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<ul><li>Global research firm Gartner predicts that 75% of <keyword id="110345" type="PERSON" weightage="20" keywordseo="Venture-capitalists">venture capitalists</keyword> and private equity investors will use artificial intelligence (AI) to make their investment decisions by 2025.</li><li><keyword id="3018717" type="PERSON" weightage="20" keywordseo="investing-in-startups">Investing in startups</keyword> is just as, if not more, risky than investing in the money market.</li><li>Many companies like Motherbrain and SignalFire are already using data to track down companies that are on the cusp of becoming successful.</li></ul>A person’s ‘gut feel’ is often the compass for making decisions. However, when it comes to investing in companies and startups, research and advisory firm Gartner estimates that three-fourths of the venture capitalists (VCs), globally, will be using artificial intelligence (AI) to make their decision by 2025. “This ‘impossible to quantify inner voice’ grown from personal experience is decreasingly playing a role in investment decision making,” said Patrick Stakenas, a senior research director at Gartner. “The traditional pitch experience will significantly shift by 2025 as VC and private equity (PE) investors turn to leveraging AI and data science insights for due diligence.” The wheels of this transformation are already in motion. Stock markets around the world have opened their doors to AI-led funds, called ‘quant’ funds and startups like Motherbrain and SignalFire are applying data to venture capital around the world. AI to beat the stock markets Rather than have fund managers at the helm, quant funds use rule-based algorithms to pick the winners and losers. In India, one such example is the <a href="https://www.businessinsider.in/stock-market/news/exclusive-heres-how-tatas-new-mutual-fund-plans-to-use-ai-to-beat-the-market-and-how-it-will-react-if-a-war-breaks-out/articleshow/73476096.cms">Tata Quant Fund</a>. It claims it can beat the market using AI to cut out human bias. But, there is still a fund manager in-charge to keep an eye out for any mistakes. The <a href="https://www.prnewswire.com/news-releases/hedge-funds-must-embrace-ai-or-die-301110880.html">Project One</a> hedge fund, on the other hand, is a ‘pure’ AI model. The brainchild of Andrew Sobko and Rami Jachi uses an alpha-learning AI model which continues to adapt and update itself without human involvement for manual data collection and processing. "Through our study of praxeology, there is no guessing," said Sobko in a statement. "We are fully aware of the facts associated with human behavior and involvement, which is why we moved to eliminate the error-prone component from our proprietary algorithm." Between 2016 to 2019, the aggregate return of AI-led hedge funds in Europe was almost three times higher than overall hedge fund returns, according to US-based research firm <a href="https://www.cerulli.com/news/covid-19-strengthens-the-case-for-artificial-intelligence-in-fund-management">Cerulli</a>. AI to find the next big unicorn Investing in startups is just as, if not more, risky than investing in the money market. Around 90% of startups in India fail within the first five years of their inception, according to a report by the IBM Institute of Business Value and <a href="https://www.oxfordeconomics.com/recent-releases/Entrepreneurial-India">Oxford Economics</a>. That’s enough to give investors pause when mulling over whether or not to invest in a new business. And, that’s where AI comes in. It can allow investors to determine how early stage startups will perform. They can estimate the probability of a startup’s success by analysing its revenue growth, market size, industry experience and other pertinent factors. This way, models using AI can predict if a startup is investment worth before the fundraising process even begins. One such machine learning system is the EQT Ventures-backed Motherbrain. It applies its algorithm to historical data in order to identify promising investment candidates. It uses a combination of factors, which are included but not limited to, financial information, web ranking, app ranking and social network activity. EQT Ventures already makes 30% of its decisions through the data-analysis platform. Another startup called SignalFire, founded by Chris Farmer in 2003, is the self-proclaimed ‘mini-Google’. It tracks more than 8 million startups across the world. Companies which are outperforming or doing something notable are flagged on the platform’s dashboard. Such startups also solve the problem of finding interesting investment targets before anyone else. InReach Ventures, a UK-based VC firm, developed a model in-house to help find new and upcoming businesses. “What used to be a handcrafted job has become significantly scalable. You become 10 times more productive,” InReach founder Roberto Bonanzinga told the <a href="https://www.ft.com/content/dd7fa798-bfcd-11e7-823b-ed31693349d3">Financial Times</a>. SEE ALSO: <a href="https://www.businessinsider.in/international/news/narendra-modi-joe-biden-yoshihide-suga-and-scott-morrison-are-set-to-meet-for-the-first-ever-quad-leaders-summit-on-march-12/articleshow/81424117.cms">The first-ever leaders summit of the QUAD may be another signal that it's ready for something more formal</a> <a href="https://www.businessinsider.in/tech/news/kerala-high-court-issues-notice-to-central-government-over-the-chilling-effects-of-indias-new-it-rules-for-digital-news/articleshow/81432730.cms">Kerala High Court issues notice to central government over the ‘chilling effects’ of India’s new IT Rules for digital news</a> <a href="https://www.businessinsider.in/science/space/news/this-new-super-earth-is-70-bigger-than-our-planet-but-its-also-more-than-50-times-hotter/articleshow/81429152.cms">This new super Earth is 70% bigger than our planet, but it's also more than 50 times hotter</a>

Gartner predicts 75% of VCs will be using AI instead of their ‘gut feel’ to make decisions by 2025 — a path that companies are already discovering

