Overview
IFS, a global leader in enterprise cloud solutions and industrial AI software, is set to mark a significant milestone with a $1 billion economic contribution to Sri Lanka by the end of this year. This achievement reflects over two decades of active operations in the country, supported by extensive investments, salaries, and community engagement. CEO Mark Moffat has confirmed this milestone during the IFS Unleashed 2024 global conference in Orlando, where he underscored the company’s dedication to Sri Lanka, calling it the “engine room” of IFS’s global operations.
Sri Lanka: IFS’s Operational Hub
IFS began its journey in Sri Lanka in 1997, starting with a team of just 26 employees. Since then, it has grown substantially, now employing nearly 3,000 people in Sri Lanka, representing around 40% of its global workforce. This workforce handles approximately 80% of IFS’s global product support and 60% of its research and development functions, highlighting the critical role Sri Lanka plays in the company’s infrastructure and growth.
During the Orlando event, Moffat shared that IFS is “super proud” of its operations in Sri Lanka and noted that the company’s investment plans remain steady despite recent political shifts. This year, IFS is further solidifying its commitment to the country by announcing a new facility at the Colombo Port City, which will create an additional 1,000 jobs. This expansion highlights IFS’s role in supporting Sri Lanka’s economy and bolstering its IT sector.
Investment in Sri Lanka’s Future and Talent Pool
Mark Moffat also announced an increase in investment in research, product development, and technological innovation, which will particularly benefit IFS’s operations in Sri Lanka. With this expansion, IFS aims to foster a vibrant IT community, offering more opportunities for skilled professionals and strengthening Sri Lanka’s position in the global technology landscape.
Through the years, IFS has generated over 10,000 employment opportunities in Sri Lanka. This expansion has supported the development of a skilled local IT workforce, helping to drive the growth of the industry and the country’s economy.
Corporate Social Responsibility and Community Support
Beyond business, IFS is deeply invested in uplifting Sri Lankan communities. Through the IFS Foundation, the company engages in various projects aimed at addressing poverty and supporting sustainable development in the country. These initiatives are aligned with the United Nations Sustainable Development Goals (SDGs), covering critical areas such as healthcare access, clean water, sanitation, education, and job creation.
During the Unleashed 2024 conference, IFS Foundation held a charity run, with proceeds directed towards its community work in Sri Lanka. This annual event reflects the company’s commitment to corporate social responsibility and demonstrates how it uses its global reach to contribute to positive changes in local communities.
Highlights from IFS Unleashed 2024
Held in Orlando, IFS Unleashed 2024 was attended by approximately 3,000 customers, partners, analysts, and media members, marking a 50% increase in attendance compared to the previous event in Miami. The conference included over 200 sessions dedicated to helping businesses explore industrial AI, data-driven insights, and innovative growth opportunities.
At the event, IFS unveiled its latest advancements and strategic vision, focusing on its ambition to become the “undisputed category leader” in industrial software. Moffat shared this vision in his keynote, emphasizing the company’s goal to be the foremost brand in the industry. IFS.ai, the company’s state-of-the-art industrial AI platform, was highlighted as a powerful tool that enables global clients to manage their critical assets, workflows, people, and services responsibly.
IFS’s Role in the Next Industrial Revolution
As industries move into a new era marked by advancements in AI and machine learning, IFS is positioning itself at the forefront with IFS.ai, which Moffat described as a “class-leading industrial AI platform.” This technology empowers customers to handle essential operations, ensuring smooth, efficient management of assets, workflows, and people across industries.
IFS supports six core sectors with its software: Aerospace and Defense, Construction and Engineering, Energy, Utilities, and Resources, Manufacturing, Service Industries, and Telecommunications. With its industry-specific expertise, IFS delivers tailored solutions that address unique challenges and requirements, helping businesses streamline processes and drive innovation.
Unveiling IFS Cloud 24R2 and AI-Driven Enhancements
One of the main announcements at Unleashed 2024 was the launch of the IFS Cloud 24R2, an upgraded version of the IFS Cloud platform powered by IFS.ai. This release is specifically designed to maximize the value for asset- and service-intensive industries, enhancing user experience and driving large-scale adoption of industrial AI solutions.
With this update, IFS continues to cater to the evolving needs of its clients, ensuring they can leverage AI to streamline operations, reduce costs, and unlock new growth avenues. The new features focus on providing actionable insights that improve decision-making and operational efficiency, enabling businesses to stay ahead in a rapidly changing environment.
IFS’s Long-Term Vision and Future Goals
Founded in 1983, IFS has grown into a leading provider of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Supply Chain Management (SCM), Information Technology Service Management (ITSM), and Field Service Management (FSM). These solutions serve as the backbone of many industries, helping businesses manage complex processes and drive efficiency.
At the conference, Moffat shared IFS’s ambition to lead the next wave of industrial transformation through cutting-edge AI solutions. This goal reflects the company’s forward-looking approach, as it seeks to harness the potential of AI to empower businesses, enhance user experiences, and drive productivity on a global scale.
Conclusion
IFS’s contributions to Sri Lanka reflect a steadfast commitment to supporting the country’s economic growth and technological development. By establishing Sri Lanka as a hub for research, development, and customer support, IFS has empowered the local IT community and created thousands of jobs, all while contributing significantly to the national economy.
Looking forward, IFS remains dedicated to strengthening its presence in Sri Lanka and continuing its investments. With initiatives like the Colombo Port City facility, expanded R&D efforts, and ongoing CSR projects, IFS is set to further enhance its impact on the country.
