LTIMindtree, a global technology consulting and digital solutions company on June 21 launched Canvas.ai, an enterprise-ready generative AI platform designed to accelerate the concept-to-value journey for businesses using mindful AI principles.

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Canvas.ai is a platform designed to help enterprises jump start and scale generative AI capabilities. Leveraging well-architected framework and sound governance measures, Canvas.ai effectively manages proprietary and industry-specific data, while factoring its ethical use, sustainability, privacy and security. The platform-based Canvas.ai caters to the business requirements of three key personas – creators who build the generative AI solutions, admins who manage, and users who consume governed generative AI solutions.

Debashis Chatterjee, Chief Executive Officer and Managing Director at LTIMindtree said, “Generative AI is a seminal trend that is slating the next phase of autonomous enterprises. Through our 4E model of Educate, Experience, Explore and Employ, we remain invested in helping our clients adopt and adapt generative AI ways of working. We are happy to note that several global clients are already leveraging Canvas.ai to solve for unique business needs in their journey towards digital transformation and cutting-edge experience.”

Canvas.ai guarantees up to 40-50 percent reduction in time and effort for app modernization and cloud migration programs. Canvas.ai is available for clients globally through LTIMindtree’s Generative AI Studios in Warren, NJ; Dallas, TX; Hartford, CT; and Minneapolis, MN in US; London and Paris in Europe; and Mumbai, Bengaluru and Hyderabad in India.

The company reported a consolidated net profit of Rs 1,113 crore for the fourth quarter that ended March 31, 2023 versus Rs 1,108 crore year on year. Total revenue stood at Rs 8,691 crore, up 22 percent year on year, but lower than CNBC-TV18 poll of Rs 8,825 crore.

The year 2022 saw the merger of two midcap IT companies L&T Infotech (LTI) and Mindtree -both individually growing faster than the industry. 2023 will be the first full year of combined operations, as a merged entity. The merged entity of Larsen & Toubro Infotech and Mindtree is confident of realising revenue synergies of $1 billion and cost synergies that will drive margin expansion of 200 basis points to 19-20 percent by financial year 2027.

LTIMindtree is trading flat on NSE at Rs 4,996 per share at 9:30 am on June 22.

Generative AI’s impact on productivity could add trillions of dollars in value to the global economy. A report by McKinsey and Company estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually. Banking, high tech, and life sciences are among the industries that could see the biggest impact as a percentage of their revenues from generative AI. Across the banking industry, for example, the technology could deliver value equal to an additional $200 billion to $340 billion annually if the use cases were fully implemented. In retail and consumer packaged goods, the potential impact is also significant at $400 billion to $660 billion a year.

The acceleration in the potential for technical automation is largely due to generative AI’s increased ability to understand natural language, which is required for work activities that account for 25 percent of total work time. Thus, generative AI has more impact on knowledge work associated with occupations that have higher wages and educational requirements than on other types of work.