<ul class="summary-list"><li>Enthusiasm for AI will drive the S&amp;P 500 to 7,000 by next year, Capital Economics forecasts.</li><li>The firm says AI is a market bubble that will inflate through 2025. </li></ul>The <a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a> has already breached over thirty record highs this year, and the frenzy for artificial intelligence will keep stocks soaring through 2025, Capital Economics said. By next year, the benchmark index is <a target="_blank" href="https://www.capitaleconomics.com/blog/nvidia-ai-and-bubble-thats-not-yet-ready-burst">set to peak at 7,000</a>, chief economist Neil Shearing predicted in a note from the firm this week. A rise to that level would mark a 27% increase for the benchmark index. While <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-artificial-intelligence-bull-market-outlook-2024-investing-strategy-2023-12">early calls on AI </a>suggested that the bull run could last for years to come, Shearing argues that it's a bubble destined to pop — but it'll keep inflating until that happens. "If we are right in thinking that an asset price bubble is growing around AI – as they have inflated around other breakthrough technologies – then it is likely to inflate further before it bursts," he said. "And burst it will. It's an immutable fact of markets that bubbles come and go."While the AI market mania has <a target="_blank" href="https://www.businessinsider.com/ai-internet-dotcom-bubble-tech-stocks-nvidia-market-crash-gordon-2024-5">drawn comparisons</a> to the 2000's dot-com bubble, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-chatgpt-microsoft-nvidia-apple-dot-com-bubble-2024-1">some have dismissed the analogy</a>, noting that today's AI benefactors are nowhere near as overvalued as early internet counterparts. "I think we'll continue to get solid earnings growth, it's just that investor enthusiasm perhaps outpaces that earnings growth," he said.In other words, the market is too bullish, too soon when it comes to AI. While investors have piled into the technology on the idea that it will foster a major productivity boom in the years ahead, the firm's note suggests those benefits will only start to emerge at the end of the decade."What appears to be happening is that AI is following the 'Gartner Hype Cycle', which illustrates how views about the impact of new technologies evolve over time," Shearing wrote. "We must surely be somewhere close to the peak of inflated expectations, at least as far as the macroeconomic impact of AI is concerned."<div type="image" title="Gartner Hype Cycle" height="1132" width="1634" msid="111465049" hostid="261" sizebytes="30306"></div>What follows next is pessimism, before the technology actually begins to work its magic on the economy.Recent months have seen fresh doubts arise about how impactful AI will actually be.A study by MIT's Daron Acemoglu suggested that the productivity boost is considerably overestimated — instead, <a target="_blank" href="https://www.businessinsider.com/ai-artificial-intelligence-productivity-economy-gdp-growth-impact-daron-acemoglu-2024-5">AI will only contribute 1% to GDP growth</a> over the next 10 years.Last month, Goldman Sachs <a target="_blank" href="https://www.businessinsider.com/ai-return-investment-disappointing-goldman-sachs-report-2024-6">warned that the return on investment in AI may be disappointing for companies</a>: while big firms are estimated to spend $1 trillion on the technology in coming years, AI's performance might not justify the costs.

AI will power the S&P 500 another 27% higher before peaking next year, research firm says

The IT spending by the Indian government is likely to reach $8.3 billion in 2022, an increase of 8.6 per cent from this year, a new <keyword id="6371981" type="UNKNOWN" weightage="20" keywordseo="Gartner">Gartner</keyword> report showed on Thursday, as the digitalisation initiatives took a giant leap in 2020 because of the pandemic. The software segment is forecast to achieve the highest growth of 24.7 per cent in 2022 as the adoption of citizen service delivery applications with use of artificial intelligence and machine learning will improve across citizen initiatives. "The pandemic forced the government to shift priorities as supply chains and revenue streams dwindled," said <keyword id="11890924" type="UNKNOWN" weightage="20" keywordseo="apeksha-kaushik">Apeksha Kaushik</keyword>, senior principal research analyst at Gartner. "As vaccination rates increase throughout the country and public health improves, the governments will focus on furthering the digitalisation efforts on concerns such as 'citizen experience' and digital inclusion," <keyword id="2220" type="PERSON" weightage="20" keywordseo="Kaushik">Kaushik</keyword> added. Moving from legacy systems to digital will be a major reason for IT spending growth in 2022. For initiatives such as digital licensing, online judicial proceedings, digital taxation, that were initiated as a knee-jerk reaction to the pandemic in 2020, there is a still long way ahead to achieve full potential as digital inclusion is not fully met in the country. The forthcoming 5G spectrum auction in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> will aim at solving some of these challenges related to digital inclusion in 2022, the report noted. "In India, with increasing investments on cloud and cyber-security, the prime focus of IT spending by government organisations is on building collaborative partnerships, along with technology solutions," said Kaushik. As cloud deployments and implementations further the digital agenda, privacy and security continue to be government CIOs' top concerns in the country. Key technologies that government CIOs in India will be prioritising their spending on in 2022 will be digital workplace and business continuity solutions, business intelligence and data analytics, responsible AI and blockchain along with improved data privacy and data sharing tools, the report elaborated. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apple-watch-series-7-release-date-price-features-and-everything-we-know-so-far/articleshow/85450261.cms">Apple Watch Series 7 release date, price, features and everything we know so far</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/netflix-rolls-out-spatial-audio-support-for-iphone-and-ipad-heres-what-it-means/articleshow/85448483.cms">Netflix rolls out Spatial Audio support for iPhone and iPad – here’s what it means</a>

