Tata Consultancy Services (TCS) is joining leaders from around the globe at the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland, to debate the best ways to foster and rebuild trust and collaborate for the greater good.
The Summit takes off as technology continues to evolve at pace, particularly generative artificial intelligence (GenAI). The need for global cooperation on GenAI and other issues is becoming increasingly urgent.
Follow this live blog for the key points of interest on AI and how businesses can best implement it into their strategies. GenAI has the potential to become a $1.3 trillion industry by 2032, and TCS believes AI-human partnership can democratise knowledge and supercharge our decision-making capabilities.
Our executives will join the debate in Davos, working with other leaders on how emerging technologies can change and drive business needs and ensure future success. Follow all the action here.
Davos 2024: What we shared and learned about integrating AI, and what’s next
As we wrap up the week at the World Economic Forum’s Annual Meeting in Davos, we’ve participated in some great panels, collaborated with our partners, and heard how businesses are incorporating generative AI (GenAI).
TCS’ AI strategy is built on strengthening capabilities across our value chains and helping our customers transform, and that’s helped us grow the TCS brand value to $19.2 billion, making it the second most valuable IT services brand in the world in 2024.
As we reflected on that achievement, announced by Brand Finance to coincide with the 2024 Davos meeting, we also put together five major takeaways:
We need to find practical applications for AI
Most of the delegates we spoke to were looking to turn their AI strategy into action and address industry-specific challenges. We heard about many practical use cases. For example, in the insurance industry, GenAI can help detect fraud, analyse datasets, and identify irregularities.
The future is AI. The future is human.
At Davos, we were happy to come across tangible examples where AI and humans are already working together to augment tasks, such as in customer service, where AI acts as a support tool, providing information to employees during conversations with clients. The message for company executives is clear— workforces must be given the skills to harness and interact with AI.
Using AI for better decision-making
TCS executives focused on the power of AI and data for better decision-making. In the Netherlands, a major discount retailer we work with has used TCS Optumera, an AI platform, to underpin dynamic pricing., an AI platform that underpins dynamic pricing.
Buy or build?
Buying AI models built and tested elsewhere enables in-house technical experts to concentrate their efforts on the swift deployment of these solutions and on using them to extract value.
AI is now a business imperative, and CEOs are optimistic
Business leaders are highly optimistic about the potential of GenAI, and it is clearly a top priority—at Davos and within boardrooms. Since we came here a year ago, AI has climbed up the agenda at an exponential rate. Keeping that conversation going and harnessing AI’s full potential will require collaboration across all spheres.
And, so, we conclude a busy and productive week in a snowy and chilly Davos. We always appreciate the opportunity to come together with other leaders to debate the key issues of our time and collaborate to find solutions. Let’s hope we can carry that collaborative momentum as we all return to our normal lives.
Day 4: AI in healthcare on the agenda
What a great day yesterday in Davos, where our executives joined other global leaders at the MIT Sustainability panel. Generative AI was high on the agenda, as was delivering action on our sustainability priorities, amplifying young champions, and setting clear goals.
Today our agenda will focus on AI use cases across the healthcare sector, where it is expected to fast-forward a shift from reactive to predictive care.
TWEET: https://twitter.com/TCS_Europe/status/1747615272784077303
Yesterday, Brand Finance unveiled its latest rankings and the Tata Consultancy Services brand was named the second most valuable brand in the industry, something we’ve worked hard to achieve and we’re really proud of. Read more from our Global CMO, Abhinav Kumar, here.
Stay tuned here for updates from today at Davos!
How to harness generative AI for good
Ahead of the World Economic Forum’s Annual Meeting in Davos, we asked three of our clients where they see potential for generative AI to be used for business purposes.
“One of the key opportunities is in the sustainability area,” said Howard Watson, Chief Security and Networks Officer at BT Group, the London-based international communication services company. He gave an example of energy management, where AI can help create digital twins of BT Group’s exchanges, optimise them, and ensure they are as energy-efficient as possible.
Sustainability was also top of the list for Siobhan Fitzpatrick, Chief Experience Officer at Virgin Atlantic. He said AI can help the airline focus on reducing waste and managing consumption.
Market potential and scalability are key concerns for Ipek Ozsuer, Chief Digital and Information Officer at dsm-firmenich, a Dutch multinational company active in the health and nutrition space. She describes how her business uses generative AI and how that has evolved.
