How Infosys Is Using Generative AI For Growth The growing adoption of our Generative AI offering, Topaz, is helping us deliver consistent value and expand market share, says Salil Parekh, CEO and MD, Infosys in the Q2 results
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As professional services firms incorporate AI into digital business strategies, build production-grade solutions and realize return on investment, Infosys, a global leader in next-generation digital services and consulting, is innovating in the space bringing in ready-to-use industry solutions, a large partner ecosystem, accelerators and responsible design frameworks. It aims to empower everyone within and beyond the enterprise to lead the generative revolution.
Announcing its earnings for the second quarter of FY24, Salil Parekh, CEO and MD, Infosys, said, "We had our highest large deals value at $7.7 billion in Q2 spread across all verticals and geographies. Strong H1 performance with significant large deal wins, builds a solid foundation for the future. The growing adoption of our Generative AI offering, Topaz, is helping us deliver consistent value and expand market share."
Infosys Topaz - an AI-first set of services, solutions and platforms using generative AI technologies, helps amplify the potential of humans, enterprises and communities to tap into the next generation of opportunities to create value from unprecedented innovations, pervasive efficiencies and connected ecosystems. "Infosys Topaz leverages Infosys applied AI framework to build an AI-first core that empowers people to deliver cognitive solutions that accelerate value-creation," quoted Infosys in its blog.
The company is applying Infosys Topaz to bring the power of generative AI, analytics and cloud to accelerate its own market offering evolution, enterprise transformation, even as it builds incremental value from micro-changes, to improve client service, reimagine business processes, software engineering and boost productivity.
Infosys collaborated with Microsoft to accelerate and democratize industry-wide adoption of generative AI. Nicole Dezen, Chief Partner Officer, Microsoft Corp, said, "We're pleased to expand our collaboration with Infosys to deliver innovative solutions, utilizing Azure OpenAI Service and Azure Cognitive Services, that will help customers develop new business models, and realize new revenue streams. By harnessing the power of generative AI, Infosys will help customers accelerate growth and innovation." The integrated solutions will accelerate rapid democratization of data and intelligence that will help businesses increase productivity and drive new revenue growth.
The collaboration between Infosys and NVIDIA will help enterprises boost productivity with generative AI. "Generative AI will drive the next wave of enterprise productivity gains," said Jensen Huang, founder and CEO, NVIDIA.
In its Q1, FY 2024 results, the company highlighted the role of Generative AI capabilities in its business, "We had a solid Q1 with a growth of 4.2 percent and large deals of $2.3 billion which helps us to set a strong foundation for future growth. Our generative AI capabilities are expanding well, with 80 active client projects. Topaz, our comprehensive AI offering, is resonating well with clients. We see this being transformative for clients and enhancing our overall service portfolio," The CEO had earlier mentioned.
Generative AI has opened new avenues of AI applications and key enterprise functions across industries, and Infosys is providing services, frameworks, solutions, and platforms in multiple application areas, such as semantic search, document summarization, contact center transformation, AI-augmented software development lifecycle (SDLC) and marketing content creation.
Infosys was positioned as a leader in the IDC MarketScape: Worldwide Artificial Intelligence Services 2023 Vendor Assessment, released in the first week of September. Infosys' key strengths as noted in the IDC MarketScape report include the company's ability to provide solutions using client-preferred AI technology providers, resolve problems or issues related to customer service, showcase and co develop relevant use cases for AI solutions, integrate Infosys' project team with their internal team, and secure AI algorithms, APIs, and training data.
