Wipro has launched Lab45 Artificial Intelligence (AI) platform, which utilises Generative AI (GenAI), machine learning (ML) and deep learning technologies to help companies achieve greater efficiency, transform business operations, and provide industry-specific solutions, the tech giant says in a release.
Lab45, Wipro's innovation hub, offers this AI platform to all Wipro employees and clients. According to Wipro, the Lab45 AI Platform operates on a Software-as-a-Service (SaaS) model and incorporates advanced Large Language Models (LLMs) from leading providers, along with custom deep-learning and other AI models. The platform integrates language and visual processing capabilities, enabling the generation of images from text prompts and the ability to index, parse, and summarise content. It also features no-code and low-code pre-built applications tailored for HR, sales, marketing, and operations, and facilitates the creation of industry-specific GenAI agents and applications with ease.
Furthermore, the platform simplifies the deployment of GenAI in client environments through its API-based approach for custom applications. Notably, Topcoder, a Wipro platform connecting clients with a global talent network of two million members, has been leveraging the Lab45 AI Platform's APIs since October 2023, leading to a seven-fold increase in GenAI usage.
Subha Tatavarti, Wipro's chief technology officer, stated, "Our Lab45 AI Platform is a testament to Wipro's commitment to innovation and productivity. 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."
Additionally, Shikhar Ghosh, a professor at Harvard Business School (HBS), "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."
Last week, Wipro secured a $500 million contract from a leading U.S.-based communication service provider. Under this five-year agreement, Wipro will deliver managed services for certain products and provide industry-specific solutions.
In the same week, Wipro introduced the AI-assisted security and risk platform, Wipro Cyber X-Ray, in collaboration with the U.S.-based cloud security firm Zscaler. This platform helps enterprise CXOs optimise security investments and effectively communicate cyber values to senior leadership and the board.
Besides, last month, Wipro expanded its retail-focused capabilities within Wipro VisionEDGE+. Developed in partnership with Cisco and AT&T and leveraging Amazon Web Services (AWS), this platform is designed to unlock the full potential of retail media networks, driving comprehensive retail transformation.
For the fourth quarter ending March 31, 2024, Wipro posted a consolidated net profit of ₹2,385 crore, reflecting an 8% decrease from the ₹3,074 crore recorded in the same quarter of the previous year. This decline is attributed to the challenging macroeconomic conditions. Additionally, the company's revenue from operations for Q4 FY24 was ₹22,210 crore, marking a 4.2% drop from the ₹23,190.3 crore reported during the corresponding period in FY23.
