Medtronic And Cardiac Design Labs Collaborate To Launch Indigenously Developed Advanced Heart Rhythm Monitoring Technology

* Medtronic to become exclusive distributor of Padma Rhythms® monitoring device in India to enable early disease identification and management for patients from the comfort of their homes.

India Medtronic Private Limited, a wholly owned subsidiary of Medtronic plc (NYSE:MDT), today announced a strategic collaboration with Cardiac Design Labs (CDL) to launch, scale up, and expand access to CDL’s novel diagnostic technology, Padma Rhythms®, an external loop recorder (ELR) patch designed for comprehensive, long-term heart monitoring and diagnosis. As part of the collaboration, Medtronic will become the exclusive distributor of Padma Rhythms in India, while both Medtronic and CDL will jointly develop training and education programs to expand reach of the ELR technology across the country.

“We are excited to embark on this transformative journey with CDL to reshape cardiac rhythm monitoring in India,” said Michael Blackwell, vice president and managing director of Medtronic India. “Remote monitoring of cardiac diseases is a rapidly growing space and the inclusion of Padma Rhythms ELR patch provides us with an opportunity to serve more patients by expanding its reach across India.”

The ELR device combines the convenience of an external patch with the advanced capabilities of a Holter, ensuring accurate and insightful data for the monitoring period. It has been designed and manufactured in India by CDL and is powered by a first-of-its-kind connected platform for managing tests, data, algorithms, analysis, review, and reporting. CDL’s innovation includes wearables designed for use in sweat inducing conditions with dependable workflows and minimal interventions for use of devices. An automated data transfer mechanism allows physicians and technicians to access real-time test management dashboards and full disclosures on-demand.  

Cardiovascular disease (CVD) continues to be the leading cause of death globally and in India. A study by Global Burden of Disease puts the death due to CVD in India at 272 per 1 Lakh population as compared to the global average of 235.1

“We are thrilled to collaborate with Medtronic in our combined objective to alleviate the burden of heart rhythm disorders in India,” said Anand Madanagopal, founder and chief executive officer at CDL.  “The collaboration holds immense promise for the future of cardiac care in India. The launch of Padma Rhythms?marks the coming together of?a?decade of building an indigenous platform with strong R&D focus and interplay of technologies that can bring?a?tectonic shift?in the prevailing cardiac monitoring approaches.”

Proven with over two million hours of ECG from patients, CDL’s proprietary algorithms have been benchmarked against the best globally and remain core to their innovation and commitment to high standards of performance.2 This combined with the integrated platform assures test outcomes and accuracy in rhythm diagnosis. 

“Cardiac rhythm disorders can often exhibit subtle symptoms and can affect people of all ages and backgrounds. Affordable diagnostic solutions ensures that everyone, regardless of their socioeconomic status, can access essential diagnostic tools, leading to earlier detection and timely intervention,” said Dr. Devi Shetty, chairman of Narayana Health. “It is initiatives like these that will help address the growing burden of cardiovascular diseases in the country."

Padma Rhythms® ELR features dual ECG channels for precise abnormality detection, a high-resolution 16-bit ECG for accurate data analysis, and proprietary AI-powered algorithms for efficient monitoring. The device is disposable, easily activated, water-resistant, and breathable, ensuring comfort and reliable performance. Crafted with a focus on high fidelity and lightweight construction, it allows uninterrupted daily activities during continuous monitoring.

About Medtronic

Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE:MDT), visit www.Medtronic.com and follow @Medtronic on Twitter and LinkedIn.

About CDL

Cardiac Design Labs (CDL) is on a mission to transform lives in early detection and diagnosis of diseases through innovation in healthcare. Powered by an indigenous platform for Advanced Cardiac Monitoring, Diagnostics and Vitals Monitoring, CDL is redefining healthcare experiences with deep innovation in devices and technology. Today this platform-driven innovation helps in proactive detection and treatment of cardiac conditions and health risks at efficiencies the world hasn't seen before. 

Its purpose is driven by a culture of R&D with relentless focus on clinical-grade performance and uncompromising design in products engineered to make an impact for patients in the toughest of conditions. Visit www.cardiacdesignlabs.com to learn how CDL is impacting lives and driving better outcomes for patients and physicians. 

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.

All information provided herein is for general awareness purpose only and is not medical advice. Patients should talk to their doctor.