TCS is engaging in all the debates at Davos, with a particular focus on technology and AI. We believe that by democratising knowledge to augment creativity, productivity, and decision-making, we are laying the foundations for a sustainable future—powered by humans and AI together. You can follow all our panels and all other action on this live blog.
The #wef24 programme kicks off in earnest tomorrow and our executives will be speaking about adopting AI and executing AI strategies.
TCS’s vision for a future that is AI, a future that is human
The potential of generative AI has become clearer since leaders gathered at Davos in 2023. Now, we are seeing widespread implementation and the promise of innovation across almost all sectors.
Successfully adopting generative AI is complicated. Organizations need bespoke systems and robust rules and guidelines.
According to Bloomberg, the economic opportunity of generative AI is huge—potentially becoming a $1.3 trillion industry by 2032. For TCS, this unlocks a grand opportunity for humans and AI to work together, making concepts such as Society 5.0—where technology, humans, and nature harmonize— possible.
AI can unlock insights from data and democratize knowledge to transform industries and benefit us all. But we need sophisticated strategies to achieve this.
How TCS can help shape the debate is what we will cover at Davos this week. And you can follow all the action here on the live blog.
TCS at Davos 2024: Day 1
Welcome to Davos, Switzerland, where business and political leaders from across the globe are convening for the 54th Annual Meeting of the World Economic Forum.
The meeting is a call to action for public-private innovation on our most pressing challenges. The Global Cooperation Barometer—published to coincide with the Summit—contains some reasons for positivity, showing that global cooperation has remained robust over the past decade.
TCS is at Davos all week to collaborate with our partners and discuss how we can help drive effective change. Our focus will be on technology, especially artificial intelligence (AI).
“Technological innovation is key to boosting currently sluggish productivity growth,” says the Global Cooperation Barometer report.
The report further says that unlocking the economic benefits of GenAI and managing its undesirable consequences are only possible through global coordination. Another area of focus is working to harmonize and simplify approaches to global regulation of frontier technologies.
The main sessions begin tomorrow (Tuesday) and you can follow all the action here on this live blog. Stay tuned!
AI leadership and adoption: An executive roundtable
An executive roundtable on Day 2 of Davos discussed AI leadership and adoption in the context of the World Economic Forum’s key theme of rebuilding trust.
One of the major topics covered in the discussion titled ‘C-Level WEF Swiss Panel: AI Leadership and Adoption’ was how AI can enhance productivity and efficiency and create competitive advantages. The participants focused on the challenges businesses face as they seek to deploy AI and implement a strategic plan.
The speakers emphasised the importance of training everyone to empower them to incorporate AI into their daily tasks. For example, TCS has trained more than 150,000 employees on the basics of AI, placing an emphasis on empowering and upskilling people.
The role of individuals is changing—from “doers” of work to trainers of machines and handlers of exceptions. This shift requires significant change management and skill development, the participants said.
The panel also discussed the challenge of deploying AI at scale. It entails selecting the right use cases, choosing the most appropriate models, dealing with data biases, and overcoming technical questions.
AI implementation is not just a technical project but a business transformation exercise, and it requires collaboration across all business functions.
One of the key challenges is remaining continuously adaptable as AI evolves rapidly. Many industries are still in the early stages of AI incorporation, facing hurdles such as resource scalability, infrastructure, regulatory frameworks, and control mechanisms.
The speakers agreed that AI transformation involves not only technology but also cultural change, education, and continuous adaptation.
Maximising the economic benefits of GenAI
At this year’s Davos meeting, the agenda reflects a world that’s transforming with GenAI as the catalyst. We’ve been looking at what some of the most pressing questions are, and here are some of the key themes:
These are some themes our executives have in mind as they attend the sessions in Davos. More to follow on the debate around taking AI from strategy to implementation.
Day 2 at Davos: AI & leadership from strategy to execution
Welcome to Day 2 at Davos, where TCS executives will participate in a range of debates and sessions, particularly on GenAI. Our executives will speak on the AI imperative for CEOs,taking it from strategy to execution, and join a roundtable on AI Leadership and adoption.
Attendees will debate the best ways of aligning technology initiatives with business goals and the importance of human capital.
You can read more on the Forum’s website here: https://www.weforum.org/agenda/davos-agenda/
This evening, TCS will host a networking event at the Dome, which will bring together people from across the globe and has become one of the highlights of the Davos calendar.