Indian government's IT spending likely to grow 8.6% by 2022, says Gartner

Government IT spending in India is set to total $7.3 billion in 2021, a growth of 9.4 per cent from 2020, according to a forecast by <keyword id="6371981" type="COMPANY" weightage="20" keywordseo="Gartner">Gartner</keyword> on Tuesday. The first ever digital census this year will be pivotal in increasing government IT spending in India. "The government in India will shift from being a cautious spender to opening the fiscal floodgates in 2021," Apeksha Kaushik, Principal Research Analyst at Gartner, said in a statement. "Due to the Covid-19 outbreak, <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword>'s digital transformation projects were sidelined in 2020. The weakening economy forced the Indian government into reducing their IT spend across all segments last year." However, in 2021, the Indian government's Atmanirbhar Bharat, Make in India and <keyword id="1929810" type="COMPANY" weightage="20" keywordseo="Digital-India">Digital India</keyword> initiatives will take centre stage. The software segment, which includes application, infrastructure, and vertical-specific software, will experience the strongest growth in 2021, Gartner said. In 2021, government budgets in India will continue to address recovery and growth needs of communities and businesses with cost optimisation in focus. "Adoption of artificial intelligence (AI), cloud services and blockchain will be major focus areas for the Indian government with more emphasis on ethics and privacy," said Kaushik. "Investments to address digital equity, creating India specific standards for 5G and granting access to remote citizen services will be critical." SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-9-pro-specs-oneplus-9e-specs-and-price-leak-and-oneplus-9-series-launch-date/articleshow/81168227.cms">OnePlus 9 series specifications and features leaked – here's everything we know about the upcoming OnePlus smartphones</a> <a href="https://www.businessinsider.in/finance/news/why-is-it-difficult-to-bring-petrol-and-diesel-under-gst-for-modi-government/articleshow/81167129.cms">The signs that Modi government wants to bring petrol and diesel under GST – and the reasons why doing it is so difficult</a> <a href="https://www.businessinsider.in/business/startups/news/indian-startup-founders-are-wary-of-chinese-investors-prioritise-follow-up-funding-over-term-sheet-conditions/articleshow/81166682.cms">Indian startup founders are wary of Chinese investors, prioritise follow-up funding over term sheet conditions</a>

India's spending on IT will unlock 'fiscal floodgates' with a boost of nearly 10%, according to Gartner

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ClariClari CEO and founder Andy Byrne</div></div></div><ul class="summary-list"><li>Clari just raised another $60 million from new investors, including Sapphire Ventures. </li><li>The Sequoia-backed AI cloud startup has now raised a total of $135 million, and its valuation has climbed to "just under half a billion," CEO and founder Andy Byrne told Business Insider.</li><li>Sapphire had passed on the opportunity to invest in Clari last year. Sapphire President Jai Das said the VC firm had decided that Clari 's business "wasn't overwhelming."</li><li>That turned out to be a mistake as Clari began attracting more customers, including big corporations like Adobe and Lenovo. "That was the 'aha' moment," Das said. That was when he said, "Oh shoot, we should have done that in the last round."</li><li>Clari's platform uses AI to turn data collected from a company's sales, marketing, account management operations into insights that different teams could use to win over new customers or make sure their current clients are satisfied.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul>Sapphire Ventures had the chance to invest in Clari last year, but the VC firm decided that the cloud startup, which uses AI to help businesses manage revenue operations, just wasn't that impressive."The adoption was there but it wasn't overwhelming," Jai Das, Sapphire's president and managing director, told Business Insider.That turned out to be a mistake, he said. Within a year after that last funding round, Clari had begun attracting <keyword id="6356323" type="UNKNOWN" weightage="100" keywordseo="enterprise">enterprise</keyword> customers, such as Adobe and Lenovo, and more startups, including some that Sapphire had invested in."That was the 'Aha' moment," Das said. That was when he said, "Oh shoot, we should have done that in the last round...It was our bad that we didn't understand how big the opportunity was when they did their Series C."On Thursday, Clari announced that it has raised another $60 million from new investors, led by Sapphire Ventures. With this Series D round, Clari, which is also backed by prominent firm Sequoia Capital, has raised a total of $135 million in venture funding.CEO and founder Andy Byrne said the startup's valuation is now at "just under half a billion." He called the funding round "a fascinating journey.""We weren't looking to raise any money," he told Business Insider. "But we had a massive amount of interest from different firms."<h2>Less than three weeks to close the deal</h2>The funding negotiations took less than three weeks, he said. "My board was blown away."<a href="https://www.businessinsider.com/clari-ceo-4th-startup-sequoia-capital-2019-7">Clari's platform uses AI </a>to turn data collected from a company's sales, marketing, account management operations into insights that different teams could use to win over new customers or make sure their current clients are satisfied.Clari's rise underscores the growing interest in using AI to mine a company's data to revamp or fine tune every aspect of its revenue-related operations. A January Gartner report said AI "has permanently transformed the guided selling capabilities that sellers use to engage with prospects, manage deals and generate quotes."Das of Sapphire says for many of these business software companies, winning a new customers is just one step. "They live or die by their customer renewals and up sells and churn and everything. Getting the first deal in is only part of the problem you need to solve."He said Clari's momentum actually became clear during some board meetings he attended, where companies report how their sales operations are doing. The board has started to consult Clari's software itself to predict, or "call," the near-term performance of the company - as a way to augment more traditional accounting methods. "As soon as the VP of sales puts down a forecast, everybody on the board asks, 'Okay, that's your forecast. What is Clari calling?''' Das said "It has become part of the board parlance."<h3>Here's the pitch deck Clari used to raise its Series D round:</h3>

