At the ET Now Global Business Summit 2024, Ravi Kumar S, Chief Executive Officer of Cognizant, delivered a thought-provoking session highlighting the transformative power of Generative AI in shaping the future of work. Ravi emphasized, ‘Cognizant, a Fortune 500 company with a workforce primarily based in India, is at the forefront of leveraging technological advancements.’ With a significant portion of its 260,000 employees situated in India, the company emphasizes the importance of embracing technological continuity.
Reflecting on historical technological advancements such as microprocessors and the evolution of the internet, Ravi Kumar said, ‘Generative AI represents a departure from past technological shifts, fundamentally altering the landscape of jobs, skills, tasks, and occupations while fostering upward social mobility.’ He highlighted the rapid diffusion of Generative AI, impacting every sector of the economy at an accelerated pace, and noted, ‘Unlike its predecessors, Generative AI follows a steeper S-Curve trajectory, significantly transforming various industries.’
Ravi Kumar further pointed out, “Despite the overall continuity, the landscape of AI capabilities presents both efficient and challenging tasks.” Research conducted jointly by Cognizant and Oxford Economics revealed the exposure of a significant portion of occupations to AI, with profound economic implications projected at $3 million for the US economy. Notably, Ravi stated, “Generative AI is positioned as an equalizing force, benefiting less productive workers more than their highly productive counterparts.”
In navigating this technological shift, Ravi emphasized the paramount importance of reskilling. He said, “Businesses must adapt by reorganizing operations, prioritizing safety, trust, and equity to ensure a fair and inclusive future.” Ravi likened Generative AI’s impact to historical computing changes, noting, “Its rapid diffusion and bidirectional understanding between humans and machines mirror past technological revolutions.”
Ravi concluded by highlighting Cognizant’s focus on technological continuity, emphasizing the imperative for businesses to adapt their strategies alongside advancing technologies to cultivate a prosperous and inclusive future workforce.