LTIMindtree is increasing its investments in artificial intelligence through a newly launched platform that supports companies in adopting the technology. This move comes as India’s two hundred and eighty three billion dollar IT industry continues to face cuts in non essential spending by clients.
The platform named BlueVerse was launched in June. It uses ready made digital assistants to help firms solve business problems.
The conversation around AI is getting serious. That is the big green shoot I see. These were the words of Chief Executive Officer Venugopal Lambu who did not reveal the size of the planned investment.
LTIMindtree is seeing an increase in smaller AI led deals that deliver faster revenue. AI is also playing a growing role in larger strategic contracts.
However, AI led efficiencies are also creating challenges for IT companies. LTIMindtree reported lower revenue from its top five clients in the latest quarter. These clients expect LTIMindtree to pass on savings from productivity improvements driven by AI.
Lambu described these issues as temporary operational challenges. He remains confident that the company will finish the financial year with near double digit revenue growth.
AI continues to dominate discussions in the IT sector. However most companies have not shared details of revenue that comes specifically from AI services.
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