EXL collaborates with Microsoft to drive innovation using generative AI
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Insights
From a market perspective, the partnership between EXL and Microsoft to co-develop generative AI solutions represents a strategic move into a burgeoning sector of technology. Generative AI stands at the forefront of innovation, with applications ranging from content creation to complex problem-solving across various industries. This collaboration aims to leverage EXL's industry expertise and Microsoft's technological prowess to deliver high-value, transformative solutions for clients.
The use of Microsoft Azure OpenAI Service by EXL is indicative of the growing trend of companies adopting cloud-based AI services to enhance their offerings. This move is likely to position EXL more competitively in the analytics and digital operations space, potentially increasing its appeal to investors and clients. The speed to market for these AI solutions could be a critical factor in capturing market share and establishing a reputation as an AI leader within their service verticals.
Analyzing the financial implications, the collaboration between EXL and Microsoft is poised to create a synergy that could lead to increased revenue streams for both companies. For EXL, leveraging Microsoft's Azure OpenAI Service can result in cost savings on R&D, given the access to Microsoft's emerging technologies and engineering expertise. This access can translate into a competitive advantage, potentially leading to an expanded customer base and higher margins.
EXL's investment in training a significant number of its workforce in generative AI also suggests a long-term commitment to this technology, which could enhance its future earnings potential. While the immediate financial impact may not be discernible, the strategic nature of this collaboration could be a positive signal to investors about EXL's growth trajectory and its ability to innovate and adapt to technological trends.
The technology sector is witnessing rapid advancements in AI and generative AI is a particularly dynamic area. By integrating Microsoft's Azure OpenAI Service, EXL is tapping into a suite of AI tools that are at the cutting edge of machine learning and natural language processing. The reference to '50-plus AI accelerators' suggests that EXL is not only adopting existing technology but is also contributing to the development of new applications. This could be significant for the industry, as it may lead to the creation of novel AI-powered products and services.
The partnership's focus on industry-specific accelerators is particularly noteworthy. It indicates an approach to AI application development that is tailored to the unique challenges and opportunities within sectors like insurance, healthcare and banking. This bespoke strategy could lead to more effective AI solutions and higher adoption rates, potentially influencing the direction of AI development in these industries.
Initiative fuels speed to market with secure, responsible generative AI solutions built on Microsoft Azure OpenAI Service
NEW YORK, Feb. 28, 2024 (GLOBE NEWSWIRE) -- EXL [NASDAQ: EXLS], a leading data analytics and digital operations and solutions company, announced a new collaboration with Microsoft to co-develop and accelerate generative AI solutions for businesses. EXL is using the Microsoft Azure OpenAI Service to augment its extensive data and analytics expertise and create faster value for clients across industries, including insurance, healthcare, banking, media, and retail industry verticals.
The collaboration will deliver innovative solutions that help clients drive growth, personalize customer experiences, unlock valuable insights, and develop new offerings. With Azure OpenAI Service, EXL’s generative AI platform and decades of experience in data-and AI-led digital solutions, clients will be able to scale AI initiatives rapidly across the enterprise. This announcement expands upon EXL’s generative AI platform, including an AI workbench and 50-plus AI accelerators.
Microsoft will provide EXL with early access to emerging technologies, engineering expertise, knowledge repositories and training, enabling EXL’s data scientists and AI experts to stay at the forefront of technological advancements. In addition, EXL will collaborate with Microsoft to build industry and domain-specific accelerators leveraging EXL’s proprietary data, analytics, and research along with large language models to drive innovation and customer experience.
“This is an exciting collaboration that will help our clients unlock the full potential of generative AI,” said Rohit Kapoor, vice chairman and chief executive officer of EXL. “We implement a sensible framework to solve complex business problems and develop use cases that are relevant to our clients’ businesses. Our expertise in data management, advanced analytics and industry domains coupled with Microsoft's technologies will help organizations achieve transformational outcomes.”
"We are pleased to see EXL adopt Microsoft Azure OpenAI Service to bring the power of generative AI to customers," said John Montgomery, corporate vice president, AI Platform, Microsoft. "Combining the Azure OpenAI Service with EXL’s data and analytics will help create value for EXL customers across industries, accelerate their digital transformation and create new opportunities for growth.”
EXL and Microsoft have a proven history when it comes to cloud and AI. EXL’s smart health platform is built on Microsoft Azure and is currently in use by healthcare organizations looking to solve some of their biggest challenges in the areas of payment integrity, clinical data and analytics and pharmacy.
EXL has created a generative AI center of excellence, training 1,500 specialists from the company’s team of over 9,000 data scientists and engineers, that focuses on the rapid development of generative AI solutions.
For more information about our generative AI platform and associated solutions, please click here.
About EXL
EXL (NASDAQ: EXLS) is a leading data analytics and digital operations and solutions company that partners with clients to improve business outcomes and unlock growth. By bringing together deep domain expertise with robust data, powerful analytics, cloud, artificial intelligence and machine learning, we create agile, scalable solutions and execute complex operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media, and retail, among others. Focused on driving faster decision-making and transforming operating models, EXL was founded on the core values of innovation, collaboration, excellence, integrity and respect. Headquartered in New York, our team is over 50,000 strong, with more than 50 offices spanning six continents. For more information, visit www.exlservice.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.
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