for real-world challenges faced by businesses. "This initiative will truly help startups evolve from being market-ready to enterprise-ready with the best resources and support from both Microsoft and Accenture," said Lathika Pai, country head, Microsoft for Startups, MENA &amp; SAARC. The event is scheduled to be held on August 11 in a virtual format. Accenture Ventures Challenge 2020 will identify 12 innovative startups that are helping to address the business and human impact of COVID-19. The winner in each category will be given an opportunity to join the Accenture Ventures Open Innovation partner programme and co-create solutions for Accenture clients around the world. Winners will also get access to benefits from the Microsoft ScaleUp programme, which supports Seed or Series A B2B startups to scale and co-sell with Microsoft sales teams. "The ongoing business disruption requires an urgent response, and we are confident that we'll discover innovative new solutions from deep tech startups to help solve some of the most pressing business and human challenges," said Avnish Sabharwal, managing director for Accenture Ventures and Open Innovation in India. --IANS na/

Microsoft joins Accenture to nurture B2B startups in India

A survey conducted by <a href="http://www.businessinsider.in/accenture-has-acquired-one-of-the-biggest-digital-agencies-in-germany/articleshow/57256179.cms">Accenture</a> has come up with shocking revlations about the <a href="http://www.businessinsider.in/survey-reveals-shocking-details-about-gender-pay-gap/articleshow/57495188.cms">gender pay gap</a> in India, citing that Indian men earn 67% more on average than their women counterparts. This disparity is much higher than the global average of 40% across industries. 
 
The survey, titled 'Getting to Equal 2017', is based on the average pay gap between employed men and women across levels in 31 industries over a 12-month period. For the purpose of this survey, bonuses were excluded from consideration, and 28,000 women and men were surveyed in 29 countries. 
 
Also read: <a href="http://www.businessinsider.in/Harvard-economist-says-closing-the-US-gender-wage-gap-isnt-as-simple-as-equal-pay-for-equal-work/articleshow/51320655.cms">Harvard economist says closing the US gender wage gap isn't as simple as 'equal pay for equal work'</a> 
 "The <keyword id="2191211" type="UNKNOWN" weightage="100" keywordseo="gender-pay-gap">gender pay gap</keyword> is due to a combination of factors, one of the major reasons being cultural and social issues," <keyword id="212963" type="PERSON" weightage="100" keywordseo="Rekha-Menon">Rekha Menon</keyword>, chairman, <a href="http://www.businessinsider.in/Accentures-startup-innovation-hub-coming-to-India-soon/articleshow/49138061.cms">Accenture India</a> told ET. "Culturally, women are still meant to be prime care-givers at home. It is culturally acceptable for women to take breaks. Even otherwise, women don't negotiate for better pay and are more accepting of what they are offered." 
 
If trends remain as are, the pay gap won't close until 2080 in developed markets, and 2168 in developing markets, said the survey. 
 
Also read: <a href="http://www.businessinsider.in/The-gender-pay-gap-will-not-close-until-2186/articleshow/55071799.cms">The gender pay gap will not close until 2186</a> 
 
According to the research, cultural and social issues account for the maximum 62% share in the reasons behind the pay gap in India. 
 
(Image source: Huffington Post)

