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BENGALURU: A new survey conducted by Tata Consultancy Services (TCS) shows that most executives have positive feelings towards artificial intelligence (AI). According to the TCS AI for Business Study, 54% of executives believe the impact of AI will be greater than the internet, and 59% believe the impact of AI will be greater than the smartphone.
Additionally, 86% of senior business leaders are deploying AI to enhance existing revenue streams or create revenue streams. The study is a report on AI adoption and business impact, finding that 69% of companies would use AI to drive innovation and increase revenue, rather than improve productivity or optimize costs. It turned out that the emphasis was on
Harrick Vin, Chief Technology Officer, TCS, said: “2023 was an exciting year with enterprises everywhere experimenting with AI/GenAI use cases. We are now in an era of broad and deep adoption of enterprise AI. We are beginning to realize that the path to production for a solution is not easy, and building an AI-mature enterprise is a marathon, not a sprint.”
Business leaders, on the other hand, are less certain about the path to change. Only 4% of companies are using AI in a way that transforms their business, while 24% have not progressed beyond the initial exploration stage. According to this study, the biggest barriers to business success include a company's current IT infrastructure and customer expectations.
Organizations are also recognizing the need to go beyond existing metrics to measure the success of AI implementation. Almost three-quarters (72%) say they don't have the right metrics. The study also highlights the need for companies to take a strategic approach to AI adoption and develop appropriate performance metrics to measure the technology's impact on the business.