Here's the pitch deck that AI startup Clari used to help change Sapphire Ventures' mind about its business and snag $60 million in funding

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.digitalasset.com/about">Digital Assets</a>Blyth Masters, CEO of <keyword id="6356323" type="ENTERTAINMENT" weightage="100" keywordseo="Enterprise">enterprise</keyword> blockchain company Digital Assets</div></div></div><ul><li>Businesses are gearing up for a healthy 2018 and will increase their spending on IT projects to support planned growth.</li><li>Overall IT spending is estimated to grow to $3.7 trillion in 2018, up 4.5% over 2017 spending, reports market researcher Gartner</li><li>Up-and-coming new tech like artificial intelligence, internet of things and even blockchain is driving the increase.</li></ul> The IT industry is expected to be a $3.7 trillion market in 2018, according to <a href="https://www.businesswire.com/news/home/20180116005566/en/Gartner-Global-Spending-Reach-3.7-Trillion-2018">market research firm Gartner.</a>Businesses plan to increase spending in all areas including enterprise software, devices (PCs, tablets, phones), IT services, communications services (telecom, networking).Companies even plan to slightly increase their spending on their data centers in 2018, although that's the area slated for the least amount of growth as companies continue to shift towards cloud computing where they rent infrastructure tech from others, paying only for what they use. In 2019, Gartner predicts that data center spending will be officially on the decline.Gartner's John-David Lovelock, research vice president, believes that trendy up-and-coming technologies are driving the increase in spending in 2018. Companies are moving from big data projects (collecting, organizing and analyzing giants amounts of data) to artificial intelligence projects that sit on top of that big data.AI will help companies automate tasks, doing low-hanging, repetitive jobs and freeing humans to work on more complex tasks. Companies are first targeting AI projects for customer service, marketing and commerce, areas that will help generate revenue, Lovelock believes.Projects involving the so-called Internet of Things (IoT) are also part of IT budgets this year. IoT is the trend of putting sensors and apps into every day objects, from security cameras to washing machines. It's a big push in industrial areas like manufacturing and logistics.Another hot tech in the enterprise this year is blockchain, says Gartner's Lovelock. Although often associated with Bitcoin and other crypto currencies, blockchain technology is getting increasing attention from private enterprises. Blockchain creates a secure, permanent and "distributed" ledger, meaning a ledger is stored in multiple places and it can allow companies to securely conduct transactions directly with one another without an intermediary.Transactions involving global payments, supply chain, selling things digitally are the obvious first use cases.Blockchain technologies that allow enterprises to set up their own private blockchain apps and ledgers, are being offered by traditional tech vendors (IBM, Microsoft, for example), to startups (Ripple, Digital Asset Holdings) and they are also being developed by consortiums like Hyperledger (backed by the Linux Foundation) and R3 (backed by banks, IT vendors, others).Here's the general breakdown in where Gartner expects the most spending to occur this year.Table 1. Worldwide IT Spending Forecast (Billions of U.S. Dollars)<table style="font-weight: 400; border-style: solid; width: 745px; float: left; height: 533px;" width="702"><tbody><tr><td style="width: 166px;"> </td><td style="width: 90px;">2017 Spending</td><td style="width: 85px;">2017 Growth (%)</td><td style="width: 90px;">2018 Spending</td><td style="width: 85px;">2018 Growth (%)</td><td style="width: 90px;">2019 Spending</td><td style="width: 178px;">2019 Growth (%)</td></tr><tr><td style="width: 166px;">Data Center Systems</td><td style="width: 90px;">178</td><td style="width: 85px;">4.4</td><td style="width: 90px;">179</td><td style="width: 85px;">0.6</td><td style="width: 90px;">179</td><td style="width: 178px;">-0.2</td></tr><tr><td style="width: 166px;">Enterprise Software</td><td style="width: 90px;">355</td><td style="width: 85px;">8.9</td><td style="width: 90px;">389</td><td style="width: 85px;">9.5</td><td style="width: 90px;">421</td><td style="width: 178px;">8.4</td></tr><tr><td style="width: 166px;">Devices</td><td style="width: 90px;">667</td><td style="width: 85px;">5.7</td><td style="width: 90px;">704</td><td style="width: 85px;">5.6</td><td style="width: 90px;">710</td><td style="width: 178px;">0.9</td></tr><tr><td style="width: 166px;">IT Services</td><td style="width: 90px;">933</td><td style="width: 85px;">4.3</td><td style="width: 90px;">985</td><td style="width: 85px;">5.5</td><td style="width: 90px;">1,030</td><td style="width: 178px;">4.6</td></tr><tr><td style="width: 166px;">Communications Services</td><td style="width: 90px;">1,393</td><td style="width: 85px;">1.3</td><td style="width: 90px;">1,427</td><td style="width: 85px;">2.4</td><td style="width: 90px;">1,443</td><td style="width: 178px;">1.1</td></tr><tr><td style="width: 166px;">Overall IT</td><td style="width: 90px;">3,527</td><td style="width: 85px;">3.8</td><td style="width: 90px;">3,683</td><td style="width: 85px;">4.5</td><td style="width: 90px;">3,784</td><td style="width: 178px;">2.7</td></tr></tbody></table> Source: Gartner (January 2018)<div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"></a>EXCLUSIVE FREE REPORT: The Bitcoin 101 Report by the BI Intelligence Research Team. <a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/running-lose-weight-shawn-arent-exercise-health-science-2016-12">An exercise scientist reveals the exercise regime that will burn the most fat</a></h3> <div> </div> </div>

