According to a senior corporate official, LTIMindtree intends to invest $40–50 million in artificial intelligence (AI) capabilities and services during the current fiscal year in order to establish a consistent revenue stream from the rapidly developing technology.
As more chances for monetization arise, Nachiket Deshpande, chief operating officer of LTIMindtree, told ET that the amount spent on artificial intelligence (AI) will only rise over the next three to five years.
Additionally, he stressed that these investments will only be made for the purpose of developing capabilities and will not use funds designated for making investments in businesses with an AI focus.
The launch of Canvas.ai, a platform that will assist businesses in accelerating generative AI capabilities and aid in business creativity and engineering productivity, was announced on Wednesday by the IT services and consulting division of L&T Group.
According to Deshpande, the platform has three capabilities to address the three main issues clients have with AI.
Resolving worries about data privacy and leakage, it secures the technological environment in which businesses can function. Through constraints to avoid abuses, it adds an ethical layer. Thirdly, the platform may be integrated into any workflow via application programming interfaces (APIs), such as SAP to take advantage of supply-chain use cases or Salesforce to improve the customer journey.
Major IT organizations have hurriedly jumped on board to take advantage of AI over the last few weeks.
Accenture announced a $3 billion investment in its AI and data practice this week. As part of this investment, the company will double the size of its AI workforce to 80,000 through recruiting, acquisitions, and training. A number of other companies, including Infosys, Wipro, HCLTech, and Cognizant, have expanded their generative AI relationships with Microsoft and Google Cloud.
According to Deshpande, 12 large language models (LLMs), including Hugging Face, Azure OpenAI, Bard, and DallE, have already been integrated with Canvas.ai.
For domain-specific use cases, it has also been integrated with a few open-source LLMs, and that number will only rise, he claimed. To simplify use cases for engineering drawings, for instance, we are developing one for AutoCAD (design software). When we request a bridge with certain requirements, it is promptly built, the Mumbai-based CEO continued.
75 customers have already engaged LTIMindtree in discussions on various Canvas.ai use cases, and 12 to 13 of those have launched their initial runs and started earning money.
According to Deshpande, the technology primarily has business use cases that are prediction-based and increase sales potential.
“For example, we see a 50–60% reduction in efforts in technology modernization, re-platforming, and cloud adoption—a mix of time, people, and even cost because lead time to reduces,” he said. We observe increased productivity in use cases like the planning of marketing campaigns because there is an effort savings of up to 70%.