Indian men earn 67% more than women, says Accenture survey

<ul><li>A new report called ‘The Human Impact of <keyword id="4027797" type="PERSON" weightage="20" keywordseo="Data-literacy">Data Literacy</keyword>’ by Accenture and data intelligence platform Qlik says that India is the most data literate country in the world. </li><li>However, India is also the most data stressed country in the world. </li><li>Indian companies lose an average of more than eight working days (69.5 hours) per employee due to stress from data and information. </li></ul>Gone are the days when Indians had trouble finding a decent connection for the internet. With cheap data plans from almost every telecom operator, Indians today are spoilt for choice. A new report called ‘The Human Impact of Data Literacy’ by Accenture and data intelligence platform Qlik says that India is the most data literate country in the world. But no boon comes without a cost. The report said that stress from information, data and technology issues has impacted employees, making India the most data stressed country too. Indian companies lose an average of more than eight working days (69.5 hours) per employee, which is higher than Singapore (56.5 hours). The global average is 43 hours. “These lost days happen due to procrastination and sick leaves stem from stress around information, data and technology issues, and equate to an estimated ₹33,216 crore in lost productivity,” said the report. Another rising issue is the lack of data skills in the country. In an earlier interview with Business Insider, Naukri.com founder and CEO Hitesh Oberoi had mentioned that the skill gap is making it difficult for them to find the right hire. With the rise in demand for talent in Artificial Intelligence and Machine Learning, the need for skilling, especially in technology is even more pertinent in India. The Accenture and Qlik report states that 85% of employees feel overwhelmed while working with data. See Also: <a href="https://www.businessinsider.in/careers/news/hitesh-oberoi-md-and-ceo-of-naukri-com-says-there-would-be-more-layoffs-in-india/articleshow/74062043.cms">There would be more layoffs in India if not for this irony</a>

Indian companies lost ₹33,216 crore and 8 days per employee due to stress from data and information

Global IT services firm <keyword id="6370971" type="General" weightage="20" keywordseo="accenture" source="Orion">Accenture</keyword> on Monday launched a generative <keyword id="11035466" type="General" weightage="100" keywordseo="ai-studio" source="Orion">AI Studio</keyword> in India to accelerate the adoption of data and artificial intelligence (AI). With the studio, part of Accenture’s $3 billion investment in data and AI, the company's team and clients will co-create solutions with a modern data and AI foundation, LLM architecture, ecosystems partnerships, talent and responsible AI frameworks. “Clients understand the massive opportunity that generative AI can bring to optimise and reinvent their business, opening up new avenues for growth. “However, to harness the full potential of their AI investments, they need to be value-led in every business capability they choose to reinvent with generative AI. Our Bengaluru studio will help our clients around the globe prioritise capabilities across the entire value chain,” said <keyword id="16898323" type="General" weightage="80" keywordseo="senthil-ramani" source="Orion">Senthil Ramani</keyword>, Global Lead–Data &amp; AI, Accenture. According to a recent Accenture survey, 74 per cent of the C-suite executives plan to increase their AI-related spending in 2024, up from 50 per cent in the previous year, as companies move from proof of concept to customising foundation models with proprietary data. “Our clients across 19 industries now have the opportunity to understand, experiment, adopt and scale generative AI solutions to reinvent functions and business models to achieve new levels of performance,” said <keyword id="10732499" type="General" weightage="80" keywordseo="mahesh-zurale" source="Orion">Mahesh Zurale</keyword>, Global Lead – Advanced Technology Centers Global Network, Accenture. The studio will tap into the strategic investments made in Accenture’s Center for Advanced AI for clients and will draw upon Accenture’s more than 1,450 pending and issued patents in AI, and learnings from over 300 active generative AI projects. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/doms-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/106023986.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/doms-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/106023986.cms" target="_blank">DOMS IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/stock-market/news/india-shelter-finance-ipo-how-to-check-allotment-status-and-gmp-value/articleshow/106078554.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/india-shelter-finance-ipo-how-to-check-allotment-status-and-gmp-value/articleshow/106078554.cms" target="_blank">India Shelter Finance IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/stock-market/news/nifty-sensex-recover-to-trade-flat-after-opening-in-the-red/articleshow/106078519.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/nifty-sensex-recover-to-trade-flat-after-opening-in-the-red/articleshow/106078519.cms" target="_blank">Nifty, Sensex recover to trade flat after opening in the red</a>

