BENGALURU: More than 8 in 10 (86%) senior business leaders are already using AI to enhance existing revenue streams or create new ones, according to the TCS AI for Business Study. We are introducing AI. The report found that 69% of companies are focused on using AI to drive innovation and increase revenue, rather than improving productivity or optimizing costs. TCS Thought Leadership Institute surveyed approximately 1,300 CEOs and other senior executives with P&L responsibilities across 12 industries and 24 countries. . Approximately half of the companies surveyed have annual revenues in the range of $1 billion to $5 billion, and the remaining half have annual revenues in excess of $5 billion. More than half of respondents shared that the impact of AI will be greater than the impact of the internet, and the impact on business will be equal to or greater than that of smartphones. “Every executive we surveyed could name at least one AI project currently in the planning stage, but only 5% of companies had all of their AI projects still in the planning stage. ', the study pointed out. The survey found that four out of five successful companies across industries say they are focused on leveraging AI to innovate and drive revenue, while underperformers We found that they were almost twice as likely to be focused on reducing costs. Harrick Vin, Principal Technology Officer at TCS, said: “However, companies are recognizing that the path to producing AI solutions is not easy and that building an AI-mature company is a marathon, not a sprint. Our AI research It also confirms the sentiment that companies feel ill-prepared to deploy AI solutions at scale and to deal with the major changes in the roles and ways people work that will result from the deployment of AI solutions. ” Business leaders are less certain about the path to change. Only 4% of companies are using AI in a way that transforms their business, and almost a quarter (24%) have not progressed beyond the initial consideration stage. The biggest barriers to business success include the 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.
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