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Tata Sons Chairman N. Chandrasekaran (Photo: PTI)
Generative Artificial Intelligence (GenAI) will have a significant impact on nearly every sector and country in the future, resulting in higher productivity, said N Chandrasekaran, chairman of IT services major Tata Consultancy Services (TCS). Tata Group, for instance, is in the midst of executing over 100 GenAI projects.
Addressing the 29th Annual General Meeting (AGM) of TCS, Chandrasekaran said: “We are in the midst of executing 100+ GenAI projects which are demonstrating tangible business impact on customer experience, productivity, and efficiency.”
Some of the use cases include GenAI in e-commerce, where GenAI is being used to generate product catalogues, deliver conversational shopping experiences, and provide personalised offers.
“In manufacturing, GenAI is enabling shop floor workers to troubleshoot complex equipment by asking questions in their native languages, thereby improving productivity,” he said in his address to the shareholders.
He also added that companies are utilising GenAI to analyse large documents such as tender documents to significantly reduce the sales cycle.
Chandrasekaran added that AI will empower every employee to perform at a higher level of productivity.
“All industries will witness higher productivity. GenAI will not only improve productivity but also create an impact we hitherto have not seen or imagined,” said Chandrasekaran.
Talking about the impact of AI and GenAI on businesses, Chandrasekaran said that the deployment of AI and GenAI will significantly help financial institutions in both driving efficiency as well as targeting new customers and serving customers in a very personalised manner. It will allow accelerated drug development, and in advanced manufacturing, an AI-first approach will drive new benchmarks in productivity, efficiency, and sustainability.
“For example, insurance claims will be processed in a matter of minutes, and lending and disbursements will become much faster. AI is accelerating drug development by screening millions of compounds, predicting interactions, and generating new candidates for testing,” he added.
While talking about TCS’ efforts to ramp up its capabilities in GenAI, Chandrasekaran added that the company is focusing on creating its own AI and GenAI-led IP and platforms. “TCS has enhanced its Mastercraft product suite with GenAI capabilities to generate business applications. TCS has created a platform for generating front-end applications based on business requirements in natural language. To help customers in their adoption of GenAI, TCS has built a platform that helps enterprises select the most cost-effective LLM for their context,” he added.
He also added that TCS is making significant investments and building capabilities to partner with customers during this phase of rapid technological shifts. “In FY24, TCS consolidated AI and cloud expertise with the creation of the AI.Cloud unit. In addition, each of the business groups is developing domain-specific AI/GenAI offerings,” he added.
First Published: May 31 2024 | 5:30 PM IST
