'...New Skillsets For Future': Tata Sons Chairman Chandrasekaran's Letter to Shareholders Shares Key Details on New Benchmarks in Productivity
‘…new skillsets for future’: tata sons chairman chandrasekaran’s letter to shareholders shares key details on new benchmarks in productivity
Tata Sons Chairman N Chandrasekaran on Thursday in his letter to shareholders said the advanced manufacturing, new technologies like AI, new energy, data and business models are changing the future of work and are compelling new skillsets to be built for the future.
TCS chairman said that after nearly two years of recessionary fears, persistently high inflation, and unprecedented monetary tightening, the global macro-outlook looks relatively better now with improving growth, disinflation, and monetary easing in sight. “Across industries globally, there are multiple mega trends that are shaping priorities of businesses: AI, New Energy, Supply Chain and Talent.”
New Benchmarks in Productivity
In Advanced manufacturing, an AI-first approach will drive new benchmarks in productivity, efficiency and sustainability, he said in the company’s integrated annual report 2023-2024
Bullish on Artificial Intelligence
Chandrasekaran said GenAI technologies will impact almost every sector and the country going forward and enterprises have already invested in cloud, data infrastructure and large processing power. “GenAI will not only improve productivity but also create an impact we hitherto have not seen or imagined,” he said.
“Global energy transition is accelerating, and businesses are making clear commitments towards a sustainable future. The energy requirement of our fast-changing world is enormous. Key is to lower the cost of energy while also transitioning to renewables. This transition requires large investment in technology, electric mobility, renewable power, hydrogen and sustainable fuel,” he further noted.
In FY 2024, TCS has consolidated AI and Cloud expertise with the creation of the AI.Cloud unit. In addition, each of the business groups are developing domain-specific AI/GenAI offerings relevant to the industry value chain. Over 300,000 employees have been upskilled on GenAI technologies in FY 2024. TCS’ products and services are also being enhanced with AI capabilities. For example, TCS BaNCSTM is enriching its product portfolio with integrated AI/ML and GenAI capabilities; AI is also being embedded in Cybersecurity services to enable predictive capabilities.
CEO K Krithivasan said that Tata Consultancy Services had one of the biggest and most AI-ready workforces in the world in an email to employees at the start of the new fiscal year. In the email, Krithivasan thanked staff members for their efforts to learn about artificial intelligence. “TCS is currently working over 200 engagements in GenAI with our clients and foresees a promising pipeline of future work across all industries,” said Krithivasan.