In the era of advanced technologies like AI and Machine Learning, there is a demand to introduce and adapt to everyone’s life. The increase in these technologies can transform lives. Companies are shifting their focus towards AI to strengthen their ability and competitiveness. The risk of Information Technology companies is the rapid growth rate compared to traditional businesses.
There is an evergrowing concern about jobs as well. The changes in AI can revolutionize any industry and aid humans in making tasks easier. In this article, we will look at some companies that are transitioning from traditional approach to adapting AI into their business.
Algorithm vs Artificial Intelligence
There is a slight difference between Algorithms and Artificial Intelligence. Algorithms are designed to follow rules or instructions to perform a particular task. On the other hand, artificial intelligence refers to the mimicking and thinking of computers that are programmed to simulate human intelligence.
The Rise of Artificial Intelligence
The Transformational Shift across Industries has its pros and cons. Automating tasks and information can help with precision, decision-making, and which holds human capabilities. Mitigating biases, transparency, and collaboration between machines and humans. It was more of an algorithm that specific repetitive tasks were automated.
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Now with AI and Machine Learning things are changing from traditional algorithms to real-time learning by machines that can perform predictions and make their own decisions based on the new data which it has learned. This embarks a new era in the world of technology as a service making more prominent.
Stocks that are transitioning into Generative AI
As technology improves the increase of adoption leads to more competition in nature. The world is transitioning from traditional algorithms to artificial intelligence, helping people approach problem-solving, automation, and decision-making. It helps with Data Analysis, Improving the Efficiency of Employees and productivity, Using AI in various Industries for Automation and Identifying Issues, and so on. We will look at some companies looking for a transition and trying to be at the forefront of the race.
There is evergrowing insecurity regarding the job market due to the rise of Artificial Intelligence. As technology develops the job requirement widens. IT Outsourcing companies face the threat of AI as most of the automation work can replace human labour. This in return is cost effective to the companies in the long run. For people to remain competitive, they need to upskill, offering value-added services can help individuals and companies providing training.
Infosys
Infosys, as per the latest transcript, is observing a surge in client interest towards leveraging Generative AI in various domains including software engineering, process enhancement, customer service, consultancy, sales, and marketing.
The company is working with all major open-source and proprietary large language models. Infosys has generated over 3 million lines of code in software development alone using a Generative AI large language model.
In several projects, they have trained these models with client-specific data. Generative AI has been embedded into Infosys’ services and offerings through its “Topaz” AI platform. Infosys showcased examples like developing an enterprise-grade Generative AI platform rolled out to over 60,000 users at a large U.S. company, and deploying an internal company-specific knowledge assistant at a major bank.
Persistent Systems
Persistent Systems is accelerating its journey in the Generative AI space in FY24, fueling growth opportunities in two broad areas – AI for product engineering and AI for enterprises.
As per the recent transcript, For product engineering, Persistent is focusing on delivering productivity gains using AI/automation across the product development lifecycle through its SASVA platform. SASVA combines incremental dependency analysis, change impact analysis, adaptive planning algorithms, and hybrid language models to drive efficiencies, quality, security, and cost savings.
Persistent has invested in its GenAI Hub to help enterprises accelerate their transformation with GenAI. The GenAI Hub allows enterprises to adopt GenAI across models/clouds with no vendor lock-in, integrated with existing assets and pre-built accelerators.
Persistent won deals leverage SASVA for sustaining engineering, feature enhancements for a software product, reducing technical debt, and revenue acceleration metrics. It also won deals to develop GenAI-based platforms like a straight-through processing platform for an insurance firm, and a recommendation engine for a diagnostics firm, leveraging Azure OpenAI and other generative models.
More than 16,000 Persistent developers have received training in code-assist and generative AI productivity tools such as GitHub Copilot and Amazon CodeWhisperer. Persistent expanded its partnership with IBM to collaboratively build technology assets focused on IBM’s AI platforms like WatsonX.
Happiest Minds
Happiest Minds is one of the IT companies that is banking on AI. As per the recent transcript, The company established a dedicated business unit called GBS (Generative AI Business Services) to focus on Generative AI opportunities. With 20 projects including contextual chatbots, learning simulators, contract management, sentiment analysis, and content creation, the GBS unit already has 14 active customers from a variety of industries.
Happiest Minds is creating replicable Generative AI solutions across industrial technology streams that can be deployed for multiple customers. All the company’s engineers are being trained in Generative AI capabilities.
The GBS unit started with 70 people and is expected to grow to 250 employees by the end of the current fiscal year. Creating the GBS unit and focusing on Generative AI is a key driver of the company’s organic growth strategy and vision to reach $1 billion in revenue by 2031.
The Generative AI revenue will be reported separately as a new business segment called GBS, in addition to the existing Product & Digital Engineering Services (PDES) and Infrastructure Management & Security Services (IMSS) segments.
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Coforge
Coforge launched several new GenAI solutions in various sectors, including a knowledge management tool for contact center agents to enhance access to essential client details. They developed a job search platform that uniquely matches candidates with jobs fitting their skills, interests, and aspirations. Quasar Orion – an autonomous self-service solution that automates inbound and outbound customer service call response.
Coforge introduced its QE 360 platform that transforms quality engineering with AI-powered test lifecycle automation. Many of Coforge’s workforce have been trained and certified in GenAI fundamentals to foster a culture of continuous learning. The acquisition of Cigniti Technologies can help Coforge create a horizontal AI Assurance offering, including modules for data interrogation, bias detection, stability, precision drift testing, and model optimization.
Coforge with AI is creating significant opportunities for specialized assurance services like model validation, performance testing, algorithm testing, and output validations to reduce AI hallucinations.
LTIMindtree
LTIMindtree is looking for a transformation to Generative AI. In the recent transcript, LTI Mindtree mentioned the advent of GenAI. The potential it holds for transformative applications across industries is poised to revolutionize the way we approach problem-solving, innovation, and productivity.
The strategic partnerships with industry giants like Microsoft, AWS, Oracle, Snowflake, and NVIDIA coupled with initiatives, including signing an MoU with Eurolife FFH to establish a first-of-its-kind Gen Al and Digital Hub in Athens and dedicated facilities in Poland and Mumbai, positioning at the forefront of this revolution.
For a US-based insurance and retirement major. LTIMindtree has been chosen as the transformation partner to modernize their hybrid cloud operations with a converged ops model through Canvas.AI OPS-driven automation and Gen AI solutions to deliver 70% better customer service and problem solving.
List of some companies entering AI
Here is a list of some companies that are in transition into AI.
Conclusion
As we near the end of the article, there is an evergrowing need to increase the efforts to implement and adapt AI into various industries to have a business edge as well as eventually lower expenses. However, there is always an equilibrium of a balance where the jobs lost on one side will be restored on the other side to manage the balance.
Some companies are transitioning their business into integrating AI. It can be a game-changer on how innovative and realistic an approach it is accepted by the whole. What do you think about the future of AI and companies transitioning into AI? Let us know your views in the comments section below.
Written by Santhosh
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