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ibm: Inflation worries won’t affect tech spending: IBM’s Patel

Despite fears of inflation threatening customers’ budgets, there is “huge pressure” for them to spend on technology, a senior IBM executive said.

When asked if the general macroeconomic conditions would affect annual technology spending by clients next year, IBM India and South Asia Managing Director Sandip Patel said that global institutions like the world Despite this, he said that the trend is “not much” in India. Banks have revised up their growth forecasts for the country’s fiscal year 2023.

“Honestly, we don’t see much of that trend (inflation) here. The World Bank has announced a revised growth outlook for India,” Patel told ET in an interview. “There are probably some (growth) concerns around Western Europe. But technology will always act as a deflationary mechanism, regardless of any kind of inflationary cycle…”

He said there has been tremendous pressure on companies to start serving customers who are becoming sophisticated users of technology. He was in the city on Thursday for his AI (artificial intelligence) day at the company. Global tech spending is expected to be “moderate” due to high inflation and recession fears in markets such as the US, but will still post year-on-year increases next year, IT sector experts say. there is

According to IT research firm HfS Research, a pulse survey of 600 of the leading Global 2000 companies found project budgets to rise 11% next year despite fears of a recession.

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IBM is working with the State Bank of India as a technology partner to develop a one-stop marketplace application, Yono, where 4-5 Indian banks will develop similar apps in the coming years to expand their digital ecosystem. He said that he is creating a roadmap to acquire

Regarding the AI-powered chatbot ChatGPT that has taken the internet by storm, Patel said that AI is only as good as the “underlying” data, and that such models require more data (in the form of questions and responses). ) is available, so you said it would be better. A specific AI model.

The AI ​​bot has already surpassed one million users in five days, according to its founder. Internet users use this platform to debug code, have discussions, and use it for blog posts.

The four main use cases for AI are interpretation, conversation (conversational AI), automation, and IT processes, and how AI can be used to enhance intelligence, drive better decision-making, and automate HR functions. says Patel.

“Technology increases efficiency with or without inflation. If companies say they only think about efficiency when there is inflation, they are lying. They are always looking for efficiency,” Patel said. addressed whether inflation would limit technology spending to specific pockets such as AI and automation to save costs.

Patel also agreed with the quality and trusted data source regulations and practices that power AI tools. “The fine line we have to draw is where to regulate to prevent bad things (misuse) from happening and to enable growth through innovation,” he said. .

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