Accenture unveils generative AI studio in India to boost data, AI adoption

More than nine in 10 executives at electric utilities believe that <keyword id="6361617" type="UNKNOWN" weightage="20" keywordseo="climate-change">climate change</keyword> has contributed to increased extreme weather events that their electricity networks have experienced over the past 10 years, said a study by <keyword id="6370971" type="ORGANIZATION" weightage="20" keywordseo="accenture">Accenture</keyword>. In addition, 90 per cent believe an expected rise in severe weather poses an increased financial risk to their grid businesses. The study -- the sixth edition of Accenture's Digitally Enabled Grid research -- is based on a survey of more than 200 electric utility executives in 28 countries, including India. "Around the world, high-impact weather-related events are becoming more frequent and more severe. In 2018, India's southern state of Kerala suffered its worst monsoon flooding in a century severely impacting the electricity distribution infrastructure in the flood-ravaged areas," Sanjeev Arora, Managing Director and Lead -- Resources, Accenture in India, said in a statement. "Events like this and Cyclone Fani in 2019 in eastern India have shown us the impact of extreme weather conditions in disrupting network operations," Arora said. About 92 per cent survey respondents said they expect severe weather to increase in the next 10 years. At the same time, 88 per cent said maintaining network resilience to extreme weather will result in significant increases in network prices for customers, while only one-quarter of the respondents believe that their businesses are very well prepared to deal with the impact of extreme weather, with one in 12 reporting being poorly prepared. "With various parts of the world affected by droughts, wildfires, and flooding in addition to the U.S. hurricane season just around the corner, climate change is increasing the frequency and intensity of extreme weather events and impacting the electricity grid," said Stephanie Jamison, a global industry senior managing director who leads Accenture's Utilities business. "Greater system flexibility, delivered through digital and emerging technologies, will be critical to optimising grid resilience in a cost-effective and timely manner," Jamison added. More than nine in 10 respondents (95%) believe that building greater adaptability into the network -- such as network reconfiguration, embedded storage, redundancy and voltage management -- over the next 10 years will be critical to increasing overall resilience. Further, 93 per cent see system flexibility as the most cost-effective approach to deliver long-term resilience. "Utilities need a forward-looking, holistic and flexible grid resilience strategy, with right regulatory measures, proactive investments and maintenance, to bounce back quickly from major and even multiple events -- whether it's from extreme weather, cyberattacks, earthquakes or even a pandemic," Arora said. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/uber-ride-in-gurgaon-of-driver-seat-in-plastic-goes-viral-on-tiktok-and-instagram/articleshow/75771489.cms">Video of an Uber ride is all the rage on TikTok and Instagram ⁠— the driver got himself a cockpit covered in plastic</a> <a href="https://www.businessinsider.in/india/news/at-least-24-migrant-workers-killed-and-36-injured-on-their-way-home-from-rajasthan/articleshow/75770823.cms">At least 24 migrant workers killed and 36 injured on their way home from Rajasthan</a> <a href="https://www.businessinsider.in/careers/news/indian-women-dont-like-being-gig-workers/articleshow/75757460.cms">Indian women don’t like being gig workers ⁠— the potentially $455 billion industry has to woo them with fair pay to start with</a>

Severe weather threatens India's electricity infrastructure —  the threats have been building up over the last 10 years

