Technology stocks have been battered for most of 2022. There are many names that I consider of the highest quality that have been absolutely destroyed this year, but that's not the case for all tech stocks. In fact, IBM (NYSE:IBM) has bucked the trend and has actually outperformed the broader market by a wide margin in 2022.
I've made it no secret that I don't see any reason to own IBM, including in my last update back in March. I said then the ~5% yield wasn't good enough to warrant owning the shares, unless you are focused on income and nothing else. Today, even though IBM has returned -5% since that article against -18% for the S&P 500, I still don't think this is one you want to own near a market bottom. The reason is simple; IBM is a defensive stock in tech - if there is such a thing - which is why it has outperformed this year during a horrendous bear market. When we turn higher, defensive names are the last thing you want to own, so I'm sticking to my sell call here.
Looking at the daily chart, I don't see a lot of cause for long-term optimism, although the stock is oversold on a short-term basis. We can see there have been several rally attempts, but all have ultimately resulted in another turn lower. This current rally attempt is the result of a long string of declines that produced a PPO reading near -2, which is where the stock has bounced in the past. This one is no different, but do not mistake a bounce for a rally.
The 14-day RSI, which is a shorter-term indicator than the PPO, hasn't cleared the centerline in the past two rally attempts. That's the sign of a stock with a lack of bullish momentum, and it's why I said not to mistake a bounce for a rally; this is one of the ways you can tell the difference.
On a relative strength basis, as I said, IBM has been great this year. It's convincingly outperformed its peer group, which in turn, has outperformed the S&P 500. That's the kind of thing you want to see from your stocks, but as I said, given IBM is defensive in the tech group, this outperformance makes sense during a bear market. Rest assured this relative strength will flip on its head when we do turn higher, because Wall Street wants exposure to growth during bull markets, and IBM simply doesn't have it.
I've long maintained that IBM is a company that struggles to hit its own guidance, and therefore, estimates that Wall Street produces. This is, of course, highly undesirable because it means that when investors try to value the stock, they are doing so with shrinking estimates. Plus, there aren't many investors that want a stock with shrinking estimates, given those stocks that perform the best are the ones consistently raising guidance and beating estimates. IBM hasn't been one of those stocks in decades, literally, and today is no different.
Let's take a look at revenue, beginning with a historical view of its three major segments.
One of the things you must understand about IBM's revenue is that it is choppy. All of its segments produce oscillating revenue - rather than steadily growing revenue - and that generates the same on a consolidated enterprise basis. This is not a desirable trait, and it means that even though there's clear leadership from software, even that segment has struggled in the past to produce growth.
The most latest quarter saw software produces 8% growth in annual recurring revenue, which is fine, with the best growth from transaction processing. Red Hat continues to be a growth driver for IBM, and in my opinion, is one of the best things this company has ever done with its capital. The second best thing was spinning off Kyndryl (KD), which is now a significant customer of IBM. Kyndryl is obviously a captive audience when it comes to revenue for IBM, so as long as Kyndryl is around, IBM has some built-in software revenue growth.
But as we can see, that simply hasn't been enough, and I don't think it ever will be based on IBM's history of missing its own guidance. Below are revenue estimates for the next few years, and the revision history of those estimates.
We're looking at current estimates of 3% or 4% growth annually, but with nearly-constant revisions downward to those. The best the company can show is a lack of negative revisions on this year's numbers in the past month; it's a sad state of affairs. However, anyone that has followed IBM for any period of time knows one thing this company is always good for is missing estimates. This is not new.
Moving to earnings, below we have the same chart as above, but with earnings before taxes instead of revenue.
Software's dominance is very clear here, given margins are much better than the other segments. That means that if you insist on owning this stock for whatever reason, you want to keep a eager eye on software's performance. The others simply don't matter nearly as much when it comes to earnings and cash flow. The fact that IBM has some growth drivers in software is a good sign, but is it enough to overcome weakness elsewhere? You can be the judge of that.
We've touched on two of the drivers of EPS growth - revenue and margins - but IBM has spent tens of billions of dollars buying back its own shares in the past couple of decades. The company's "strategy" used to just be to milk as much cash from its business as possible and then spend almost all of it on repurchases, hoping financial engineering would work its magic into EPS growth. While I'm a fan of buybacks when they're done correctly, IBM's blunt force approach never worked because it forgot to stay competitive in the marketplace. Newer leadership is focusing more on the genuine business rather than just buying as many shares as possible, but the end result doesn't appear to be that different.
