In a letter to shareholders, N Chandrasekaran, the chairman of Tata Sons and Tata Consultancy Services (TCS), discussed the company’s investment in artificial intelligence (AI) technology in order to keep up with industry developments. Despite the global uncertainty that has marred the IT industry in recent months, TCS has flourished, delivering growth of 17.6% and an order book worth $34.1 billion in FY23.
Chandrasekaran applauded TCS’ success during a volatile period, stating that the company would continue to invest in AI capabilities. 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, the letter read.
Chandrasekaran also acknowledged the growing interest and potential investments in technologies such as 5G, IoT, generative AI, virtual reality/metaverse, and digital twin in the near to medium term.
The letter also paid tribute to outgoing CEO Rajesh Gopinathan, who will remain with the company until September 16, and welcomed the incoming CEO K Krithivasan, who takes over on June 1. Chandrasekaran thanked Gopinathan for his contributions during his tenure and wished him well in his future endeavors.
The letter concluded by emphasizing TCS’ commitment to investing in technology, innovation, and sustainability in order to navigate important transitions in the industry and grow opportunities for the future.