<ul><li>Top business schools in India have backed the most attractive job offers from consulting firms. </li><li>Accenture and Boston Consulting Group emerged as the top recruiters. </li><li>E-commerce saw a dip in placements from last year — with Amazon rolling out 12 offers.</li></ul>Wrapping up the recent campus placement season, India’s premium business schools say they have attracted the most promising <a href="https://wap.business-standard.com/article-amp/jobs/accenture-bcg-emerge-as-leading-recruiters-at-b-schools-across-india-119021700575_1.html">job packages</a> from consulting firms. Consulting firms Accenture and Boston Consulting Group (BCG) topped the charts, rolling out the most number of offers, according to media reports. Accenture topped the placements at the Indian Institute of Management, extending over 80 offers to those graduating in 2019. While IIM Bangalore attracted the most offers (31) from Accenture. While Boston Consulting Group emerged as the leading recruiter at XLRI, which also scored 27% of job offers in the from sales &amp; marketing domain. For many fresh graduates, consulting firms offered roles across profiles such as data science, analytics and project management among others. India’s top B-school campuses — including Indian Institute of Management (IIM) Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Lucknow, IIM Kozhikode and Xavier’s School of Management (XLRI) — made up about 80% of hiring across all management schools. IIM Bangalore reportedly scored several offers including overseas placements, with over 30% of those in the consulting sector. However, e-commerce saw a dip in placements from last year, according to <a href="http://campusutra.com/ContentEvent.aspx?id=2674&amp;name=BCG,-Accenture-Strategy-And-Goldman-Sachs-Emerge-As-Top-Recruiters-at-IIM-Bangalore---">report</a>. However, this year e-commerce hiring was led by Amazon, which rolled out at least 12 offers across campuses. Business schools in India have also reported higher salary packages this placement season — with many recruiters extending offers above ₹2 million as the highest package. Apart from Accenture and BCG, other consulting majors including McKinsey &amp; Co, Deloitte and Avendus extending offers for job placements across the country. According to a senior official at TeamLease Services, the upsurge in the recruitments from consulting firms may be because of the transition in industries across verticals. During the current placements, campus hirings have attracted pay packages in double digits, with most of the growth in digital area and value creation, according to the report. See also: <a href="https://www.businessinsider.in/campus-placements-at-iim-mdi-tiss-iift-see-salary-packages-above-2-million/articleshow/67898696.cms">India’s B-schools are seeing higher salary packages for graduates — and it’s not just IIMs</a> <a href="https://www.businessinsider.in/wipro-campus-placements-to-double/articleshow/67719782.cms">Indian IT major Wipro is on a hiring spree, plans to double campus offers and hike pay</a>

Consulting firms Accenture, BCG dominate campus placements at India’s B-schools this year