Anupam Kaura joins Kotak Mahindra Bank As Its Chief Human Resources Officer (CHRO)

Kotak Mahindra Bank Limited (“KMBL”/“Kotak”) today announced the appointment of Anupam Kaura as Chief Human Resources Officer (CHRO) to spearhead organisational transformation, in the journey of ‘accelerating change’ at Kotak. Anupam joins Kotak from CRISIL Ltd, London, UK where as Global Chief Human Resources Officer (CHRO) and overseeing Corporate Administration was responsible for various crucial aspects such as Talent Strategy, Performance and Rewards, Learning and Development (L&D), Culture Transformation, and overall organizational transformation efforts.  In the past year, Kotak has made global hires for key business priorities such as technology, customer experience and product.

Anupam brings with him over 25 years of relevant experience in leadership roles across Indian and global banking and finance companies. He has an extensive background in strategic HR leadership, business partnering, compensation & benefits management, Boards and HR consulting. Anupam specialises in driving change agendas and transformative initiatives in large organisations.

At CRISIL Ltd. Anupam played a pivotal role in the rejuvenation and enhancement of the teams within the organisation, equipping them with the necessary skills to adapt to technological and digital disruptions. Additionally, he took on a leadership position in the acquisition of a fintech startup, overseeing the acquisitions and integration processes for companies based in the India, United States, United Kingdom, and Australia. Prior to CRISIL, he has held key HR roles in reputed organisations such as IDFC Bank, Citi, AXA, and PWC where he managed diverse functions and led significant initiatives.

Shanti Ekambaram, Whole time Director, Kotak Mahindra Bank said “We welcome Anupam to the Kotak family. Anupam has a unique blend of experience in strategic HR leadership, change management, and technology integration. We believe his rich experience in leading large transformative initiatives align with Kotak’s vision to be a tech-enabled, customer centric financial institution for the future “.

Anupam Kaura, President & Chief Human Resource Officer, Kotak Mahindra Bank, said, “The Indian banking and finance sector is at an inflexion point of opportunities and growth and I am excited to partner with one of the most reputed and trusted brands that is transforming itself with technology, customer-centricity and talent at its core. l look forward to join the remarkable team at Kotak Mahindra Bank and contribute to its transformation.”

Anupam has a Bachelor of Commerce degree from Delhi University and a Masters in Personnel Management & Industrial Relations from Tata Institute of Social Sciences (TISS).

About Kotak Mahindra Bank Limited

Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking licence from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Limited.

The Bank has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking, and Treasury, which cater to retail and corporate customers across urban and rural India. The premise of Kotak Mahindra Group’s business model is concentrated India, diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked. As on 30 September 2023, Kotak Mahindra Bank Ltd has a national footprint of 1,850 branches and 3,170 ATMs, and branches in GIFT City and DIFC (Dubai).

For more information, visit the Company’s website at https://www.kotak.com

REC Limited & Bank of Baroda Sign MoU To finance Power, Infrastructure And Logistics Projects

REC Limited, a Maharatna CPSE under the Ministry of Power, Govt. of India, signed a Memorandum of Understanding (MoU) with Bank of Baroda, one of India's leading public sector banks, today. This agreement will facilitate joint sanctions of loans to fund power, infrastructure and logistics projects in the country over the next three years. 

The MoU was signed in the presence of Shri Vivek Kumar Dewangan, IAS, Chairman and Managing Director, REC Limited and Shri Debadatta Chand, Managing Director & CEO, Bank of Baroda along with Shri Lalit Tyagi, Executive Director, Bank of Baroda. 

Commenting on this momentous collaboration, Mr. Dewangan said, “This landmark agreement signifies a collaborative effort to accelerate the realization of pivotal projects crucial to the nation’s progress. This partnership marks a significant stride in our commitment to fostering inclusive development. By harnessing synergies between REC's expertise in the power sector and Bank of Baroda's financial prowess, we aim to catalyze transformative projects that will positively impact communities and drive socio-economic progress." 

Shri Debadatta Chand, Managing Director & CEO, Bank of Baroda said, “This MoU will enable Bank of Baroda and REC to jointly finance Power (including renewable power), Infrastructure and Logistics projects. With the Indian economy on a strong growth path, we will see a rise in capital expenditure and private investment and an increasing need for collaborative and innovative financing structures.” 

Recognizing the pressing need to fortify these critical domains, REC Limited and Bank of Baroda unite with a shared vision of advancing sustainable growth and bolstering the nation's infrastructural backbone. By pooling resources and expertise, both entities endeavour to champion initiatives that will invigorate economic development and enhance accessibility to essential services nationwide. 