EPS revisions just continue to go lower, and it's still happening today, as it has for many years. This makes it challenging to value IBM on a P/E basis because you simply don't know how low the "E" part of the equation will go. That's also why Wall Street prefers stocks with growing "E" values because it means the share price must rise in order to maintain the same valuation; IBM has the opposite issue.
What's interesting is that despite IBM's complete inability to even meet estimates - let alone beat them - the stock is actually quite near its highs in terms of valuation. Below we have five years of history of forward P/E ratios to illustrate this point.
The stock trades today at 13X forward earnings, against a five-year average of 11X. It's certainly in the upper echelons of historical valuations, which is perhaps understandable given 2022 has been awful for the markets, and therefore good for defensive names. However, this overvaluation (as I see it) should unwind pretty quickly once the bull market returns. I'm of the view that the bull market has either already begun again or is quite close to doing so, and given that, names like IBM will almost certainly be discarded to the back burner again.
One quick note on the dividend is that IBM's yield is exemplary at 5.2%. It's a proper income stock, and as we can see, the yield is very high by historical standards.
If you're a pure income investor, maybe that's good enough for you to own it. I'm not, and I see no reason to own this stock other than the yield, if that's your thing.
We have a stock that is overvalued on a historical basis, has very little growth to speak of, years and years of declining revenue and earnings estimates, and no catalysts that I can see that would change any of those characteristics. The chart looks pretty weak to me, and this appears to be a bounce, and not a rally. I'm sticking to my sell recommendation for IBM as I think it's relative outperformance in 2022 is coming to an end.
New centre to position Odisha as a technology resource hub of India
Bhubaneswar | Published 17.10.22, 12:40 AM|
Odisha chief minister Naveen Patnaik on Sunday inaugurated IBM’s Client Innovation Centre (CIC) at O-Hub, Chandaka Industrial Estate in Bhubaneswar, further expanding the IT ecosystem in the state.
The new centre will position Odisha as a technology resource hub of India.
The centre will have a capacity of 500 employees as the company is looking to expand its capacity to serve global clients out of India. It will create opportunities for existing employees and enable the company to harness the potential talent, including graduate hires from the technical educational ecosystem in Odisha.
“Over the years, the resurgent Odisha has scripted success stories in many spheres. It is marching ahead with renewed confidence towards a New Odisha adopting new ideas, innovation, and entrepreneurship. Odisha is now fast emerging as a technology resource hub of India,” Naveen said while inaugurating the facility.
He said that most IT firms have set foot in Bhubaneswar, given the immense scope available in the city. “The enabling environment, facilitation service and huge talent pool available here have turned Odisha into a destination of choice. Opening up of the IBM Client Innovation Center adds yet another watershed moment, signifying the fast-changing IT ecosystem in Odisha,” he said.
The new CIC will leverage the IBM Garage method of delivery, an approach that helps IBM “Co-create", “Co-innovate”, and “Co-operate” transformative business and complex technology solutions with its clients and ecosystem partners.
Tusarkanti Behera, minister of electronics and information technology, said: “We are committed to providing an ecosystem for job-linked industrial growth.”
Secretary of the electronics and information technology department, Manoj Kumar Mishra, said the Client Innovation Centre will further bolster the IT ecosystem in the state and create jobs for Odisha’s youth.
BHUBANESWAR: Chief Minister Naveen Patnaik on Sunday inaugurated IBM’s Client Innovation Centre (CIC) at O-Hub, Chandaka Industrial Estate here to further expand the IT ecosystem in the State.
The innovation centre will have a capacity of 500 employees as the company is looking to expand its capacity to serve global clients out of India. It will also create opportunities for existing employees as well as enable the company to harness the potential talent including graduate hiring from the technical educational ecosystem in the State.
Launching the facility, the CM said over the years, the resurgent Odisha has scripted success stories in many spheres and it is marching ahead with renewed confidence towards a ‘New Odisha’ by adopting new ideas, innovation and entrepreneurship. Odisha is now fast emerging as a technology resource hub of India, he also said.
Highlighting the immense scope available here, Naveen said most of the IT companies have set foot in Bhubaneswar. “The enabling environment, facilitation service and huge talent pool available here have turned Odisha into a destination of choice,” he said.
The new CIC will leverage the IBM garage method of delivery, an approach that helps IBM ‘Co-create’, ‘Co-innovate’, and ‘Co-operate’ transformative business and complex technology solutions with its clients and ecosystem partners.