<ul><li>A study by <keyword id="19900426" type="General" weightage="100" keywordseo="Accenture" source="keywords" meta.keywordsubtype="org" meta.entityname="Accenture" meta.hostid="261" meta.entityid="Accenture">Accenture</keyword> says GenAI could add billions to Indian economy</li><li>The study added that 31 percent of working hours in India could be automated</li><li> Indian economy could be up by as much as USD 675 billion by 2038</li></ul> In the last two years, there have been many debates about the possibility of AI replacing human beings at their jobs. Various tech experts have expressed their opinions on this. While there is one section of people saying that AI will make it easier for human beings to do their jobs, there is another section that fears being replaced altogether. Talking about the section that thinks AI will help humans do their jobs better, various experts have said in the past that AI will focus on mundane aspects of a job so that human beings can be fully focused on more challenging and creative parts. And a new study by Accenture seems to support this argument. Moreover, the study also says that due to the use of generative AI, Indian economy could be up by as much as USD 675 billion. <h2>GenAI could add USD 675 billion to Indian economy</h2>According to the study by Accenture, adopting a people-centric approach to GenAI could potentially add USD 675 billion to India's economy by 2038. This transformative impact hinges on a bold vision for reinvention, underscored by strong data and technology foundations, and an intentional approach to workforce development. The <keyword id="22702248" type="General" weightage="20" keywordseo="Accenture-study" source="keywords">Accenture study</keyword> highlights that the deployment of GenAI could automate approximately 31 percent of working hours in India. This significant shift is expected to contribute a 0.6 percentage point increase to the annual GDP growth, showcasing GenAI's potential as a powerful economic driver. However, the journey to harnessing this potential is fraught with both opportunities and challenges. For the unversed, generative AI, a subset of artificial intelligence, involves machines generating text, images, or other media in response to prompts. This technology has far-reaching implications for industries ranging from capital markets to retail, banking, insurance, and software platforms. Globally, these sectors are expected to witness the automation or augmentation of 49% to 71% of working hours due to GenAI. <h2>31 percent automation in India</h2>The Accenture study also highlights that in the Asia-Pacific region, the impact of GenAI is anticipated to be substantial, with Australia and Japan seeing the highest impact at 45% and 44% of working hours, respectively. For India, the projection of 31% automation signifies a seismic shift in how businesses operate and how work is performed. <keyword id="22702250" type="General" weightage="20" keywordseo="saurabh-kumar-sahu" source="keywords">Saurabh Kumar Sahu</keyword>, Lead for India Business at Accenture, underscored the necessity of a bold vision for reinvention. He said that the scaled and responsible deployment of GenAI can drive revenue growth and act as a force of change, reinventing functions across industries. However, unlocking the real value of GenAI requires businesses to have robust data and technology foundations. "The scaled and responsible deployment of generative AI can not only drive revenue growth but also act as a force of change that can reinvent almost all functions across industries. To unlock its real value, businesses need to have a bold vision for reinvention anchored in a strong data and technology foundation. This, coupled with an intentional approach to skilling, is crucial to succeed in the age of generative AI," Sahu said in a statement according to a report in Business Standard. <h2>89 percent businesses plan to increase AI spending</h2>Despite the promising prospects, there is a critical gap in preparation that could hinder the effective integration of GenAI. The Accenture study reveals that while 89% of businesses plan to increase spending on AI, only 35% prioritise workforce development. Moreover, a mere 4% of business leaders have implemented GenAI training at scale. This disparity underscores the urgent need for comprehensive skill development programs. As organisations embrace GenAI, equipping the workforce with the necessary skills is important to ensuring that the technology's implementation is both effective and sustainable. SEE ALSO: <a href="https://www.businessinsider.in/artificial-intelligence/news/verizon-sees-early-success-using-generative-ai-to-answer-questions-from-business-customers/amp_articleshow/112145960.cms" data-type="tilCustomLink" target="_blank">Verizon sees early success using generative AI to answer questions from business customers </a><a href="https://www.businessinsider.in/tech/news/yup-ai-is-basically-just-a-homework-cheating-machine/amp_articleshow/112330231.cms" data-type="tilCustomLink" target="_blank">Yup, AI is basically just a homework-cheating machine</a>

Indian economy could get USD 675 billion due to AI by 2038, study shows

<ul><li>Accenture re-trained 17,000 employees globally as automation performed the majority of tasks. </li><li>A McKinsey Global Institute report has shown that automation will cost India a major transition in jobs over the next 10 years — mostly the clerical and administrative job roles. </li><li>The move has helped the company since it didn’t have to hire new people and gave a chance to explore the capabilities of existing employees.</li></ul>The threat of automation replacing traditional jobs is increasingly becoming a pressing concern for organisations with many trying to prepare their employees for the transition. Recently, the technology giant Accenture<a href="https://www.zdnet.com/article/applying-artificial-intelligence-allowed-accenture-to-allocate-staff-elsewhere/"> retrained 17,000 people </a> globally as automation took over majority of their tasks. The back-end processing staff has reportedly been offered or deployed in new job roles. Accenture’s India operations, which mainly include credit card and mortgage application processing, have been automated with <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">Artificial intelligence</keyword> and virtual chatbots, according to a <a href="https://www.zdnet.com/article/applying-artificial-intelligence-allowed-accenture-to-allocate-staff-elsewhere/">ZDNet</a> report. Earlier, the company had 110,000 people onboard to perform the same tasks that have now been automated. However, this has given the company an edge over other in terms of new hires and their training, Amit Bansal, Accenture’s Managing Director, analytics delivery lead APAC told ZDNet. While the company hasn’t disclosed the nature of the new jobs, in the past other IT majors have also sought to retrain and redeploy staff in other areas. For instance, in 2015, Wipro retrained 75,000 in Artificial Intelligence and cognitive technologies under its project NextGen. Of this, the employees that did not qualify for the digital business remained in the technology sector, Wipro CEO, Abidali Z. Neemuchwala told Livemint. A recent report by McKinsey Global Institute has shown that automation will cost India a major <a href="https://www.businessinsider.in/automation-will-affect-women-the-most-in-the-indian-job-market-report/articleshow/69674101.cms">transition in jobs</a> over the next 10 years — mostly the clerical and in-service jobs including administrative positions. This shift in roles will affect nearly 11 million working women in India. However, with the advent of automation and new algorithms, many new job roles have been introduced. This is expected to create <a href="https://www.businessinsider.in/hiring-tcs-infosys-wipro-and-others-up-12-months-in-a-row/articleshow/69019342.cms">133 million new opportunities</a> in the job market, according to the World Economic Forum. Accenture was recently ranked first on the HFS research top ten report for Google AI Services 2019 based on the innovation, execution and client feedback on the Google Artificial Intelligence. See also: <a href="https://www.businessinsider.in/automation-will-affect-women-the-most-in-the-indian-job-market-report/articleshow/69674101.cms">Automation will affect women the most in the Indian job market: Report</a> <a href="https://www.businessinsider.in/financial-services-sector-to-add-47800-new-jobs-delhi-mumbai-top-locations/articleshow/69767312.cms">Financial services sector to add 47,800 new jobs — Delhi, Mumbai top locations</a> <a href="https://www.businessinsider.in/Heres-how-much-an-IT-employee-makes-in-different-countries/articleshow/69739244.cms">Here’s how much an IT employee makes in different countries</a>