About REC Limited 

REC Limited, a Maharatna CPSE established in 1969, under Ministry of Power, provides long term loans and other finance products for Power-Infrastructure sector comprising of Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Green Hydrogen etc. More recently REC has also diversified into the Non-Power Infrastructure sector comprising of Roads & Expressways, Metro Rail, Airports, IT Communication, Social & Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. The loan book of REC exceeds Rs 4.74 Lakh Crore. 

About Bank of Baroda 

Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India. The Bank serves its global customer base of ~165 million through over 70,000 touch points spread across 17 countries in five continents and through its various digital banking platforms, which provide all banking products and services in a seamless and hassle-free manner. The Bank’s vision matches the aspirations of its diverse clientele base and seeks to instil a sense of trust and security in all their dealings with the Bank. 

Visit us at www.bankofbaroda.in  

Facebook https://www.facebook.com/bankofbaroda/ 

Twitter https://twitter.com/bankofbaroda 

Instagram https://www.instagram.com/officialbankofbaroda/ 

YouTube https://www.youtube.com/channel/UCdf14FHPLt7omkE9CmyrVHA  

LinkedIn https://www.linkedin.com/company/bankofbaroda/ 

EKA Mobility & GreenCell Mobility Sign MoU To Roll Out 1000 Electric Buses

Under this ground-breaking collaboration, EKA Mobility will manufacture & supply 1000 electric buses to GreenCell Mobility 

These electric buses expect to save Rs 70 crores annually on fuel costs and avoid the burning of 120 lakh gallons of diesel, equivalent to growing 15 lakh trees 

It is estimated that 6 lakh individuals will benefit each day from the deployment of these 1000 electric buses 

These e-buses aim to reduce CO2 emissions by 32400 tonnes, aligning with global and national sustainability goals and contributing to a healthier environment 

EKA Mobility, a leading electric vehicles & technology company (with Mitsui Co., Ltd. & VDL Groep as equity partners), and GreenCell Mobility, a leading player in the electric mass mobility space, announce the signing of a Memorandum of Understanding (MoU). Under this collaboration, EKA Mobility will supply GreenCell Mobility with 1000 intercity electric buses in 12-meter and 13.5-meter category, in the next few years. EKA Mobility and GreenCell Mobility are committed to working closely together to drive positive change in the global automobile sector by producing industry leading electric buses to transform public transportation.  

Dr. Sudhir Mehta, Founder & Chairman of EKA Mobility, emphasized the strategic synergy, saying, "Our collaboration with GreenCell Mobility is strategically positioned to usher in a cleaner, more sustainable future through electric mass transportation. Public transportation, especially the intercity bus transportation is the primary mode of transport for more than 50% of Indians. Electrification of public transportation will pave the way for cleaner air, quieter streets, more efficient, convenient, safer, and cost-effective travel for all. At EKA, we are committed to developing sustainable, environmentally conscious, and profitable products. By combining our expertise, we hope to set new standards in the commercial electric mobility, contributing considerably to the nation's sustainability objectives." 

In response to the MoU signing, Mr. Devndra Chawla, MD & CEO of GreenCell Mobility, commented, “We are delighted to announce our collaboration with EKA Mobility, a leader in the electric vehicle domain. This partnership not only strengthens our position in the market but also significantly aligns with our long-term vision for sustainable mobility. At GreenCell mobility as market leaders, we are setting a new benchmark in the industry. Our combined efforts are poised to transform public transportation, offering a cleaner, more efficient, and environmentally friendly solution. This initiative is a significant stride towards our commitment to innovation and sustainability, and it underscores our dedication to a greener, more sustainable future. We are excited about the possibilities this partnership opens up and are committed to leading the charge in the evolution of electric mobility.”  

EKA Mobility shall be responsible for supply, sales, and service of these buses, along with delivering quality certification reports to ensure the highest standards in this collaborative endeavor. The supply of 1000 electric buses are expected to have a large and positive impact on our environment. The associated figures illustrate the potential benefits, estimating annual fuel cost savings of Rs 70 crores and the avoidance of 120 lakh gallons of diesel, which is equivalent to growing 15 lakh trees. Furthermore, an estimated 6 lakh individuals will benefit every day from an improved and sustainable public transit infrastructure. Overall, this initiative is expected to result in a projected saving of 32400 Tonnes of CO2 emissions, greatly contributing to the reduction of tailpipe emissions and building a cleaner, more sustainable future. 

