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Industries seek AI to transform businesses

The world is at the threshold of a technological transformation and clients across industries want to use artificial intelligence (AI) to reshape their businesses, said Srini Pallia, chief executive officer and managing director of Wipro, in the company’s annual report 2023-24.

The information technology services company last year launched ai360, an AI-first ecosystem backed by an investment of $1 billion over three years. “I am pleased to report that our strategy is unlocking significant business value for our clients and us. So far, we have trained over 225,000 associates on basic GenAI fundamentals and more than 30,000 associates on more advanced levels of AI based on roles and personas,” said Pallia in a letter to shareholders, referring to generative artificial intelligence.

“We also hold 470 AI patents, and our Lab45 AI platform is ready to use. Additionally, we have established robust guardrails to ensure compliance and safety for both us and our clients in our AI journey,” he said.

“Our consulting-led approach empowers clients to unlock value from AI, enabling them to achieve both short-term and long-term goals. As the benefits of AI-enhanced stakeholder experience, revenue insights, and cost optimization – become apparent, we anticipate a significant acceleration in this space.”

Wipro is collaborating with partners to provide a suite of AI-based industry solutions to “enhance and expedite customer service, elevate patient care quality, customise content for sales effectiveness, optimise factory operations, recommend portfolio strategies, enable intelligent decision making, provide context-aware recommendations and conduct thorough anomaly and fraud detection.”

Pallia said Wipro is also investing in skill-building initiatives for a future-ready workforce. This includes partnerships with leading universities like Indian Institute of Science (Bengaluru) for formal degree programmes in AI-related fields. Wipro’s iAspire AI-based learning and development platform offers personalised learning to employees.

Wipro Ventures, the company’s corporate investment arm, is investing in AI startups. In May, it invested in automation platform Kognitos, which uses GenAI to automate business processes and drive productivity across large transformation engagements.

“As we enter a new era fuelled by rapid technological progress, I am energised by the possibilities it presents for Wipro. Together, with our committed associates, we will leverage this momentum to unlock the next stage of growth,” said Pallia.

Pallia reiterated his five priorities to accelerate Wipro’s growth: accelerating large deal momentum; strengthen relationships with large clients and partners, and investing early on the next set of accounts that have the potential to grow into large ones; focusing on AI-powered industry-specific offerings and consulting-led business solutions; building talent at scale around industry solutions with an AI-first approach; and driving client centricity and delivery excellence with execution rigor and speed. Business Standard

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