AI/ML to have a profound impact, says TCS Chairman N Chandrasekaran
TCS Chairman N Chandrasekaran said the company will make further investments to leverage generative AI and focus on retaining talent.
India’s leading technology services company Tata Consultancy Services (TCS) predicts the impact of artificial intelligence (AI) and machine learning (ML) will be profound, and this will be a central focus for the company.
In a letter to the shareholders, TCS Chairman N Chandrasekaran said, “There is a transition already underway from predictive AI to generative AI. Majority of the businesses are still adopting predictive AI and are on the journey of capturing large volumes of data, harnessing the power of cloud and IoT.”
Generative AI has become a big theme for enterprises around the world as many consider it is going to fundamentally change every process and system for organisations. Technology companies like TCS have also started to integrate various use cases on generative AI in their offerings.
Chandrasekaran said, “There are varying levels of adoption in companies across sectors. Leveraging generative AI would further require technology innovation and investments.”
However, the TCS chairman noted that in this path of creating generative AI solutions, the company will have to focus on talent. “The energy, supply chain and AI transitions are going to require companies to reskill/upskill existing talent base, hire and integrate new talent and invest in research,” he said.
At the same time, hiring and retention of talent has undergone a change with remote working becoming mainstream and enterprises assessing their approach.
“Harnessing this talent will need an approach that leverages technologies like AI and cloud to enable effective employee engagement and collaboration,” Chandrasekaran said.
TCS ended FY23 with a revenue of $27.9 billion, with a year-on-year growth of 8.6% and a net income of $5.2 billion—a 1.6% YoY rise.
The company's new CEO K Krithivasan, said it closed FY23 with an order book of $34.1 billion, giving them good visibility for the medium term.
Edited by Kanishk Singh