This collaboration underscores major national and worldwide initiatives towards sustainability, recognizing the critical need for cleaner and more environmentally friendly transportation options. EKA Mobility and GreenCell Mobility’s collaborative initiatives represent an important step towards a greener India and a cleaner world. 

EKA Mobility is one of the commercial vehicle manufacturers approved under the Champion OEM Scheme & EV component manufacturing scheme of the Government of India’s Auto PLI policy. EKA is one of the only Indian companies offering end-to-end design, manufacturing & technology of electric new energy commercial vehicles from scratch in India. The company has set up a state-of-the-art research, development, engineering & innovation center in Pune, Maharashtra, and has significantly grown its order book, with more than 700 electric buses and 5000+ electric light commercial vehicle orders in the pipeline. All these vehicles will be completely designed & manufactured in India, at EKA’s proposed & existing state-of-the-art manufacturing facilities in Madhya Pradesh and Maharashtra. In last two years, the company has introduced electric city bus, staff carrier & school bus, 9-meter hydrogen fuel-cell electric bus, and is now all set to enter the last mile delivery with its range of e-LCVs designed & customized to suit Indian customers and businesses.  

About EKA: 

EKA, with Mitsui Co., Ltd. (Japan) & VDL Groep (Netherlands) as equity partners, is an automotive & technology company creating a new global CV electric mobility paradigm. EKA’s vision is to lead the world to a sustainable future by creating an ecosystem for Environment Conscious Mobility. With an industry-leading team, cutting-edge technology, modular designs, and lean manufacturing processes, EKA’s mission is to bring reliable and efficient mobility solutions to the masses. EKA’s sharable technologies and low-investment production processes enable the lowest TCO and democratize electric vehicles for mass adaptation. 

IIIT Bangalore Hosts CODS-COMAD Conference: A Confluence Of Data Science Pioneers

The International Institute of Information Technology Bangalore (IIIT-B) announces its hosting of the International Conference on Data Science and Management of Data (CODS-COMAD) from January 4-7, 2024. CODS-COMAD, the flagship conference of ACM India Special Interest Group on Knowledge Discovery and Data Mining (IKDD), promises to be a gathering of minds at the forefront of Data Science.

In a statement, Prof. Dinesh Babu Jayagopi, the hosting organizer, expressed his enthusiasm for the event, stating, "IIIT-Bangalore has a strong research group in Data Science. The academic programs of IIIT-Bangalore in Data Science and AI is well-known. IIIT-Bangalore joins the elite list of institutions which has successfully hosted the CODS-COMAD conference.”

Further echoing this sentiment, Prof. Debabrata Das, Director of IIIT Bangalore, said, “IIIT-Bangalore welcomes all the national and international delegates. This is an opportunity to deliberate on the current progress and future directions of Data Science and Management of Data.”

The conference is set to witness an illustrious lineup of keynote speakers, featuring renowned academicians and industry experts in the field of Data Science. Notable figures such as Professors Thomas Dietterich, David Page, Sunita Sarawagi, Ragini Verma, Susam Davidson, and Partha Talukdar are set to deliver keynote talks, offering invaluable insights into the latest advancements and trends in the domain of Data Science.

A key highlight of the CODS-COMAD program includes tutorials and workshops on cutting-edge topics, with a special focus on Large Language Models (LLMs). These sessions aim to provide participants with hands-on experience and deep insights into emerging technologies, ensuring that attendees stay at the cutting edge of innovation in the area.

In a bid to encourage widespread participation, CODS-COMAD is offering close to 100 travel grants to students and faculty, facilitating their attendance and active engagement in this premier event.

The CODS-COMAD conference at IIIT-Bangalore represents an unparalleled opportunity for the global Data Science community to come together, share knowledge, and shape the future of this dynamic and rapidly evolving sector.

About IIIT-Bangalore

IIIT-Bangalore is a premier institute focused on Post-Graduate IT education and research, located in the heart of Electronic City, Bangalore. IIIT-Bangalore is graded A+ by National Assessment and Accreditation Council (NAAC). In the National Institutional Ranking Framework (NIRF) for 2022, IIIT-B has secured 74th ranking. The institute was ranked number 1 among India's Best Technical Universities (Private) by India Today. IIIT-Bangalore contains state-of-the-art infrastructure, eminently qualified faculty, a vibrant alumni community, cutting-edge research facilities, and close industry collaborations.