AI as a way to improve decision-making for all
In a panel discussion on Better Decision Making: The Real Value of AI, delegates focused on artificial intelligence (AI) and how its most useful impact will be to improve decision-making.
There’s great potential for AI to enhance human capabilities and decision-making rather than replace human work outright. If enterprises incorporate AI in an effective way, it can enable fast, high-quality, and consistent decision-making to deliver better outcomes.
The best way to achieve this is by focusing AI on narrowly defined tasks, the panellists said.
Capturing value from data collecting specific data that can drive business gains. For example, a car manufacturer can use connected vehicles to generate insights for the company’s engineers. Vehicle data captured and used in this way can improve interfaces for people and make vehicles safer.
In this way, technologies like AI can help elevate and bring more people up to the understanding level of experts, by providing suggestions and improving contextual awareness.
The panel emphasised that AI should be applied to solve real problems and create value.
Read more in our guiding principles document here. https://www.tcs.com/who-we-are/worldwide/europe/davos/ai-guiding-principles-ceos
GenAI: Build or buy?
Generative artificial intelligence (GenAI) requires substantial investment particularly in building tools such as Large Language Models (LLM). A panel at Davos convened to discuss whether companies should build or buy their GenAI capabilities.
The panellists said building models and partnering with startups is one option. But emergence of models such as ChatGPT mean another option now is to buy AI models and focus on deploying them rapidly to add value.
There’s also the option to build smaller, industry-specific LLMs over time. Leaders making these decisions should focus on identifying the target use cases and where to add value.
The panellists gave the example of the insurance industry, where AI can help process claims faster by summarising unstructured data such as images and documentation. It also enables quick policy comparisons where different languages are used. The role of AI is shifting, and it can now help predict extreme weather and provide customers with relevant information.
There are opportunities to reimagine industry value chains or disrupt them using AI’s ability to extract insights from unstructured data. ”Everything is up for grabs,” one of the panellists said.
Overall, the panel concluded that some great options are available, and many new ones are emerging. Executives need to make informed ‘build or buy’ decisions and get used to testing evolving solutions at pace while ensuring responsible use.
The challenges and opportunities around sustainability
The urgency to ensure progress on sustainability was the focus of a panel on the third day at Davos that debated how AI can drive efficiency and environmental gains.
Here are some of the key takeaways :
Authenticity and transparency - The panellists said, future generations will judge their leaders on tangible actions on sustainability. Being authentic becomes more important as scrutiny increases brands must be seen to “walk the walk”. This requires leadership from the entire C-suite.
Sustainability can attract talent - Companies must provide meaningful opportunities for employees to engage with environmental and social initiatives through their roles. This is increasingly becoming a way for companies to attract and retain talent.
Regulatory risks - The panellists highlighted the risk of sustainability becoming sterilised and sidelined as a compliance issue as regulations ramp up. It’s important for brands to retain the emotional appeal that sustainability can tap into, as this is the key to driving progress.
Education and awareness - The panel highlighted a need for more public understanding of sustainability. It said businesses need to do more to communicate in this area. Listening to consumers, particularly younger generations, is important as they will drive future consumption patterns.
The biggest sustainability challenge in the coming five years will be execution—turning targets and plans into measurable progress, the panellists concluded. Technology and AI present scaling opportunities but misinformation and polarisation on climate change are risks, especially politically, they said.
The most successful organisations will be those where sustainability is truly embedded across operations.
Day 3 at Davos: Sustainability on the agenda
Welcome to Day 3 at Davos. We will be tackling some of the most pressing issues facing our planet, such as building sustainable brands and how businesses can drive positive change.
And we will be debating what the real value of AI is — in terms of helping underpin better decision-making.
TWEET: https://twitter.com/TCS_Europe/status/1747212997930496269
You can follow all the action and keep up to date with what our executives are doing, here on this live blog.
“How AI can benefit Virgin Atlantic – it’s around efficiency, optimization, driving customer preference, reducing cost, increasing sustainability and creating differentiation.”
Siobhan Fitzpatrick
Chief Experience Officer, Virgin Atlantic
“When selecting the most promising AI, we are looking at market potential and scalability”
Ipek Ozsuer
Chief Digital Officer, dsm-firmenich
“We’ve recently built digital twins of our exchanges, and I can look at through AI capability, how we can really optimize those 30 minute meter readings and make sure we’re using energy as efficiently as possible.”
Howard Watson
Chief Security and Networks Officer
BT Group CTO, BT Group PLC