Accenture had to re-train 17,000 employees because automation ate their jobs

Global <keyword id="6354185" type="General" weightage="20" keywordseo="IT" source="Orion">IT</keyword> services firm <keyword id="6370971" type="General" weightage="100" keywordseo="accenture" source="Orion">Accenture</keyword>, which has a large presence in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>, on Thursday announced to lay off of nearly 19,000 employees amid the challenging global macro-economic conditions and slow revenue growth. Delivering its quarterly results for the second quarter of fiscal 2023, the company also reduced its annual revenue growth and profit forecasts. "We are also taking steps to lower our costs in fiscal year 2024 and beyond while continuing to invest in our business and our people to capture the significant growth opportunities ahead," Julie Sweet, <keyword id="6415823" type="General" weightage="50" keywordseo="chair" source="Orion">Chair</keyword> and CEO, Accenture, said in a statement. The company said its revenues were $15.8 billion, an increase of 5 per cent in US dollars. The new bookings were at $22.1 billion, a 13 per cent increase. During the second quarter of fiscal 2023, Accenture initiated actions to streamline operations, transform non-billable corporate functions and consolidate office space to reduce costs. The company recorded $244 million in business optimization costs during the second quarter and expects to record total costs of approximately $1.5 billion through fiscal 2024. "Accenture estimates $1.2 billion for severance and $300 million for consolidation of office space, with approximately $800 million expected in fiscal 2023 and $700 million in fiscal 2024," said the company. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/now-sync-your-air-travel-with-uber-via-email-integration-in-india/articleshow/98942821.cms">Now sync your air travel with Uber via email integration in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/heres-how-meesho-zepto-pepperfry-and-icertis-cracked-hyperscaling/slidelist/98943189.cms">Here’s how Meesho, Zepto, Pepperfry and Icertis cracked ‘hyperscaling’</a>