The institute’s specially designed courses make the students cognitive of the current technologies. Experiential learning and practices followed in the institute equip them with the tools and knowledge to solve contemporary real problems. IIIT-Bangalore has consistently achieved excellent placement records every year since its establishment in 1998, thanks to the unwavering support of the industry and the expanding pool of highly skilled alumni.

For more details, log onto https://www.iiitb.ac.in

Adult And Paediatric CTVS Centre Inaugurated At Muddenahalli Will Serve 1.2 Million Residents Of Chikkaballapur District

* The Cardiothoracic and Vascular Surgery Centre seeks to eliminate the imbalance between the affordability and availability of specialised healthcare treatments

Honourable Minister of Law, Parliamentary Affairs and Tourism – Sri H K Patil inaugurated the Cardiothoracic and Vascular Surgery Centre at Muddenahalli, Chikkaballapur district, Karnataka. The Centre includes a dedicated cardiac OT, ICU and heart-lung machine and proves to be a boon to the residents of this District and the surrounding regions. It is the only Centre to provide free super-speciality treatment for the rural in this District, who otherwise would have to travel 70 kilometres in search of it.

The Sri Sathya Sai Sarla Memorial Hospital under the Sri Madhusudan Sai Institute of Medical Sciences and Research (SMSIMSR) is all set to provide healthcare services including Cath interventions (Angiogram and balloon angioplasty, stent placements, correction of CHD in children) and heart and chest surgeries (open heart by-pass surgery, beating heart procedures, valve replacements, and CHD surgeries for children) totally free of cost without any distinction based on caste, creed, religion or faith. The highly qualified and experienced surgical team will render medical services at par with the best centres in the world, keeping competence alongside compassion as the guiding vision for all its endeavours. The Hospital will not only cater to diagnosis and surgical corrections of the cardiac conditions but soon going to be the world-class centre of academic surgical excellence and research and a homograft bank. ‘Gift of Life’ is a ceremony which was instituted by Sri Madhusudan Sai across all his hospitals, where those who are saved through surgeries are celebrated. Five-year-old Muhammad who wasn’t able to run or play underwent a patent ductus arteriosus device closure, and seventeen-year-old Akash K A underwent a closure of atrial septal defect at the hospital received ‘Gift of Life’ certificates through the Hon’ble Minister. Both the children are living the new lease of life provided by the Hospital.

The Founder of SMSIMSR – Sri Madhusudan Sai said, “This Centre is a gift given to the people of the Chikkaballapur District on this New Year in the spirit of One World One Family – vasudhaiva ku?umbakam, because they deserve good healthcare despite of the affordability criterion. Specialists from far and wide have joined this mission of providing free healthcare to people and thus, this is nothing short of a miracle. Today, a new chapter has begun with the inauguration of this Centre and it is possible due to collaborative efforts from Sri Jayadeva Institute of Cardiovascular Sciences and Research, the Government support and an organisation like us. In Karnataka, 36% of young adults in their 40 to 60 years of age, die from coronary artery disease. Losses due to premature deaths at young age, related to heart disease, stroke and diabetes are also projected to increase over the years. Therefore, it is essential to provide start-of-the-art super speciality healthcare facilities especially in rural India to reduce the burden of heart diseases in India.”

“The Hospital has been a life-giver to thousands, especially the infants admitted, by maintaining the child mortality rate to less than 0.5 per cent in the last year. The CTVS Centre is a collective effort of the dedicated medical staff, support of the community, and the generosity of the like-minded noble individuals from across the globe”, said Dr A R Raghupathi – Director of Medical Education, SMSIMSR.

Dr Anand Agarwal – Head of Department, CTVS Centre, “First ninety minutes after the heart attack is extremely crucial and therefore called as the golden hour. Treating the heart attack in within this timeframe with primary PTCA or medication can help salvage the heart. The Centre will be open 24/7 for all the cardiac emergencies treating coronary artery disease, and rheumatic and congenital heart disease.”

“The Hospital infrastructure and services, made available to people who cannot afford them, are no less than that of the Western world. The Sri Madhusudan Sai Institute of Medical Sciences is a role model to all healthcare institutions out there, to serve with compassion and kindness. This Institution has given more importance on the culture of kindness, which is the need of the hour”, remarked Hon’ble Minister for Law, Parliamentary Affairs and Tourism – Mr H K Patil.