Nearly nine out of 10 businesses (88%) consider themselves advanced in cloud adoption, with just 9% exploring cloud computing at a limited, measured pace and 3% keeping computing in house while evaluating the cloud option, KPMG found in a survey of 1,000 enterprise technology leaders.
Four out of five survey respondents consider their companies’ cloud adoption successful, with two out of three noting improvements in business strategy, KPMG said. At the same time, two out of three respondents say they have yet to see substantial ROI from cloud spending.
In order to increase ROI, “you need to look more holistically, not down at an individual department,” Hunter said.
A CFO should examine the steps between “generating an idea to getting revenue from that idea,” she said, or what she called the “value stream.”
For example, a major airline upgraded its app after identifying ways to Excellerate the experience of a passenger during the day of a flight, she said. It achieved savings, greater efficiency and higher customer satisfaction by streamlining check-in, baggage handling, re-booking and other contact with customers.
Also, a large bank used cloud computing to speed up new product development and approval, cutting costs and gaining an edge on its competitors, Hunter said. A company that focuses hybrid cloud on value streams can be “more elastic, enter new business spaces more quickly, shorten processes, introduce automation.”
At the same time, CFOs can measure ROI in more isolated projects, such as a “lift and shift” of entire applications to the cloud or by packaging software in “containers” that bundle application code with essentials such as configuration files and libraries.
“Containerization” speeds development, improves security and eases the portability of an application to another operating system. It can achieve ROI as high as 300%, Hunter said.
A CFO seeking to measure ROI of cloud migration can track the reduction in time from the conception of a new product to its launch, Hunter said. “That’s a really key metric that we often see as a core consideration because it points to how quickly the business can respond to changing market demands and to competitors.”
“We’ve seen organizations go from only being able to release new functionality every quarter to releasing functionality in days or weeks,” she said.
A CFO can also find ROI by assessing savings on security and compliance, Hunter said.
For example, a shift to the cloud often leads to elimination of “technical debt,” or software imperfections that were tolerated because of an emphasis on rapid deployment, Hunter said. “There’s a lot of technical debt that can be removed when you move to the cloud.”
Oleg Lola, founder and CEO at MobiDev, a custom software development company.
Four years ago, Gartner predicted that by 2022, 85% of AI projects would fail to deliver tangible outcomes. But eventually, according to the IBM Global AI Adoption Index, around 66% of tech companies either execute or plan to apply AI today. This means the market is still growing, and there is no other way to stay competitive but to adopt artificial intelligence.
The prosperity of AI products, in turn, makes it easier for new applications to grow by producing technical resources. However, publicly available assets don’t make it any easier to adopt. As Gartner reports, only 53% of AI projects go from prototypes to production.
Technical complexity might seem an obvious reason for an initiative to fail, but that’s not always the case. As in my observation, the majority of AI product ideas die before any development has even started. This has to deal with the approach entrepreneurs try to apply and misconceptions businesses have about technology in general.
Where should an AI project start?
Any application has front-end and backend components, with some business logic laid underneath. That’s what basically dictates the terms when we plan a roadmap for future development by setting milestones, goals and feature lists.
Obviously, AI applications don’t exist in a vacuum without an interface or backend infrastructure to make the whole thing run. Whether you’re about to glue some functionality to the existing app or build a whole new product, you’ll definitely need to develop working software around AI. But does it mean we can treat AI projects like traditional ones? The short answer: Definitely not, and the reason why is that there is much more uncertainty.
The idea of an AI product is formed over the data and how it can be used to achieve certain results. But even at the point of data understanding, and what potential model can be used, it is still impossible to predict if these things actually work together. When it comes to machine learning, the same model may suit one task, but completely fail at another similar task. This makes early-stage planning completely useless both for the AI part and the usual software, as we can’t be sure the idea is viable. So where should we start?
The worst-case scenario is the one where you ignore the uncertainty factor and build your plan over too much uncertainty. Over the years, we’ve developed a solid understanding that a proof-of-concept, or POC approach, is the only way to dispel doubts around customers’ AI project ideas. POC is a collaborative experiment where we try to realize our assumptions into something working.
Ultimately, starting with POC helps to set the borders and understand the requirements for the project in the short term. Concerning the budget, POC is also beneficial for your project, as it clarifies the initial scope of work. Which allows us to estimate the time and resources needed. And here, your chances to go for a pilot increase much higher.