Global IT services firm Accenture slashes 19,000 jobs, tech mayhem deepens

<ul><li>The cheer around Accenture’s earnings is trickling to Indian IT stocks with Infosys, <keyword id="141968" type="CITY" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword>, <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> and <keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword> rallying on December 17. </li><li>Accenture beat revenue estimates, brought in $12.9 billion in new deals, and its utilisation hit a 10-year high of 93%. </li><li>As outsourcing continues to remain one of the key drivers for Accenture and the likes of TCS, Infosys and HCL Tech have the most to gain from this wave. </li></ul>Accenture saw its stock surge by 10% after its better-than-expected earnings on December 17. The company’s revenue beat market estimates, bookings were at a whopping $12.9 billion and its utilisation hit a 10-year high of 93%. The company also increased its revenue guidance for the current fiscal year to between 4% to 6%, up from its previous forecast of 2% to 5% growth. Meanwhile, in India, Infosys, HCL Tech, Wipro and TCS are reaping the benefits. Both TCS and Infosys have hit new 52-week highs on the exchanges today. “We see Accenture’s strong 1QFY21 performance as a positive for companies under our Indian IT Services coverage,” said Motilal Oswal in its report dated December 18. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in share price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.63% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.53% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.93% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.69% </td></tr></tbody></table>Source: BSE, as of 10:00 am on December 17 Outsourcing wave continues Accenture's saw a 25% jump in new deals compared to last year between September and November. This includes 16 clients with over $100 million in bookings. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bookings </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Consulting </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$6.6 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Outsourcing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$6.3 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TOTAL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$12.9 billion </td></tr></tbody></table>Source: Accenture's Q1FY21 earnings As outsourcing continues to remain one of the key drivers for Accenture and the likes of TCS, Infosys and HCL Tech <a href="https://www.businessinsider.in/tech/enterprise/news/rise-in-work-from-anywhere-will-lead-to-more-outsourcing-thats-an-opportunity-for-tcs-infosys-and-hcl-tech/articleshow/77864248.cms">have the most to gain from this wave</a>, according to Goldman Sachs. Going forward, Accenture expects new deals to grow even further. Everybody wants to be on the cloud — but who’s going to put them there? Accenture credits its ramp up of new bookings to the growth of cloud adoption. Going forward, it expects its revenue from cloud services, which accounts for around 30% of its revenue, to grow in double-digits. The company also invested $3 billion to create more assets to accelerate cloud migration. However, it was suggested that Accenture is facing the same issue as the Indian IT services companies — a lack of talent. “The management sounded caution on the supply front, suggesting there is a scarcity of Cloud talent in the market,” noted Motilal Oswal. Picking up new businesses on the cheap Just like Accenture, these four Indian IT services giants have been on the road to pick up businesses on the cheap and bolster their digital services. The global IT giant closed 10 acquisitions this quarter that cost Accenture around $500 million. By September next year, it expects to dole out another $1.2 billion as the trend of consolidation continues. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/wistron-apple-iphone-manufacturer-could-face-these-penalties-if-found-guilty/articleshow/79790319.cms">If investigators find Wistron management guilty, here's what is at stake for the company</a>

TCS, Infosys, HCL Tech and Wipro are riding on Accenture's high

<ul><li>Accenture is ranked number one <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">artificial intelligence</keyword> (AI) service provider by the International Data Corporation (IDC). </li><li>Booz Allen and Oracle were left out of IDC’s analysis for not meeting the requisite criteria. Capgemini did not participate in the study.</li><li>IDC attributes Accenture’s market leadership to its efficiency in synergizing the different tools that it has at its disposal.</li></ul> Accenture is the top ranked <a href="https://www.businessinsider.in/india-has-a-booming-artificial-intelligence-sectorand-its-struggling-to-fill-over-4000-vacant-positions/articleshow/67154961.cms">artificial intelligence</a> (AI) service provider globally, according to International Data Corporation (<a href="http://idcdocserv.com/US44514819e_Accenture">IDC</a>). It toppled Indian IT giants like <keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword> and <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> along with consulting firm <keyword id="6358918" type="UNKNOWN" weightage="20" keywordseo="deloitte">Deloitte</keyword>. The rankings published by IDC classifies <keyword id="7808180" type="UNKNOWN" weightage="20" keywordseo="ai-service-providers">AI service providers</keyword> into market leaders and major players based on their capabilities and strategies. While six companies fall above the line — <a href="https://www.businessinsider.in/were-just-getting-started-a-top-accenture-interactive-exec-reveals-its-strategy-to-prevail-over-advertising-agencies/articleshow/68580259.cms">Accenture</a>, Deloitte, HCL, IBM, <a href="https://www.businessinsider.in/wipro-phishing-attack-computer-system-hacked/articleshow/68918449.cms">Wipro</a> and <a href="https://www.businessinsider.in/facebook-cognizant-exposed-by-a-verge-whistleblowers-report/articleshow/69877536.cms">Cognizant</a> — others like TCS, Infosys and EY have some catching up to do. 
 
