CHENNAI, TAMIL NADU, 08/06/2023: N.Chandrasekaran,Chairman,TATA Sons,Speaking at Inaugurating Industry 4.0 infrastructure and training facilities in 22 Industrial Training Institutes at Oragadam in Kancheepuram district on Thursday.Photo: Velankanni Raj B/The Hindu
| Photo Credit: VELANKANNI RAJ B
Three fundamental transitions that the world is currently navigating through–namely Digital & AI transition, energy transition and the transition towards global sustainable value chain–require significant investments in technology and innovation by all clients and offer tremendous growth opportunity for the company, Tata Consultancy Services Ltd. (TCS) chairman N Chandrasekaran told shareholders at the company’s Annual General Meeting on Thursday.
“Over the past decade, there has been a rapid evolution of digital technologies, bringing about a transformation across every industry. Now, the advancements in AI have made AI transition a central focus,” he said.
“The impact of AI and Machine learning is going to be profound. There is a transition already underway from predictive AI to generative AI,” he added.
Stating that majority of businesses were still adopting predictive AI and were on the journey of capturing large volumes of data, harnessing the power of the cloud and IoT, he said varying levels of adoption were underway in companies across sectors.
“Generative AI would further require technology investments and innovation,” he said.
Mr. Chandrasekaran said the global energy transition was accelerating and businesses were making clear commitments towards a sustainable future.
“Every industry is focused on innovation across sustainable products, services, manufacturing, and delivery. New business models are emerging. Again, this transition requires a large investment in technology, including electric mobility, renewable power, hydrogen, and sustainable fuel,” he emphasised.
“In addition, sustainability compliance and reporting requirements are fast evolving with new standards and regulations coming into play. Across the various facets of this transition, investments in IT and digital technology will be an important enabler for businesses,” he added.
Highlighting that geopolitical shifts were altering the established supply chains, he said companies were rebalancing their supply chains for resilience and efficiency.
“Due to this, new global supply chain ecosystems are being created with India playing an important role. This is being led by significant capital investments in technology to set up ‘digital-first’ manufacturing and supply chain operations, as well as to build an ecosystem for integration with partners,” he said.
“All the above trends require a large investment in technology, and your company is best placed to partner with clients in their transformation journeys,” he told shareholders.
He said TCS was also focusing on building talent for the future.
“New technologies require talent with the right skill set. Your company is making significant investments in recruitment and training,” he said.
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