Companies will spend $3.7 trillion on IT in 2018, led by trendy new tech like blockchain, IoT and AI

<ul class="summary-list"><li>Some employers are waiving degree requirements, yet it's not leading to widespread hiring.</li><li>Employers might not ask if you have a degree, but many still care, a labor market expert told BI.</li></ul>When a job posting states that the role <a target="_blank" class="" href="https://www.businessinsider.com/job-openings-bachelors-college-degree-no-education-requirements-2024-2">doesn't require a degree</a>, Ranji McMillan starts to worry.More than likely, she said, the job will be in sales or involve work that's not a good match for her experience."If someone says that they're not looking for a degree, you have to look at what they want you to do because it just seems like they're going to give you crap work," McMillan told Business Insider.McMillan is 42 and lives in the Northridge section of Los Angeles. She's been looking for work for more than a year and a half. McMillan has an associate degree but not a bachelor's. Yet, she has more than a decade of experience managing the merchandise used in photo shoots for big-name retailers.When she looks at job listings, she estimates that she runs into a formal degree requirement most of the time.McMillan is one of millions of US workers bumping up against what's sometimes called the paper ceiling. It's happening even as more employers are setting aside requirements that applicants for some jobs have bachelor's degrees. The goal is often framed around wanting to hire for skills, not pedigree, yet many bosses have been slow to take the next step: actually bringing on workers who don't hold four-year degrees.<div type="image" title="Ranji McMillan" height="989" width="1600" msid="114401257" hostid="261" sizebytes="127056"></div>David Deming, a professor of political economy at Harvard's Kennedy School, told BI that while some employers might no longer require a bachelor's degree for certain roles, those doing the hiring still might care whether an applicant has one."Firms are wanting credit for removing a requirement, but that doesn't necessarily mean they're changing their hiring at the end of the day," he said.Deming said many employers look upon a worker with a four-year degree as an investment — one that can be molded into what the firm wants.<h2 id="69b8e63e-70be-4448-99d6-752bcbe1d346">Hiring based on skills</h2>The Burning Glass Institute, a nonprofit that examines the future of work and learning, and Harvard Business School found in a <a target="_blank" href="https://www.hbs.edu/managing-the-future-of-work/Documents/research/Skills-Based%20Hiring.pdf">study</a> released in early 2024 that even when employers hire people without four-year degrees for roles that once required them, it doesn't occur in large numbers.Hiring for skills or experience rather than for formal education accounted for just one in 700 hires in 2023, the study found.The researchers examined more than 11,000 roles at large firms and compared hiring at least a year before and after the employer ditched a degree requirement. The study reviewed changes in roles from 2014 to 2023.Reluctance by some employers to bring on workers without four-year degrees matters because only about 36% of people 25 and older in the US had a bachelor's degree or higher in 2023, according to the Census Bureau.In part, that's because the <a target="_blank" href="https://www.businessinsider.com/gen-z-millennials-skipping-college-living-paycheck-to-paycheck-2024-5">high cost of tuition</a> can be a major barrier.<h2 id="448d7f69-1fca-482e-a27e-c42712ac78c2">A boost for employers</h2>Adding workers based on their abilities rather than what's on their résumé can be a win for business. The consulting firm McKinsey &amp; Company, citing research, notes that hiring for skills is "<a target="_blank" href="https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/taking-a-skills-based-approach-to-building-the-future-workforce">five times more predictive</a>" of how someone performs on a job than hiring based on educational attainment and more than twice as predictive than hiring based on a person's work history.Boston Consulting Group research found that those hired based on their skills tend to get promoted at about the same pace as traditional hires yet <a target="_blank" href="https://www.bcg.com/publications/2023/rise-of-skills-based-hiring">stay with an employer</a> for 9% longer.Still, Mona Mourshed, the founding CEO of Generation, a nonprofit network focused on economic mobility, told BI that while many notable and large organizations support skills-first hiring, "the vast majority of employers are not there yet in terms of their practice."She said Generation recently completed nearly 100 interviews with large and midsize employers around the world, including in the US, asking what goes into their hiring decisions. Much of it, she said, comes down to hiring managers wanting to limit risk. Often, it's easiest to go with a résumé that looks similar to what previous hires have had, Mourshed said."Employers will only hire a different profile when they are desperate for talent," she said.Mourshed said that even for organizations that might be open to looking first at skills, cuts to HR departments in recent years have stretched some recruiting teams. That means there could be fewer people to take a second look at someone who doesn't hold the typical academic qualifications, she said.