Tata Consultancy Services (TCS), the country’s biggest IT services firm, is looking to invest heavily in artificial intelligence to keep up with the changing technological landscape.
What Happened? TCS aims to amp up its AI capabilities as it views the technology as one of the main drivers of growth in the future, Chairman N Chandrasekaran said in a letter to shareholders.
“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,” he said.
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He also said that 5G, the internet of things, generative AI, virtual reality or the metaverse, and other technologies were likely to gain more interest and investments over the near to medium term.
In FY 2023, TCS delivered a growth of 17.6% at an operating margin of 24.1% and closed the year with an order book of $34.1 billion (₹2.81 lakh crore), he said.
Among a string of other partnerships and contracts in the recent past, TCS has partnered with Google Cloud to launch a new offering, TCS Generative AI, which makes use of Google Cloud's generative AI services to design and deploy custom-tailored business solutions.
TCS was developing a ChatGPT equivalent for enterprise code generation, Chief Operating Officer N Ganapathy Subramaniam said early last month.
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