In a letter that N Chandrasekaran, the chairman of the IT behemoth, Tata Consultancy Services, penned for its shareholders, he addressed that the company is investing in AI technology in order to keep up with the industry. He mentioned in the letter how despite global uncertainty, the company has prospered. He said, “TCS has done well in a volatile global environment in the year gone by.” Following this, he articulated that in FY 2023, TCS obtained growth of 17.6 per cent while maintaining an operating margin of 24.1 per cent that leads the industry. finished the year with a $34.1 billion order book. This, combined with the robust pipeline replenishment, gives us favourable medium-term visibility.
While speaking of its plans to invest in AI, Chandrasekaran said that the world is undergoing a number of significant transitions that call for sizable investments in technology and innovation as it presents a tremendous growth opportunity for the information technology sector. The world’s transition to clean energy is quickening. Businesses are committing themselves firmly to a sustainable future.
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The letter read, “Businesses are still adopting predictive AI and are on the journey of capturing data, and harnessing the power of cloud and IoT. Leveraging generative AI would further require technology innovation and investments. TCS is significantly investing in building AI capabilities which include products and platforms that are AI-powered.”
TCS isn’t the only tech giant that has involved AI in their business, Infosys was making headlines a few days back for unveiling Topaz, a new offering by the company that combines data analytics, artificial intelligence, and generative AI and highlights the technology’s increasing importance.
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