Concerns about job losses due to AI and generative AI implementations increasing productivity have recently been validated by Tata Sons (TCS) Chairperson N. Chandrasekaran. Job cuts may occur in areas where automation is being implemented. However, the chairperson emphasized the need for preparing and reskilling employees to adapt to the changing landscape positively. Mr. Chandrasekaran made these comments at the 29th Annual General Meeting (AGM) of the countryโs biggest software service exporter.
"All industries will witness higher productivity. Enterprises have already invested in cloud, data infrastructure, and large processing power, which will aid AI/Gen AI. GenAI will not only improve productivity but also create impacts we have not yet seen or imagined," he indicated.
Organizations are adopting AI and GenAI at an enterprise level, so the TCS chairman emphasized the importance of regulations to mitigate risks and protect against any negative consequences of AI. He also spoke about the Tata Group's approach toward 100 ongoing GenAI projects that are showing tangible business impacts on productivity, customer experience, and efficiency.
According to him, every industry will be impacted by generative AI implementation, whether B2B or consumer. The consumer industry, in particular, will be significantly affected as the market experiences enhanced personalization and improved customer experiences in sectors such as financial services, healthcare, insurance, and retail.
"In B2B, real-time visibility, supply chain visibility, data gathering, and analytics will be transformed by AI," he added. "GenAI technologies will impact almost every sector and country going forward. Enterprises have already invested in cloud, data infrastructure, and large processing power, which will aid AI/GenAI. GenAI will not only improve productivity but also create impacts we have not yet seen or imagined," he reiterated.
He also noted that the past two years have been marked by recession and high inflation, but the global macroeconomic outlook is beginning to improve in FY25.
โAfter two years of recessionary fears, persistently high inflation, and unprecedented monetary tightening, the global macro-outlook looks relatively better now with improving growth, disinflation, and monetary easing in sight,โ he added.
TCS, Indiaโs largest multinational business firm, has a global team of well-trained consultants. The organization claims also to have upskilled approximately 300,000 of its employees in GenAI.
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