BENGALURU: Despite current macro headwinds, cloud remains a long-term investment priority for 70% of major corporations, said Tata Consultancy Services’ recent report. The IT major’s global survey with 972 senior executives at companies exceeding $1 billion in annual revenue from multiple sectors across Asia, Europe and North America finds that 75% of respondents invested in Artificial Intelligence (AI) and machine learning capabilities over the past two years, while 78% plan to do so over the coming 12-24 months.
Both technologies are highly dependent on access to large amounts of data and scalability through the cloud. Interestingly, more than a third of respondents (37%) have made progress in their goals for cloud-enabled innovation in the form of new business models.
Krishnan Ramanujam, President, of Enterprise Growth Group, TCS, said, “This latest global study strongly affirms that there is no business strategy without a cloud strategy. A desire for greater efficiency, resilience, and flexibility drove early cloud adoption.”
“Cloud is now the unifying digital fabric of every enterprise, fuelling powerful technologies—from generative AI to edge and quantum computing—and is ushering the next wave of innovations now and into the future,” he added.
Despite significant progress in recent years, the study reveals that businesses still have a long way to go to unlock the full power and potential of the cloud. Meanwhile, HCLTech and Microsoft announced the expansion of their strategic partnership which will help enterprises leverage generative AI.
Leveraging HCLTech’s domain expertise across various industries and Microsoft’s Azure OpenAI Service, clients will benefit from innovative solutions that enhance employee productivity, streamline IT operations, accelerate application development and optimize business processes, HCLTech said.
Also, HCLTech will establish a Microsoft Cloud Generative AI Center of Excellence (GenAI CoE) focused on developing industry-specific solutions leveraging the power of generative AI to offer data-driven experiences to customers. The company will also train its employees in advanced AI technologies.