<h2 id="3055d66a-7df6-45c2-8c68-1871f46e67be">The 'easiest and laziest filter'</h2>Chris Hyams, CEO of Indeed, told BI that for many jobs, employers simply default to the degree."What people are looking for, because it's the easiest and laziest filter, is a four-year degree from a 'good school,'" he said.But that's often short-sighted, Hyams said. He pointed to the plight of his brother-in-law, whom Hyams described as "a brilliant guy" who didn't finish college. Instead, he built and ran a music studio before becoming a Salesforce administrator, Hyams said. Yet, he has had a difficult time finding work after losing his job about a year and a half ago."He's been the finalist for five different positions where they said, 'You're actually the best candidate we interviewed, but we require a four-year degree,'" Hyams said. "It's the dumbest thing."According to BCG, there are 70 million workers in America who are so-called STARs — <a target="_blank" href="https://www.bcg.com/publications/2023/rise-of-skills-based-hiring">skilled through alternative routes</a>.<h2 id="38c1ee96-779b-4954-8bf5-e31158131cde">Workers will need more training</h2>In the coming years, many workers will need more, not less, learning to do their jobs. The US Department of Education forecasts that by 2027, <a target="_blank" href="https://www.ed.gov/about/ed-initiatives/raise-bar/raise-the-bar-postsecondary-and-career-pathways">70% of jobs</a> will require schooling or training beyond high school.Often, that might mean a four-year degree. Researchers at the Georgetown University Center on Education and the Workforce estimate that 42% of jobs in 2031 will require candidates to have at least <a target="_blank" href="https://cew.georgetown.edu/cew-reports/projections2031/#resources">a bachelor's degree</a>, while 28% of jobs will need someone to have a high school diploma or less.Bethlam Forsa, CEO of Savvas Learning Company, which produces instructional materials for kindergarten through high school students, told BI that there's often a gap between the "job-ready" skills students possess and what employers seek. She said research has shown that students who don't want to attend college are often not told about alternative paths like internships or career and technical education programs."We have a system that's primarily college-bound," Forsa said.She also said employers might need to adapt their evaluation methods to better assess what job seekers can do. Employers could, for example, look to any certifications an applicant might have earned as a way to hire for skills, not a college degree, Forsa said.The research firm Gartner reported in July that 74% of HR leaders it surveyed believe that most employers are shifting the <a target="_blank" href="https://www.gartner.com/en/documents/5618392">focus of how they manage talent</a> to skills. Yet only about four in 10 surveyed reported that their organizations had implemented processes that would enable this to play out.Focusing on skills can also be a way to keep people within an organization, not just hire them, according to Jon Lester, the vice president of HR technology, data, and AI at IBM.He told BI that nearly a decade ago, the average IBMer spent 31 hours a year learning new skills. By 2023, that was up to 87 hours. All of this learning, Lester said, assists with retention. It also sits at the heart of how IBM compensates its employees, he said."People get salary increases mostly because of the skills they've learned," Lester said.Research supports that thinking. According to McKinsey, skills learned at work contribute 46% of the <a target="_blank" href="https://www.mckinsey.com/~/media/mckinsey/business%20functions/people%20and%20organizational%20performance/our%20insights/the%20state%20of%20organizations%202023/the-state-of-organizations-2023.pdf">average person's lifetime earnings</a>.For her part, as McMillan continues to search for a job, she often breaks down in tears — sometimes several times a week.She said she's been filling out surveys and doing whatever else she can to earn a few extra dollars. Last month, a friend gave her a $50 grocery store gift card to help her get by.When McMillan looks at job listings and contemplates whether a degree is necessary, she said she thinks that even if she had a bachelor's, it would have "dust on it by now.""I definitely would have had to evolve by now if I did get that 20 years ago," she said.Do you have something to share about what you're seeing in the workplace or in your job search? Business Insider would like to hear from you. Email our workplace team from a nonwork device at <a target="_blank" href="mailto:thegrind@businessinsider.com">thegrind@businessinsider.com</a> with your story, or ask for one of our reporter's Signal numbers.

