Infosys INFY recently announced a partnership with financial services bank holding giant Old National Bancorp ONB to modernize the latter’s technology landscape with its advanced digital solutions.
Infosys’ solutions will bring advanced automation to Old National Bancorp’s infrastructure, thus reducing time to market.
Infosys Limited Price and Consensus
Infosys Limited price-consensus-chart | Infosys Limited Quote
Digital Transformation: A Key Driver
Infosys has been attempting to reinforce its digital transformation capabilities for expanding and solidifying its position in the highly competitive environment.
The company is enabling its clients across more than 45 countries to create and execute strategies for their digital transformation.
We note that Infosys is looking to build a strong team of digital specialists in order to cater to clients across all verticals whose key theme remains digital transformation. Reportedly, Infosys has built solutions, driven by AI and machine learning, to digitize the data supply chain.
IDC expects to spend on technologies and services that enable the digital transformation of business practices, products and organizations to reach $1.3 trillion in 2020.
Moreover, the coronavirus pandemic has opened opportunities for several businesses. Businesses can now work on the digital experience. This scenario is boosting the digital transformation market. Per a Grand view research report, the global digital transformation market size is expected to see a CAGR of 22.5% from 2020 to 2027 and reach $1392.91 billion.
We, therefore, believe that the company’s initiatives in this regard will prove to be very beneficial to its top line, going forward.
Infosys has been strengthening its core competencies by pursuing collaborations and acquisitions. The company’s alliance strategy is targeted at teaming up with leading technology providers, which allows it to cash in on the emerging technologies in a mutually advantageous and cost-competitive manner.
In order to boost digital, cloud, legacy modernization and automation business, Infosys cemented strategic tie-ups with Google, Adobe, Microsoft, Amazon Web Services and salesforce.com.
We believe that such efforts in the digital-transformation business will boost the company’s position to compete with its rivals like Accenture ACN and Cognizant CTSH.
Infosys currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
See their latest picks free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Cognizant Technology Solutions Corporation (CTSH) : Free Stock Analysis Report
Accenture PLC (ACN) : Free Stock Analysis Report
Infosys Limited (INFY) : Free Stock Analysis Report
Old National Bancorp (ONB) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research