New Delhi: Infosys CEO Salil Parekh said GenAI won’t lead to layoffs in the company. He said clients are very interested in GenAI and the company is mobilizing these technologies big time.
He compared the current GenAI adoption curve to digital and cloud adoption in the past and said as enterprises see the benefits and business outcomes, GenAI adoption will accelerate.
“We have no update. Status is the same as what we communicated externally a few days ago,” he said when asked if the company will make provision for the same given the back taxes owed for several years.
Infosys has been building its AI capabilities big time with over 225 GenAI programs for clients and over 250,000 employees trained in generative AI. Parekh believes GenAI will help businesses grow by addressing new areas like fine tuning credit analysis for banks which can expand product offerings and create new revenue opportunities.
Despite the fast pace of AI, Parekh said Infosys doesn’t see any layoffs due to these new age technologies. Instead the company is hiring more in response to changing economic conditions. Infosys reported strong growth in Q1 with big deal wins and increase in guidance.
India’s GenAI market is expected to grow at a compound annual growth rate (CAGR) of over 24.4% from 2023 to 2030, according to the Deloitte report which also says India will be a global leader in AI innovation using GenAI to drive inclusive growth and sustainable development.
So companies across industries are today looking to use generative AI tools to solve business problems, automate mundane tasks, customise and personalise customer interactions, get more out of sales and marketing efforts, code generation and enterprise and organisational efficiency.
In fact, Infosys Chairman Nandan Nilekani wrote a note on ‘What’s next for the generative AI revolution’ in the latest annual report. He said gen AI is an “unparalleled opportunity” and the flux of change with the whole technological landscape being reset will create many big opportunities.
Parekh said GenAI has become table stakes for clients who are using large language models for various business benefits – software development, customer service and process optimization. Infosys is seeing big benefits for clients in these areas and is becoming an AI-first company.
Infosys’ AI and GenAI work is available to clients through Infosys Topaz. The company is working on several client projects in software engineering, process optimization, customer service, advisory services and sales and marketing.