More employers say they don't care if you went to college. Most still seem to.

We live in the experience era – a world where a brand’s success depends on the experience it delivers to its customers. Imagine this: Just one bad experience is enough for about 32 percent of customers to stop doing business with a brand they loved (PwC study). Across industries, firms are therefore redirecting their efforts in effectively providing the most relevant experiences to customers across the value chain. A large part of this ‘experience’ approach today is unsurprisingly digital-driven. Digital adoption witnessed a giant leap in the last two years, influenced largely by the global pandemic and changes in customer behavior. Enterprises were too quick to invest on building their digital capabilities to shift to new models to survive when the pandemic hit, recover faster and grow in the post-pandemic economy. Statistics indicate that India’s consumer digital economy is expected to be a US$800 billion market in 2030, with a predicted 10X growth from 2020. And quite clearly, brands understand the necessity to engage their customers through the right digital experiences. The way they interact and involve the customers is evolving in unprecedented ways. <cmsannotation type="cmsannotation" annotationid="Why Digital Experience Platforms?" comment="subhead" text="Why Digital Experience Platforms?">Why <keyword id="2200906" type="General" weightage="20" keywordseo="digital-experience" source="Orion">Digital Experience</keyword> Platforms?</cmsannotation> As brands transition to providing more consistent and comprehensive multi-channel experiences to customers across touch points, Digital Experience Platforms are fast emerging as preferred alternatives. So, what exactly is DXP? Here’s the popular definition coined by Gartner - “A <keyword id="14132028" type="General" weightage="20" keywordseo="digital-experience-platform" source="Orion">digital experience platform</keyword> (DXP) is a well-integrated and cohesive set of technologies designed to enable the composition, management, delivery and optimization of contextualized digital experiences across multi experience customer journeys.” What really stands out in this definition is how disparate pieces promise to come together to serve a common goal – keeping the customer happy! In the digital era, customers expect personalized and always connected experience in real-time. Traditional siloed approaches often come with significant constraints in providing this cohesive experience across channels –web, mobile app, social and even physical touchpoints. That’s exactly why DXP is gaining momentum. It allows for optimum usage and continuous improvement of these various digital channels while providing centralized control over multiple assets. Bridging the gap between multiple technology layers and business functions is the biggest challenge that today’s technology and marketing leaders face. The shift from information silos to a more unified approach makes DXP a compelling proposition for leaders. The key building blocks of DXP include content management, analytics, personalization, digital asset management, and customer data management aligned to meet business goals and innovation. Until now, businesses rely on different digital technologies to meet different goals in this journey. For example, portals for content aggregation, the good-old CMS for content management, analytics for behavioral tracking and so on. With DXP, these technologies meet to provide an integrated and seamless experience to customers across touchpoints while the brand can centrally control these elements. <cmsannotation type="cmsannotation" annotationid="Redefining ‘Xperiences’" comment="subhead" text="Redefining ‘Xperiences’">Redefining ‘Xperiences’</cmsannotation> Brands are rethinking the whole concept of digital experience in today’s market. Their strategies no more revolve around getting more people to buy your products and services through digital channels. Businesses are aiming to be more collaborative and are in the process of shaping a consistent and positive relationship with customers. In the increasingly competitive market with innovative models, there is absolutely no room for error. As brands build products for the Next Billion Users in markets like India, customer engagement is critical. DXP can form the foundation of this engagement model by helping brands to ‘listen’ to their customers, act upon the data more spontaneously and create an experience that every customer can relate to. Quite interestingly, DXP cuts across an organization’s multi-layered experience value chain, addressing customers, employees and partners all at once. Employees especially are key stakeholders in drawing up compelling customer journeys. Employee experience almost always directly influences customer experience. Combining these often-disconnected pieces could potentially transform digital experiences for the better. <cmsannotation type="cmsannotation" annotationid="The way forward" comment="subhead" text="The way forward">The way forward</cmsannotation> The global digital experience platform market size is estimated to reach USD 30.41 billion by 2030, registering a CAGR of 13.3% over the forecast period, according to a recent report by Grand View Research, Inc. Further, the explosion of data, integration of advanced technologies like AI (artificial intelligence), ML (machine learning) and advanced analytics have led to the availability of increasingly sophisticated DXP product offerings in the market. The cloud segment of DXP is expected to grow at higher rates in the coming days. As brands buckle down on deciphering customer needs and fine-tuning customer journeys, DXP is predicted to play a central role. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/which-devices-will-support-ios-16-and-ipados-16-upgrade/articleshow/92050520.cms">iOS 16 update – here are the devices that will support iOS 16 and iPadOS 16</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/startups/news/flexiloans-com-bags-90-million-to-cover-six-years-of-journey-in-one-year/articleshow/92041187.cms">FlexiLoans.com bags $90 million to cover six years’ of journey in one year</a>

Digital experience platforms stop customers from abandoning brands after a bad experience