However, there is one potential pitfall to know about. Any AI project is still a scientific project that requires tons of experiments to make things work. As we strive to build an application that will work in production, we need to search for proof of concept in conditions as close as possible to real life. This means you want to avoid running POC with completely odd data in a laboratory environment.
Understand the innovativeness of your project.
The next thing to pay attention to is the innovativeness of your product idea. Among our customers, there is a clear trend of having wrong expectations on the project development time, budget and resources required. In the ideal world, a well-known technology should be easy to adopt. But in reality, any AI application case requires some time to investigate the details.
During the last 10 years, the world has seen thousands of AI applications, with over 8 thousand active startups in 2022. Thanks to the tech community, many of the resources stay available and are open to the public. Namely, there are numerous open-source models designed for different AI tasks and datasets collected for a specific type of AI research.
Depending on the innovativeness of your project, all of those open source assets may or may not be used to some degree. The relationship here is pretty linear.
• The newer the idea, the fewer data and pretrained models are available out of the box. This means additional effort for data collection, understanding, labeling and genuine model training.
• The more straightforward your idea is, the richer open-source assets are available for any stage of your project. For example, tasks like object detection in computer vision will require less preparation because there are a plethora of pretrained models and tons of data available.
The earlier you understand the general terms, the sooner you can set the right expectations on the project’s duration and complexity.
Don’t chase early estimates.
The absence of clear estimates is a huge pain factor for any entrepreneur. But in the case of AI projects, it is fairly difficult to provide numbers and deadlines early on, especially before any investigation of the idea is done. That’s where POC iterations come in handy.
Any estimates should be formed based on the technical feedback that is produced during the elaboration phase. For a business person, the best way is to trust the technical feedback of your team and follow along. Data science experts and machine learning engineers are much more aware of the risks and can form rough orders of magnitude and further estimates if you allow them to figure out the project requirements in a real experiment.
But as a bigger part of advice, you also need to treat your AI project as your business strategy to ensure proper resource allocation and gradual investment in the development.
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Bhubaneswar, Oct 16 (UNI) Odisha is now fast emerging as a technology resource hub of India, Odisha Chief Minister Naveen Patnaik said here on Sunday.
Inaugurating IBM’s Client Innovation Center (CIC) at O-Hub, Chandaka Industrial Estate in Bhubaneswar, Patnaik said the new centre will position Odisha as a technology resource hub of India.
He said: “Over the years, resurgent Odisha has scripted success stories in many spheres. It is marching ahead with renewed confidence towards a New Odisha adopting new ideas, innovation and entrepreneurship. Odisha is now fast emerging as a technology resource hub of India.”
The Innovation Centre will have an intake capacity of 500 employees as the company is looking to expand its strength to serve global clients out of India. It will create opportunities for existing employees as well as enable the company to harness potential talent including graduate hires from the technical educational ecosystem in Odisha.
Highlighting the immense scope available in Bhubaneswar, the Chief Minister said most of the IT companies have set foot in Bhubaneswar. “The enabling environment, facilitation service and huge talent pool available here have turned Odisha into a destination of choice.
Opening up of the IBM Client Innovation Center adds yet another watershed moment, signifying the fast-changing IT ecosystem in the state,” he said.
The new CIC will leverage the IBM Garage method of delivery, an approach that helps IBM ‘Co-create’, ‘Co-innovate’, and ‘Co-operate’ transformative business and complex technology solutions with its clients and ecosystem partners.
Odisha E &IT Minister Tusharkanti Behera, Secretary Manoj Kumar Mishra also spoke on the occasion. UNI BD SSP
Submitted by IBM
WASHINGTON, October 14, 2022 /CSRwire/ - The Hispanic Heritage Foundation (HHF) announced today its collaboration with IBM (NYSE: IBM) which includes leveraging IBM SkillsBuild – a free education program that helps students and adult learners develop valuable new skills and access career opportunities in technology fields – by providing digital content, personalized mentoring, and the experiential learning they need to gain technical, critical thinking, and creative problem-solving skills. The program will be offered for FREE to HHF Network, is completely digital, and includes IBM-branded digital credentials that are recognized by the market to create direct pathways to tech jobs. The effort will be open to high school students, college students, young professionals, and adult learners.
“This IBM SkillsBuild collaboration has been a transformational goal of our tech pathways strategy and goal for years,” said Jose Antonio Tijerino, President, and CEO of HHF. “Our community has a tremendous value proposition for America’s workforce and through this innovative collaboration, America can benefit from the talent we have always had to offer. Our collective mission is to provide training and opportunities for our community to make an impact in the tech sector.
