Cognizant Technology to invest $1 billion over three years in Generative Artificial Intelligence
The planned investment will cover platforms, personnel, partnerships, IT infrastructure, and mergers and acquisitions. Cognizant Technology Solutions has announced plans to invest $1 billion in Generative Artificial Intelligence (AI) over the next three years. This commitment will cover areas including platforms, personnel, partnerships, IT infrastructure, and mergers and acquisitions (M&As), according to CEO Ravi Kumar S.
"We anticipate that Cognizant will be a primary beneficiary of the Gen AI opportunity, as we have over 100 active AI engagements, alongside hundreds more projects leveraging our AI services," Kumar stated during a post-earnings call. As part of its foray into AI, Cognizant launched its Neuro AI platform in May. The platform aims to support enterprises with a comprehensive approach to accelerate the adoption of generative AI technology and harness its potential for business value.
Currently, Cognizant has approximately 3,000 Gen AI ideas in its pipeline, generated through its Bluebolt initiative - a grassroots innovation movement. Since the program's inception earlier this year, Bluebolt has produced more than 32,000 ideas, Kumar reported. Last month, Cognizant expanded its existing partnership with Gilead Sciences, a leading biopharmaceutical company based in California. The renewed deal, expected to be worth $800 million (about Rs 6,560 crore) over the next five years, will see Cognizant managing Gilead’s global IT infrastructure, platforms, and applications.
Cognizant will also utilize analytics and AI to expedite Gilead's digital transformation. Cognizant has been offering similar services to Gilead for the past three years. Cognizant has also bolstered its collaboration with Google Cloud this year to speed up the adoption of AI by businesses worldwide. This collaboration is anticipated to assist clients in creating, migrating, and modernizing their AI journeys.
