There is no denying: from banks to software developments firms to solution providers and QA testing companies, everyone is investing heavily in generative artificial intelligence as the possibilities seem endless.
The technology is used for various reasons, to improve testing, enhance efficiency, speed up processes and mundane tasks, as well as roll out more sophisticated client experiences and boost mobile app performances.
At the heart of that global trend is information tech multinational LTIMindtree.
The Indian software giant is allocating larger sums than most to AI, as its chief operating officer, Nachiket Deshpande, emphasises the tech’s pivotal role in boosting productivity and operational efficiency.
“AI in everything, AI for everyone, and everything in AI,” Deshpande said, as he disclosed that his company is currently involved in more than 140 GenAI investment projects, many of them in relation to QA testing and software development.
“‘All, and I mean all, our clients are investing in GenAI.”
– Nachiket Deshpande
Although Deshpand believes it is vital to maintain “a human in the middle” approach to ensure any successful implementation of AI, he does think firms should rush to catch up with their rivals in the global race for GenAI dominance.
In fact, the vast majority of all of LTIMindtree’s clients around the world, up to 95%, are planning to invest in generative AI within the next 12 to 18 months, the industry insider told India’s FE newspaper.
“Based on our research and surveys, all our customers are gearing up to integrate GenAI in the near term,” Deshpand stated.
“Many have already executed proof of concepts and are now in a phase of understanding the precise implementations needed for their enterprises.”
Moreover, practically every business deal at LTIMindtree now touches includes “some AI elements” while the number of GenAI-powered solutions it has rolled out, so far, stands at around 40, most of them focused on software projects in the financial services space, most prominently insurance, Deshpande said.
“Every service that we offer is being reimagined with AI. This isn’t just about having AI projects; it’s about embedding AI into the fabric of all our services,” he continued.
“However, the broad adoption of AI technologies is not without challenges, particularly around data security, regulatory compliance, and the need for robust infrastructure,” Deshpande noted.
What clients are mostly asking about is how productivity and efficiency can be improved, so most of the firm’s testing solutions, underpinned by AI, focus on those targets.
“AI can potentially create massive positive disruptions, so our approach has been what we call is ‘AI in everything, AI for everyone and Everything in AI’. So we are reimagining every single business process to see how it can be enhanced with AI,” Deshpande said.
He stressed this includes everything from planning and forecasting to designing and testing.
The IT major has successfully launched 25 ‘Customer Zero’ use cases, where AI solutions are deployed internally before being rolled out to clients.
Additionally, there are 10 AI use cases already in production, impacting various domains such as talent supply chain management, delivery excellence, and cybersecurity.
Deshpande said that as AI is being integrated, some human roles will become redundant, suggesting that “not as many employees will be needed for the same tasks due to increased productivity.”
Nevertheless, he was keen to stress that his company will be maintaining a “human in the middle” approach to ensure the successful implementation of AI, indicating that “human oversight remains essential even as some job functions are automated or enhanced by AI technologies.”
At the end of March, LTIMindtree’s payroll included a staggering 81,650 people, although the multinational’s workforce did drop by 2,896 people compared to a year ago.
Headwinds
Admittedly, the company has faced some strong headwinds in recent times. In March, LTIMindtree confirmed that its chief financial officer, Vinit Teredesai, had resigned.
The Mumbai, India-based company disclosed in a filing that Teredesai left after nearly four years in the role.
He was replaced by Vipul Chandra, who had been with the company since 2013 and is also a former finance chief of Larsen and Toubro.
“Leadership planning is one of the key focus areas of our group,” stressed LTIMindtree Chairman A.M. Naik following Chandra’s appointment.
“Through career progression mapping we ensure that key talent gets experience of multiple roles within the system,” he said.
Teredesai, who formally left in April, indicated he wished to explore opportunities outside LTIMindtree.
The change in CFO came amid growing rumours that current CEO Debashis Chatterjee will be offered another term next year.
Several news outlets, including Reuters, reported in April that LTIMindtree has already poached two candidates internally to run for the job.
LTIMindtre is experiencing a difficult first half of this year.
Its stock has been down by more than 17 per cent since January, largely due to concerns over integration challenges, a range of management exits and a slowdown in demand.
In the last 12 months, close to a dozen senior managers left the company, mostly in the run-up to the merger with L&T.
In India, it was labelled as the worst-performing large cap IT company during the January-March period of this year.
When approached by QA Financial, a spokesman for the company at the Mumbai headquarters declined to discuss this issue.
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