Wipro Introduces the Lab45 AI Platform Designed to Increase Efficiencies and Transform Business Functions
Wipro has launched the Lab45 AI Platform, a SaaS-based tool designed to enhance efficiencies and transform business functions using Generative AI (GenAI), machine learning, and deep learning technologies. The platform supports various large language models and custom deep learning models, offering over 1,000 GenAI agents and more than 10 applications for HR, sales, marketing, and operations. The Lab45 AI Platform enables seamless integration of language and visual processing tasks, such as generating images from text prompts and content summarization. It is available to all Wipro employees and clients, with API-based access for custom applications. Notable benefits include significant time savings in HR tasks, improved sales forecasting, and 20-30% improvements in quality engineering and testing. Harvard Business School has used the platform for teaching advanced GenAI applications.
- Launch of the Lab45 AI Platform by Wipro emphasizes innovation and productivity.
- The platform offers over 1,000 GenAI agents and more than 10 GenAI applications.
- Notable improvements in HR, sales, marketing, and operations functions.
- API-based access for custom applications enhances client flexibility.
- 20-30% improvements in quality engineering and testing across multiple industries.
- Harvard Business School has utilized the platform for advanced GenAI applications.
- The press release does not mention any financial figures or projections, leaving uncertainty about the platform's direct financial impact on Wipro.
- No specific data on the platform's integration costs or potential risks involved in deployment is provided.
- Potential over-reliance on GenAI and ML technologies could pose risks if these technologies underperform.
Insights
The launch of Wipro's Lab45 AI Platform represents a significant advancement in the field of artificial intelligence, particularly in the realm of Generative AI (GenAI). This platform incorporates state-of-the-art Large Language Models (LLMs) and custom deep learning models, enabling a wide range of applications across various business functions. By offering no-code and low-code pre-built applications, the platform democratizes AI, making it accessible to non-technical users, which can lead to substantial productivity gains. The integration capabilities of the platform, which includes API-based access, allow for seamless deployment in diverse business environments, making it versatile and adaptable.
To a retail investor, the primary takeaway is that Wipro is positioning itself as a leader in AI-driven business solutions. This could potentially drive a competitive edge and open new revenue streams. The fact that the platform has already demonstrated success across different sectors, such as HR, sales and marketing and has delivered substantial efficiency improvements, is a strong indicator of its practical value. However, as with any new technology, the long-term success will depend on sustained adoption and the ability to deliver consistent results across diverse use cases.
Wipro's introduction of the Lab45 AI Platform is a strategic move to enhance its market position in the technology services sector. By focusing on Generative AI, Wipro taps into a rapidly growing market segment with high demand for innovative AI solutions. The platform's ability to support various business functions, including HR, sales, marketing and quality engineering, provides comprehensive solutions that address common pain points in these areas. The reported improvements in efficiency and productivity, such as the time reduction in HR tasks and enhanced sales forecasting, are tangible benefits that could resonate well with potential clients.
For retail investors, it is important to note that the success of this platform could lead to increased client acquisition and retention for Wipro. The SaaS model also suggests a recurring revenue stream, which is favorable for long-term financial stability. The early adoption by reputable institutions like Harvard Business School further validates the platform's potential. Nonetheless, investors should watch for actual penetration rates and client feedback over time to gauge sustained impact.
The SaaS-based platform accelerates adoption of GenAI, boosts efficiency and productivity across all business functions
The Lab45 AI Platform runs on a SaaS (Software-as-a-Service) model and supports various state-of-the-art Large Language Models (LLM’s) from leading providers as well as custom deep-learning and other models. The platform allows for seamless integration of language and visual processing for generating images from text prompts, as well as the ability to index, parse, and summarize content.
With over 1,000 GenAI agents and more than 10 GenAI applications, the platform offers no code and low code pre-built applications for HR, sales, marketing, and operations functions, while also allowing for the easy creation of industry specific GenAI agents and applications.
“Our Lab45 AI Platform is a testament to Wipro's commitment to innovation and productivity,” said Subha Tatavarti, Chief Technology Officer, Wipro Limited. “We are excited about the transformative impact this platform will have across the business, particularly in HR, sales, marketing, and other business functions. Our platform will help our customers innovate faster while balancing privacy and responsible AI.”
With API-based access for custom applications, the platform makes it easier for clients to deploy GenAI to their environments. In fact, Topcoder, a Wipro platform connecting customers to its 2-million-member global talent network, has been using Lab45 AI Platform’s APIs (application programming interfaces) since October 2023, resulting in a seven-fold increase in GenAI usage.
Further, over the past six months, select Wipro teams and external users have been using the platform and realizing significant time savings and productivity gains.
For example, in human resources (HR), the platform has reduced the time it takes to read and interpret specific clauses from large voluminous contracts to minutes from hours, enabling significant improvement in turnaround time and accuracy in the background verification process. In sales, the platform has enabled better and faster sales and revenue generation, forecasting, sales analysis, and report generation via a combination of well-known LLM’s (Large Language Models) combined with custom deep learning models from Lab45. In marketing, the platform has been instrumental in website analysis and lead generation, saving teams considerable time and effort. In quality engineering and testing, recent proof of concepts (POCs) for Wipro customers in banking, pharmaceutical, telecommunication and other industries globally have shown anywhere from 20 to 30 percent improvements across test case, test script, and test result analytics.
Commenting on the benefits of the platform, Shikhar Ghosh, Professor at Harvard Business School (HBS), which was an early user of the platform for their MBA (Master of Business Administration) curriculum, said, “We have used the Lab45 AI Platform to teach HBS MBA students about advanced applications of GenAI for Business and Society. We are exploring several other advanced use cases as well.”
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com.
Forward-Looking Statements
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Wipro Media Relations
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Source: Wipro Limited
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