Multiple Trends Colliding and Leading us to Re-examine Fundamentals of Business: Nandan Nilekani
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The world is in the midst of an era of uncertainty that we have never seen before, Infosys chairman Nandan Nilekani said in a letter to shareholders in its latest annual report 2024-25. "Multiple trends are colliding and leading us to reexamine the fundamentals of our businesses," he said.
"As geopolitics becomes front and centre in our lives, we are having to take cognizance of the world not as one single global market but as fragmented blocs and countries. This means making strategic choices and even navigating between these blocs. Covid brought into focus the critical and pressing need to de-risk our supply chain and build viable alternatives. It was no longer enough to deliver just-in-time; we had to also factor in for just-in-case. Now tariffs are further driving home the point that we need to diversify our sourcing. Tariffs will be differentiated across products and countries and will likely keep changing. Bilateral and regional rules of trade will dominate. Supply chains will continue to shift as tariffs become another form of arbitrage," Nilekani said.
The advent and possibilities of artificial intelligence (AI) creates another arc of uncertainty. "As enterprises look at applying AI to every aspect of the business, some longstanding challenges will become imperative and self-evident to firms. For example, the need to modernize legacy systems, and the need to create data architecture so that all the firm's data is consumable by AI, in a holistic manner, can no longer be put off. Firms will need to have an AI foundry for rapid innovation and an AI factory to scale successful innovations across the enterprise. While embracing AI will bring a goldmine of opportunities, it will not be entirely without some foreseeable risks. Regulatory variances across regions will need to be incorporated into one's strategy. The early learnings from enterprise AI adoption gives us a glimpse of these potential challenges that lie on the path ahead," he said.
Nilekani said that every business vertical is facing challenges of various kinds. "Car makers are dealing with the transition from ICE engines to batteries. Pharma companies are looking at accelerating the pace of drug discovery with AI. Logistics companies are dealing with the complete reordering of global supply chains. Financial service companies are considering the tokenization of their assets. Energy companies are assessing the long-term demand for their products. Utilities are facing a distributed future. Manufacturing companies are navigating the advent of robots and 3D printing. Service companies are dealing with AI agents performing their tasks. There is not a sector that remains unscathed as rapid business and technological disruption forces businesses to adapt and advance."
Amid these growing uncertainties, Nilekani said there is a "certainty" that Infosys brings. "The Infosys basket of products and services is diversified across geographies, verticals and technologies with solutions to both traditional and emerging business challenges. These solutions are created to support clients' investments in growth as well as for when they are cutting back on costs. Infosys is differentiated by its continuous and active investments in nurturing an engaged and committed workforce. A big part of this investment is in creating flexible training and skilling capability so that this workforce is always abreast of changing technology and business practices."
Nilekani said that even as Infosys strives to be a truly AI-first company, there is a simultaneous and equal focus on being at the forefront of sustainability. "In every way, we seek to continue to rank among the world's most respected companies. We have always believed in enthusiastically embracing change. After all, our brand's promise to our stakeholders is to help them navigate their next. We also have immense confidence stemming from our fortress balance sheet – characterized by high liquidity, zero debt, and the ability to withstand uncertainty."
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