About Sri Sathya Sai Sanjeevani Chain of Hospitals

The Sri Sathya Sai Sanjeevani began this journey by establishing the first Sri Sathya Sai Sanjeevani Centre for Child Heart Care at Nava Raipur Atal Nagar, Chhattisgarh in November 2012. In November 2016, the second Sri Sathya Sai Sanjeevani International Centre for Child Heart Care & Research was inaugurated by the Honourable Prime Minister of India – Mr Narendra Modi at Baghola, Palwal District, Haryana. Sri Sathya Sai Sanjeevani Centre for Child Heart Care & Training in Pediatric Cardiac Skills, Kharghar, Navi Mumbai was established as a ‘Public Service Institution’ in November 2018. So far, these Hospitals have performed over 28,000 surgeries, free of cost. These Centres of healthcare are empanelled in the National and State level Government schemes like Ayushman Bharat, Rashtriya Bal Swasthya Karyakram (RBSK), Chirayu Chhattisgarh, and Mahatma Jyotirao Phule Jan Arogya Yojana (MJPJAY). Five paediatric cardiac hospitals in five States of India, two overseas in the Fiji Islands and Sri Lanka, along with five mother and child hospitals in India, have been serving thousands of needy children and mothers for free.

Sri Sathya Sai Sarla Memorial Hospital (teaching hospital of the Medical College) located at Muddenhalli near Bengaluru airport, is a 360-bedded multi-specialty hospital which treats over 1,300 outpatients and 300 inpatients on any given day.

73% Of Organisations In The US Foresee An Increase In Their IT Spends In 2024

Cyber and Data security emerges as the leading priority.

69% of organizations presently utilise Large Language Models (LLMs), of which 50% of organisations have adopted GPT- 4 by Open AI

…pointers from a US-based CIO survey for Indian IT vendors 

Recognize, a technology investment platform that focuses exclusively on the tech services industry, has shared some interesting findings from its recent CIO survey. The Recognize CIO Survey series is a regular panel of 250-500 CIOs in the US.

The data from this survey helps track spending intentions, changes in technology, product preferences, strategic priorities, and talent challenges.

Key Findings:

Augmented IT Budget for the year 2024:

The survey explored organisations’ IT spends and budget plans. 73% of CIOs foresee an increase in their IT budgets for 2024, while 15% expect no change, and 12% predict a reduction, signalling an investment trend in the tech sector for the upcoming year.

Cyber/ Data security emerges as a leading priority among top three IT initiatives:

Upon analysing the IT Initiatives adopted by organisations, Cyber/ Data security tops the list with 36%. Following closely as the second-highest initiative is Artificial Intelligence with 35% responses, while the third ranking initiative is Cloud migration with 29%.  

Rising adoption of LLM (Large Language Model) across organizations:

69% of organizations presently utilise Large Language Models (LLMs), indicating extensive adoption. However, 24% organizations are yet to implement this technology, and 7% are uncertain about their engagement with these advanced AI systems.

GPT -4 by Open AI emerges as the predominant adopted LLM:

Among the organizations employing large language models, GPT-4 by Open AI leads with 50% usage, followed by its predecessor GPT -3.5, at 19%.  Other models like Google AI's PaLM 2, Anthropic's Claude v1, and various offerings from the Technology Innovation Institute and Stability AI also see utilization, reflecting a diverse ecosystem of AI tools in the industry.

Future of AI: Impact of AI over companies in the next two years

Surveyors predict AI to substantially influence their organizations in the next two years, with 54% expecting significant use cases that drive productivity and 22% foreseeing a transformational impact, highlighting AI's integral role in shaping future business operations.

Meanwhile, 19% of the CIO’s believe that AI’s impact is significant in certain use cases and does not impact greatly.

Interestingly, 6% of them perceive that AI does not make much an impact in driving productivity in their organisations.

A surge in the implementation of ERP projects across organizations:

Nearly half of the organizations surveyed, 47%, are already amid a major ERP project, while 37% are planning to initiate one in the next year. This indicates a significant commitment to enterprise system upgrades within the near future, with only 12% not engaging and 4% undecided.

About Recognize:

Recognize is a technology investment platform exclusively focused on the technology services industry. Tech services firms envision, build, configure, manage, and operate software and business processes to deliver digital outcomes for enterprises. The firm provides operational expertise, industry insights, and strategic capital to innovative companies in this sector. Recognize is led by industry veterans Frank D’Souza, Raj Mehta, Charles Phillips, and David Wasserman. To learn more, visit www.recognize.com.

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