Stefanini projects 14% revenue growth for 2024, driven by AI initiatives

Brazilian IT multinational Stefanini has revealed ambitious projections for the next year, anticipating a remarkable rise in global revenues to nearly 8 billion reais (approximately US$1.32 billion) by the end of 2024. This marks a growth of 14% and represents a record achievement for the company, driven significantly by projects centred around artificial intelligence (AI). Marco Stefanini, the CEO and founder, disclosed this forecast during a press event held on Thursday.

During the event, Stefanini provided insights into the company’s updated three-year investment plan announced in 2023, which has now been expanded to include an additional 1 billion reais for investment by the year 2027. Originally projected at 1 billion reais in capital expenditure from 2023 to 2026, the company is now expecting to commit a total of 2 billion reais between 2024 and 2027. The majority of this funding is anticipated to be directed towards mergers and acquisitions (M&As), specifically targeting startups and enterprises focused on AI technologies.

Stefanini has been at the forefront of exploring large language models (LLMs) since 2018, prior to the surge in popularity brought about by the launch of ChatGPT. Currently, the company reports having implemented 250 use cases of AI across over 100 clients, spanning various sectors. The firm has developed several generative AI (GenAI) projects that encompass areas such as cybersecurity, Industry 4.0, cloud computing, digital marketing, and finance.

Fabio Caversan, the Vice President of Innovation and Digital Business for North America and the Asia-Pacific at Stefanini, shared insights into the current AI landscape. Speaking to BNamericas, Caversan acknowledged that while numerous companies have ventured into AI investments, many have struggled to realise tangible returns. He noted that this lack of success could stem from choosing unsuitable solutions for specific challenges, or from not partnering with an expert capable of outlining a strategic plan, which may not always involve GenAI technologies.

Caversan oversees Stefanini’s global AI centre of excellence, which was established at the company’s headquarters in the US earlier this year. The organisation maintains AI development centres across all regions in which it operates, including two based in Brazil.

In the finance sector, Stefanini has partnered with a leading private bank in Brazil to conduct analyses of customer profiles. In another initiative, the bank reportedly achieved double its initial revenue target within a year through AI applications in marketing strategies for a particular product. Additionally, in collaboration with a digital bank, the implementation of GenAI by Stefanini resulted in a 76% reduction in the time taken to fulfil legal demands.

The company has also made strides in the mining sector, aiding a mining firm in mitigating environmental impacts associated with operations in the Amazon rainforest. This initiative leveraged data analysis, Internet of Things (IoT) technology, and machine learning algorithms to assess environmental factors such as air quality and water conditions, while also detecting forest fires. Notably, the same mining client saw a decrease in the required range for employee field trips from 600 km to 200 km due to real-time data collection capabilities. Previously, it took a week to gather data from 35 monitoring stations, a process that is now completed every five minutes, according to Stefanini.

Established 37 years ago, Stefanini currently operates in 41 countries and employs over 38,000 individuals, positioning itself as a significant player in the global IT and AI landscapes.

Source: Noah Wire Services