We are grateful to IBM for allowing us to leverage their expertise and pathways in preparing the Latinx community for jobs that desperately need to be filled. As Latinos, we’re ready as we always have been.”
The learning pathways available through IBM SkillsBuild include courses on workplace skills, such as communication and leadership skills designed for any beneficiary wishing to understand how to work in the digital world, as well as courses on data analytics, cybersecurity, cloud computing, and many other technical disciplines. The program will also help early school leavers and long-term unemployed to gain what is required to re-enter the workforce. Courses are available in English and Spanish, providing Hispanic learners with a better and deeper understanding of course materials, to help ensure completion and professional competency.
“As a Latina, I am very excited and honored to be partnering with the Hispanic Heritage Foundation to provide free education and career readiness resources to Hispanics nationwide,” said Claudia Cortes Romanelli, Director of Corporate Social Responsibility at IBM. “I see every day the great opportunity to invest in skilling the next generation of STEM talent from the Hispanic community. We look forward to working with HHF as part of our commitment to equitably skill 30 million people worldwide.”
The Hispanic Heritage Foundation award-winning LOFT (Latinos on Fast Track) program is a leadership and workforce development program and network with a focus on various sectors or “tracks,” including tech. HHF’s broad network and beyond will be exposed to IBM SkillsBuild to learn, and build skills in artificial intelligence, data science, cloud, security, information technology, and more, with opportunities for mentoring and networking in the tech space as well as earning certifications and placements into the workforce.
IBM and HHF’s collaboration is part of IBM’s commitment to equitably skill 30 million people globally by 2030.
About the Hispanic Heritage Foundation
HHF’s mission focuses on education, the workforce, identity, and social impact through the lens of leadership and culture. For more information, visit www.hispanicheritage.org and follow the Hispanic Heritage Foundation on Instagram, Facebook, Twitter, and TikTok
About IBM Education
As part of the company's Corporate Social Responsibility efforts, IBM's education portfolio takes a personalized, diverse, and deep approach to STEM career readiness. IBM's pro bono programs range from education and support for teens at public schools and universities to career readiness resources for aspiring professionals and job seekers. IBM believes that education is best achieved through the collaboration of the public, private, and not-for-profit sectors.
IBM SkillsBuild is a free education program focused on underrepresented communities, that helps adult learners, and high school and university students and faculty, develop valuable new skills and access career opportunities. The program includes an online platform that is complemented by customized practical learning experiences delivered in collaboration with a global network of partners. The online platform offers over 1,000 courses in 19 languages on cybersecurity, data analysis, cloud computing, and many other technical disciplines — as well as in workplace skills such as Design Thinking. Most importantly, participants can earn IBM-branded digital credentials recognized by the market. The customized practical learning experiences could include project-based learning, expert conversations with IBM volunteers and mentors, premium content, specialized support, connection with career opportunities, and access to IBM software. IBM SkillsBuild operates in 168 counties and has supported 2.2M learners.
Innovation – joining invention and insight to produce important, new value – is at the heart of what we are as a company. And, today, IBM is leading an evolution in corporate citizenship by contributing innovative solutions and strategies that will help transform and empower our global communities.
Our diverse and sustained programs support education, workforce development, arts and culture, and communities in need through targeted grants of technology and project funds. To learn more about our work in the context of IBM's broader corporate responsibility efforts, please visit Innovations in Corporate Responsibility.
More from IBM
Odisha Chief Minister Naveen Patnaik inaugurated IBM's Client Innovation Center (CIC) on Sunday.
Speaking at the IBM CIC inaugural function, Patnaik said most of the IT companies have set foot in Bhubaneswar and Odisha is now fast emerging as a technology resource hub.
"Over the years, the resurgent Odisha has scripted success stories in many spheres. It is marching ahead with renewed confidence towards a New Odisha adopting new ideas, innovation and entrepreneurship," he said .
"Opening up of the IBM Client Innovation Center adds yet another watershed moment, signifying the fast changing IT ecosystem in the state," the chief minister said. The CIC, Bhubaneswar, is set up in line with the forays IBM has been making into emerging cities to get access to the diverse and rich talent available across the country. The Center will fast-track the digital transformation and economic growth of the region, as IBM Consulting continues to strengthen its Hybrid Cloud and AI Consulting capabilities delivered to global clients out of India, the company said.