<ul><li>According to <a href="https://www.indiatoday.in/education-today/jobs-and-careers/story/career-outlook-for-data-scientists-in-india-sky-high-pay-and-rising-demand-1825991-2021-07-09">analysts</a>, India is the second largest hub for <keyword id="6357343" type="General" weightage="20" keywordseo="data-science" source="Orion">data science</keyword> and it is predicted that the country will have more than 11 million job openings by 2026.</li><li>The Great Learning report reveals that 57% of the hiring managers believed that the gap between supply and demand exists at the entry level.</li><li>Business Insider brings you several job openings in marquee companies for data scientist roles .</li></ul>Data science has been one of the most in-demand jobs especially in the last few years. However, 92% hiring managers witnessed a massive supply gap in data scientists in India, revealed a report by edtech platform Great Learning. According to <a href="https://www.indiatoday.in/education-today/jobs-and-careers/story/career-outlook-for-data-scientists-in-india-sky-high-pay-and-rising-demand-1825991-2021-07-09">analysts</a>, India is the second largest hub for data science and it is predicted that the country will have more than 11 million job openings by 2026. Analysts further reported that there were more than 93,000 jobs in data science that were vacant during August last year. The Great Learning report further reveals that 57% of the hiring managers believed that the gap between supply and demand exists at the entry level or fresher level while 27% of them believe that the talent gap exists in the mid-level roles of team lead and project management, which highlights the need to upskill both early stage and mid-career professionals with enterprise-specific use cases of data science. Business Insider brings you several job openings in marquee companies for data scientist roles — 1. IBM The American multinational technology company is looking for a full-time data scientist to join their New Delhi office. Eligibility — The candidate should have 5 plus years of experience in data engineering and data science and 2 plus years of consulting experience within specific industries with strong domain expertise and business acumen. PhD or masters in Science, Technology, Engineering, and Mathematics (STEM)-related fields with knowledge in quantum computing. Key responsibilities — Engage and educate client data science teams to define promising areas for quantum exploration. Collaborate with industry and solutioning experts to design and shape experiments to demonstrate quantum-enabled advantage. 2. Accenture The global technology services company is hiring a full-time Data Science Associate Manager for their Gurugram, Bengaluru and Kolkata office. Eligibility — Knowledge of statistical techniques and machine learning algorithms, and analysis tools like R, Python. Key responsibilities — Create insights from predictive statistical modeling, mathematical knowledge, tools, and techniques to solve complex problems and deliver value. Collaborate with Accenture teams to address business issues and influence change using strategy, industry, and analytical skills. 3. McKinsey and Company The management consulting firm is actively recruiting Data Scientist — Quantum Black for its Gurugram office. Eligibility — Masters degree or PhD level in the field of computer science, machine learning, applied statistics, mathematics. Experience in statistical modelling and machine learning techniques. Key responsibilities — Work on complex and extremely varied data sets from some of the world’s largest organisations to solve real world problems. Develop data science products and solutions for clients as well as for our data science team. 4. Gartner The technology research and consulting company is hiring an Associate Data Scientist for its Gurugram office. Eligibility — 1-3 years hands-on experience building machine learning models, natural language applications of artificial intelligence business capabilities. Bachelor's degree in a quantitative field (maths, statistics, computer science, engineering, etc.) required or master’s degree or PhD in the same field. Key responsibilities — Work on Data science projects in close collaboration with the data engineering team, product owners and business leaders to deliver high value business capabilities. Responsible for maintaining proper documentation and further code-reusability principles. 5. EY The multinational professional services company is scouting for data scientists with NLP for its Noida office. Eligibility — 4 plus years of experience in machine learning, statistical modeling, quantitative analysis, forecasting, data visualisation, recommendation engine etc., and 2 plus years of professional experience in software development in languages like Python, spark. Experience in data processing with Python, SQL and understanding of natural language processing concepts. Bachelor’s or master’s degree in math, statistics, information technology, computer science, economics, or a related field. Key responsibilities — Balancing excellent business communication skills with a deep analytical understanding is needed. Applying data Science, machine language algorithms, using standard statistical tools and techniques for solving client business problems. 6. Ola The multinational ridesharing company is looking for a data scientist for its Bengaluru office. Eligibility — PhD or master’s with over two years of relevant experience or bachelor’s in technology (B.Tech) with over four years of relevant experience in operations research, applied mathematics or statistics or econometrics, electrical or systems engineering, physics or similarly highly quantitative field. Key responsibilities — Building an intelligent system using techniques in machine learning, optimisation, signal analysis, and statistics. 7. Deloitte The multinational professional services company is hunting for a data scientist for its Mumbai office. Eligibility — At least 6-9 years of experience in descriptive and predictive analytics and over three years of experience in implementing and executing data science projects throughout the entire lifecycle. Bachelor’s or master’s degree in quantitative fields. Key responsibilities — Manage a portfolio of data science projects across various verticals. Oversee and improve machine learning (ML) models developed by the team &amp; identify scope for model improvements &amp; best practices. 8. Jio The Indian telecommunications company is actively recruiting data scientists for its Bengaluru and Hyderabad offices. Eligibility — 2 to 8 years of experience in development or research on artificial intelligence (AI) algorithms. B.Tech or M.Tech or PhD in computer science, AI/ML or related fields. 9. Tech Mahindra The Indian multinational information technology and business process outsourcing company is hiring data scientists for its Bangalore, Pune, Hyderabad, Chennai, Noida, and Mumbai offices. Eligibility — 3-12 years of experience in the relevant field. Expert level proficiency in at least one of the upcoming technologies like deep learning, NLP, Computer Vision, recommender systems. 10. PayPal The online payments giant company is scouting for a data scientist for its Bengaluru office. Eligibility — Over 3 years of relevant experience with graduation from a recognised university or over 2 years of relevant experience with a master's degree from a recognised university. Key responsibilities — Day-to-day duties include data analysis, monitoring and forecasting, creating the logic for and implementing risk rules and SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/federal-bank-is-offering-internships-for-fresh-graduates/articleshow/87151028.cms">Federal Bank is offering internships for fresh graduates — Check out stipend, incentives and other details</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indian-employees-to-get-the-biggest-salary-hikes-amongst-asia-pacific-countries-next-year/slidelist/87158215.cms">Indian employees to get the biggest salary hikes amongst Asia-Pacific countries next year</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indian-employees-to-get-the-biggest-salary-hikes-amongst-asia-pacific-countries-next-year/slidelist/87158215.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indian-employees-to-get-the-biggest-salary-hikes-amongst-asia-pacific-countries-next-year/slidelist/87158215.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indian-employees-to-get-the-biggest-salary-hikes-amongst-asia-pacific-countries-next-year/slidelist/87158215.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indian-employees-to-get-the-biggest-salary-hikes-amongst-asia-pacific-countries-next-year/slidelist/87158215.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indian-employees-to-get-the-biggest-salary-hikes-amongst-asia-pacific-countries-next-year/slidelist/87158215.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indian-employees-to-get-the-biggest-salary-hikes-amongst-asia-pacific-countries-next-year/slidelist/87158215.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indian-employees-to-get-the-biggest-salary-hikes-amongst-asia-pacific-countries-next-year/slidelist/87158215.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indian-employees-to-get-the-biggest-salary-hikes-amongst-asia-pacific-countries-next-year/slidelist/87158215.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indian-employees-to-get-the-biggest-salary-hikes-amongst-asia-pacific-countries-next-year/slidelist/87158215.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indian-employees-to-get-the-biggest-salary-hikes-amongst-asia-pacific-countries-next-year/slidelist/87158215.cms"></a>

You Searched For "gartner forecasts ai" and got 9 results

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Jio, Ola, Accenture, IBM and more are looking for data scientists across India

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