LTIMindtree: AI Investment is a Must for Business Resilience

AI can offer a range of opportunities to business, such as improving operational efficiency and increasing revenue streams. 

One such company taking advantage of these positive use cases is LTIMindtree, a global technology consulting and digital solutions company that helps businesses expand beyond their traditional expertise. As a technology consultant, they advise businesses within financial and manufacturing sectors, in addition to retail, hospitality, media and entertainment. 

As a result, LTIMindtree is eager to leverage AI to its full potential to enable quicker product launches and improve overall business outcomes.

Technology Magazine speaks with Debashis Chatterjee, CEO and Managing Director at LTIMindtree, about why the company is prioritising AI investments and how its partnership with IBM will help businesses better adopt AI technologies.

LTIMindtree: Upscaling AI adoption in the workplace

“AI is extremely important for LTIMindtree’s current and future strategy,” says Debashis. “We are investing in building AI capabilities and offerings having established our Enterprise AI unit specifically for the adoption of AI. We have also developed our own generative AI (Gen AI) platform, Canvas.ai, which aids in the responsible implementation of AI for our clients.”

Debashis explains how LTIMindtree is also using AI to automate simple tasks like data processing, customer service and talent supply chain management. This is becoming a more frequent AI use case within the business landscape, as it frees up human workforces for more complex tasks.

“We are using internal bots augmented with AI for better query responses,” Debashis explains. “Additionally, our home grown learning management system is equipped with AI to help enrich user experience and organise content.

“We’ve implemented over 40 generative AI solutions into production and are involved in more than 140 Gen AI engagements with customers across various industry sectors such as BFS, insurance, retail and media.”

More broadly, businesses are starting to invest in AI more due to the cost-saving benefits the technology can afford. According to a recent survey by LTIMindtree, 33% of organisations reported cost reductions of less than 5%, with 55% seeing decreases between 5% and 20%.

“These savings come from automating tasks, allowing businesses to reinvest in new revenue streams and drive further growth,” Debashis explains. “Other technologies businesses can also prioritise include cloud computing, to scale resources up, as well as big data and analytics to help analyse large datasets to gain actionable insights.”

Confronting AI challenges: Reshaping the workforce

It is no secret that digital transformation is defining a new era of business development, reshaping the workforce with the power of disruptive technologies. According to a 2024 report by Adobe, 53% of US consumers have already used AI, with use cases ranging between AI-powered chatbots to image generators.

LTIMindtree in particular has seen how digital transformation has revolutionised the retail sector by “enhancing customer experiences and enabling personalised shopping experiences through data analytics and AI.”

However, Debashis is eager to warn how AI adoption comes with its challenges.

“Businesses are faced with identifying the right use cases. Globally some businesses may not fully understand what AI is capable of and how it can be applied to their specific industry or business processes. Alongside this, AI encompasses a wide range of technologies, for example, machine learning,” he says.

With AI presenting plenty of complexities, it can become hard for businesses to identify which specific AI capabilities they actually need, or that are relevant to their business.

“To be successful with Gen AI implementations, businesses need to identify areas where they can significantly outperform traditional methods,” Debashis explains. “Poor quality data can result in incorrect business decisions and strategies. Going forward, IT leaders need to prioritise data governance and ensure they have clean, reliable data to train their GenAI models.”

IBM partnership seeks to drive AI business success

In May 2024, LTIMindtree announced a significant partnership with IBM to form a joint Gen AI Centre of Excellence. Based in India, the centre will focus on developing specific solutions to speed up enterprise Gen AI adoption.

This is not the first time the company has partnered with the tech giant, having originally joined the IBM Quantum Network in February 2024 to explore opportunities for quantum computing innovation to benefit its global clients.

Speaking on the new AI Centre of Excellence, Debashis comments: “It is a co-innovation centre combining the power of IBM watsonx AI and data platform and LTIMindtree’s expertise in data and machine learning customisation and full-stack engineering. 

“Coming together, we demonstrated how partnerships can drive a collaborative ecosystem and provide businesses with access to advanced AI technology through funnelling the latest AI research and innovations into technologies solving real-world business challenges.”

******

Make sure you check out the latest edition of Technology Magazine and also sign up to our global conference series - Tech & AI LIVE 2024

******

Technology Magazine is a BizClik brand