Infosys Edgeverve: High Inflation Environments to Ease Automation Adoption: Director of Infosys Edgeverve

Global businesses could turn to automating tasks to cut costs in an inflationary business environment with central banks around the world raising interest rates, said a senior official at the artificial intelligence services subsidiary and automation company from Infosys, Edgeverve Systems.

“Like Covid-19, one thing that helps is (companies) try to see what can be automated every time the pressure increases and they look at potential cost savings,” said Sateesh Seetharamiah, full-time global advanced product manager. director at Edgeverve. “To that extent it (inflation) can help us.”

He also said Edgeeverve has significant leeway to scale the business. It targets approximately 400 of Forbes Global’s 2,000 companies. The company deploys more than 20,000 bots internally and among its customers. These relate to areas such as complaints handling, tenders and back-office operations.

“For example, our project with Phillips has saved millions of man-hours across their entire financial operations – from month-end closes and planning to collection processes,” Seetharamiah said. “For British Telecom, we are helping them to serve their customers better, saving them almost 70% of their average (customer) handling time. This means increased customer satisfaction while the net promoter score increases,” he added.

Edgeverve is the second largest contributor to Infosys’ overall earnings among all subsidiaries according to the annual report for 2021-22, second only to Infosys’ business process management (BPM) division. It had recorded Rs 3,005 crore in terms of annual revenue.

Global IT research firm Gartner has predicted that the size of the digital automation market will reach approximately $600 billion in the current fiscal year, an annualized growth rate of 35% in five years.

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No pressure from Hyperscalers, banks
Finacle, Infosys’ banking software, is one of Edgeeverve’s business units. Reacting to cutbacks in technology spending by major U.S. banks and diminished growth seen by hyperscalers such as Amazon Web Services (AWS) and Google Cloud, Seetharamiah said the banking software industry hasn’t had until now seen no change in clients’ spending or investment strategies.

Edgeeverve’s business will continue to grow as digitalization and automation are still at the heart of business transformation despite the potential “blips” seen among hyperscalers or banks, he added.

Earlier this month, ET reported that indications of spending cuts and increased credit loss provisioning by major US-based lenders and financial institutions could have a ripple effect on IT companies. Indian.

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