Ascendion Reports Massive 382% Year-over-Year Growth in Generative AI Revenue

Ascendion's Generative AI Revenue Increases 382% in H1 24

Ascendion has trained more than 1,500 employees in GenAI tools so far Ascendion, a provider of digital engineering services, reported a 382% increase in generative AI revenue in the first half of 2024 compared to the same period in the previous year. The company has successfully completed over 50 generative AI programmes so far in 2024. The company said it has trained more than 1,500 employees in GenAI tools, and 57% of the workforce is now Gen AI-literate. "Our commitment to 'Engineering to the power of AI' has driven market-leading progress in the first half of 2024. From groundbreaking client impact to significant productivity gains, we've set the bar for the industry. GenAI is already driving a significant part of our growth and business, and as we move into the second half of the year, we're doubling down on innovation and excellence, poised to deliver even greater value and transformation," said Karthik Krishnamurthy, CEO of Ascendion. Leveraging Ascendion's AVA+ platform, a Fortune 50 bank achieved a 50% increase in productivity and a 40% reduction in effort for data extraction and validation processes. Similarly, a major manufacturing client leveraged generative AI for customer service optimisation, resulting in a 20% increase in operational efficiency and a 25% boost in system efficacy. Earlier this year, Ascendion also unveiled a new AI Studio in Chennai to foster creativity, collaboration, and real-time problem-solving, enabling clients to witness the transformative power of Gen AI firsthand.

Ascendion leads the charge in Generative AI in the first half of 2024

Over 50 programs completed in 1H 2024, delivering a 40% increase in productivity and 50% higher developer efficiency as their AVA+ platform revolutionizes software engineering productivity. Clients experience double-digit savings via AI Arbitrage and accelerated innovation. Delivering real-world client impact with Gen AI; a Fortune 50 bank, leading healthcare provider, major manufacturing client and others see significant gains with GenAI solutions. Inaugurated their Chennai AI Studio, a cutting-edge hub for co-engineering and real-time problem-solving with clients. More than 1,500 employees trained to be Gen AI-literate, driving transformative client solutions and internal productivity. Recognized as a Market Leader in Generative AI services by leading industry analysts, further validating leadership and innovation in the GenAI space. Ascendion is making waves in the GenAI landscape with significant strides in innovation, client success, and talent development while driving tangible results and setting new benchmarks for excellence in AI-driven solutions. In an industry dominated by traditional service providers, Ascendion is breaking away from the pack and emerging as a disruptive leader in the software engineering space. The company's trajectory in the first half of 2024 has surpassed much of their competition with GenAI at the forefront of their strategy and operations. "Our commitment to 'Engineering to the power of AI' has driven market-leading progress in the first half of 2024, said Karthik Krishnamurthy, CEO of Ascendion, "From groundbreaking client impact to significant productivity gains, we've set the bar for the industry. GenAI is already driving a significant part of our growth and business, and as we move into the second half of the year, we're doubling down on innovation and excellence, poised to deliver even greater value and transformation." Highlights from the first two quarters of 2024 include: · Ascendion AVA+ platform delivers impact: Over 50 GenAI client programs have been successfully completed so far in 2024 (with more underway). Ascendion has seen a 382% increase in Gen AI-driven revenue compared to 2023. · Client success stories: Ascendion is delivering significant productivity gains and commercial impact for clients. o Fortune 50 bank: Leveraging Ascendion's AVA+ platform, the bank achieved a 50% increase in productivity and a 40% reduction in effort for data extraction and validation processes. o Leading healthcare provider: Implemented a GenAI driven data de-identification and re-identification solution, enhancing operational efficiency by 30% and reducing error rates by 50%. o Major manufacturing client: Utilized GenAI for customer service optimization, resulting in a 20% increase in operational efficiency and a 25% boost in system efficacy. · Client economic impact through AI arbitrage: Clients now taking advantage of the option for "AI Commercials" (vs. "Heritage pricing") for double-digit savings, freeing up capital for innovation and further growth. · GenAI training: More than 1,500 employees trained in GenAI tools, with 57% of the entire workforce now Gen AI-literate. · Expanding leadership and expertise: In a strategic move to amplify its AI capabilities, Ascendion appointed industry veteran Daryush Laqab as Chief AI Officer. With over two decades of experience at tech giants like NVIDIA, JPMorgan Chase & Co., Google, Microsoft, and Twitter, he will spearhead the company's AI-driven productivity, transparency, and quality through the AVA+ platform. · Market validation from industry analysts: Ascendion has been recognized as a Market Leader in Generative AI services by leading industry analysts. · A new hub for AI innovation: The newly launched AI Studio in Chennai is designed to foster creativity, collaboration, and real-time problem-solving, enabling clients to witness the transformative power of Gen AI firsthand. "Enterprise leaders are excited about the future of AI, but they need to see real-world results," said Prakash Balasubramanian, Executive Vice President, Engineering Solutions. "Our new AI Studio in Chennai provides a dynamic space where clients can co-engineer with us and see - in real time - the immediate impact of our GenAI solutions on their business challenges." Ascendion's GenAI progress in the software engineering space is capturing attention. "Ascendion is demonstrating agility and velocity in the early days of the GenAI revolution," said David Cushman, Executive Research Leader for HFS Research. "Their ability to integrate AI seamlessly into client workflows and demonstrate immediate ROI places them among the leaders in the AI-powered software engineering landscape." As Ascendion continues to lead the charge in Gen AI innovation, we remain committed to pushing the boundaries of what's possible, delivering unparalleled value to our clients, and setting new standards for the industry. The second half of 2024 promises even greater advancements as we continue to engineer the future with the power of AI. About Ascendion Ascendion is a leading provider of AI-first software engineering services. With a focus on applied AI, software engineering, cloud, data, experience design, and talent transformation, Ascendion accelerates innovation for Global 2000 clients. Ascendion is headquartered in New Jersey and has 30 offices across the U.S., India, and Mexico. Ascendion is a leader in digital engineering services, dedicated to providing innovative solutions that empower businesses.