 
 
 
 
 
 
 <div type="image" title="accenture_edited" msid="69986174" hostid="261" caption="&amp;lt;p&amp;gt;IDC MarketScape: Worldwide Artificial Intelligence Services 2019 Vendor Assessment&amp;lt;/p&amp;gt;"></div>

















 Tailored AI solutions The report highlights how Accenture has been deemed a market leader based on its ‘unique approach’ to apply its expertise using AI, analytics and automation at scale — ranging from strategy to managed services. Basically, Accenture knows how to capitalize on its synergies and is good at tailoring AI solutions according to a client’s needs. In India, Accenture had to<a href="https://www.businessinsider.in/accenture-had-to-re-train-17000-indians-because-automation-ate-their-jobs/articleshow/69823422.cms"> retrain 17,000 of its employees</a> because of the <a href="https://www.businessinsider.in/ai-is-threatening-small-jobs-but-indian-workers-are-oblivious/articleshow/69523532.cms">same reason.</a> According to Jennifer Hamel, a research manager at IDC, “As the AI services market continues to mature, customers will need partners that not only demonstrate expertise in AI-enabling technologies but also develop solutions that achieve customers' business objectives and address the human impacts of AI adoption.” Nonetheless, IDC believes that there’s room for improvement. Accenture’s sales and distribution could use a digital route that allows consumers purchase AI services online, according to the Chinese market intelligence company.This could lead to further growth for Accenture by targeting the non-traditional customer base. Missing players The report took 12 companies into account but curiously, large companies like <a href="https://www.businessinsider.in/capgemini-eyes-campus-placements-senior-hiring-in-india/articleshow/68177928.cms">Capgemini</a>, Microsoft, <a href="https://www.businessinsider.in/oracle-chairman-larry-ellison-says-the-company-added-5000-new-trials-for-its-latest-cloud-database-heres-what-that-means/articleshow/69866553.cms">Oracle</a>, and SAP SE were missing from the list. As per IDC’s methodology, only vendors with at least 10% revenue and 10% head count in each macro-region were included. But, the term macroregions is specific to IDC’s parameters. Booz Allen, among the top 10 AI service providers in the US, was also left off the list as most of its revenue comes from the US government. Hence, its revenue stream isn’t global enough for the company to qualify for IDC’s analysis. Capgemini did not participate in the study, but is looking to inch closer to Accenture. Earlier this week, the global IT firm <a href="https://www.livemint.com/companies/news/capgemini-makes-big-acquisition-to-compete-more-aggressively-with-accenture-1561519016229.html">announced plans</a> of acquiring Altran Technologies for $4.1 billion. The aim of this acquisition is to woo more tech clients. That, in turn, will help Capgemini keep up with Accenture, who generates most of its revenue and sales from digital projects. See also: <a href="https://www.businessinsider.in/ai-is-threatening-small-jobs-but-indian-workers-are-oblivious/articleshow/69523532.cms">AI is threatening small jobs but Indian workers are oblivious</a> <a href="https://www.businessinsider.in/google-will-groom-these-10-indian-startups-that-use-ai-and-machine-learning/articleshow/68384856.cms">Google will groom these 10 Indian startups that use AI and machine learning</a>

You Searched For "Accenture India" and got 13 results

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Accenture had to re-train 17,000 employees because automation ate their jobs

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Global IT services firm Accenture slashes 19,000 jobs, tech mayhem deepens

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