"The expansion of our network of CICs is integral to supporting the growing needs of our clients as they accelerate their business transformation journey. Our teams will utilize their end-to-end delivery capabilities throughout the entire system development life cycle, from design to architecture to creation," said Amit Sharma, Managing Partner – Global Delivery, IBM Consulting. He said Bhubaneswar is fast emerging as a key talent hub in the country and this Center will provide these technology professionals with the opportunity to do impactful work for clients not just in India but across the world.
The new CIC will leverage the IBM Garage method of delivery, an approach that helps IBMCo-create', Co-execute', and Co-operate' transformative business and complex technology solutions with its clients and ecosystem partners, he said. The expanded presence of IBM in Bhubaneswar will create opportunities for existing employees as well as enable the company to harness the potential talent including graduate hiring from the technical educational ecosystem in Odisha.
IBM Consulting will now operate from 11 CIC locations in India, including Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, National Capital Region, Pune, Mysuru, Kochi and Coimbatore. Immediately after inaugurating the IBM facility here, Patnaik left for Hyderabad on his birthday on Sunday to attend the last investors' meet, the curtain raiser event for the third Make-in-Odisha' conclave to be held in the state from November 30 to December 4.
Earlier, Patnaik had attended a similar investors' meet at Bengaluru. During his two-day visit to Hyderabad, Patnaik will hold one-on-one meetings on Monday with business tycoons at Hyderabad to highlight investment opportunities in Odisha and woo investors.The aim of the Hyderabad meet is to attract investments in IT, ITeS, pharmaceuticals, healthcare, textiles and apparel, electronics system design and manufacturing (ESDM) besides food processing and renewable energy sectors, an official said. Patnaik's Hyderabad programme will be significant as the state government has recently released its new IT policy that aims at helping the state secure a prominent position on the global map as a preferred IT outsourcing destination propelling employment opportunities and inclusive growth.
Odisha Chief Minister Naveen Patnaik on Sunday inaugurated IBM's client innovation centre (CIC) at O-Hub, Chandaka Industrial Estate in Bhubaneswar, further expanding the IT ecosystem in the state.
The centre was inaugurated in the presence of state's IT Minister Tusharkanti Behera, Odisha's E and IT Secretary Manoj kumar Mishra, Amit Sharma, Managing Partner Global Delivery, IBM Consulting, along with other dignitaries.
The new centre will position Odisha as a technology resource hub of India, stated the press release from CMO.
The innovation centre will have a capacity of 500 employees as the company is looking to expand its capacity to serve global clients outside India. It will create opportunities for existing employees and also enable the company to harness the potential talent including graduate hires from the technical educational ecosystem in Odisha.
INNOVATION CENTRE INAUGURATED
Speaking on the occasion, Patnaik said, "Over the years, the resurgent Odisha has scripted success stories in many spheres. It is marching ahead with renewed confidence towards a new Odisha adopting new ideas, innovation and entrepreneurship. Odisha is now fast emerging as a technology resource hub of India."
Highlighting the immense scope available in Bhubaneswar, CM said that most of the IT companies have set foot in the city. "The enabling environment, facilitation service and huge talent pool available here have turned Odisha into a destination of choice," he said.
The opening up of the IBM client innovation center adds yet another watershed moment, signifying the fast changing IT ecosystem in the state, Patnaik added.
Meanwhile, IBM stated, "We announce the opening of new client innovation centre in Bhubaneswar. This is in line with the forays IBM has been making into emerging cities to get access to the diverse and rich talent available across the country. The center will fast-track the digital transformation and economic growth of the region, as IBM consulting continues to strengthen its hybrid cloud and AI consulting capabilities delivered to global clients outside the country."
Amit Sharma, Managing Partner, Global Delivery, IBM Consulting said, "The expansion of our network of CICs is integral to supporting the growing needs of our clients as they accelerate their business transformation journey. Our teams will utilize their end-to-end delivery capabilities throughout the entire system development life cycle, from design to architecture to creation."
Bhubaneswar is fast emerging as a key talent hub in the country and this center will provide these technology professionals the opportunity to do impactful work for clients not just in India but across the world, he added.
The new CIC will leverage the IBM garage method of delivery, an approach that helps IBM 'Co-create', 'Co-innovate', and 'Co-operate' transformative business and complex technology solutions with its clients and ecosystem partners.ALSO READ | Naveen Patnaik inaugurates 2 irrigation projects in President Murmu's home district
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