Nearly nine out of 10 senior business leaders have already deployed artificial intelligence to enhance existing revenue streams or create new ones, according to a new study by Tata Consultancy Services. The TCS AI for Business Study found that 69% of companies are more focused on using AI to drive innovation and increase revenue, rather than improving productivity or optimizing costs. Ta.
Executives are generally positive about the impact of AI, with 57% reporting being excited or optimistic about the potential impact of AI on their business. Of the respondents, 45% said that within three years up to half of their employees will need to use generated AI capabilities to perform their jobs, and another 41% said that even more employees will need to use AI capabilities to perform their jobs. I believe that our members will do so. A majority (65%) believed that AI would augment and enhance human capabilities, allowing people to focus on higher-level activities that require creativity and strategic thinking.
Sivaraman Ganesan, head of AI.Cloud business unit at TCS, said: Add human ingenuity and organizations can create new paradigms in modern markets. ”
The research shows that business leaders are less confident 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 current corporate IT infrastructure and customer expectations. Additionally, nearly three-quarters (72%) said they do not have adequate metrics to measure the success of their AI implementation.
Other key findings from the report include:
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Executives believe the impact of AI will be equal to or greater than the impact of the internet (54%) and smartphones (59%).
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Corporate sector with the most completed AI projects: Finance/Auditing (29% completion rate). HR (28% completion rate); Marketing (28% completion rate).
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65% of senior executives said that competitive advantage will continue to come from humans, and that human creativity, intuition, and strategic thinking will be enhanced by AI.
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About 40% of executives say they need to make changes to their business before taking full advantage of AI.
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More than half (55%) say they are currently actively making changes to their business, operating model, or products or services.
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About 81% emphasized the need for global AI standards and regulation.
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Nearly two-thirds of executives in the BFSI (64%) and manufacturing (63%) industries say they are excited or optimistic about the impact of AI on their business.
Harrick Vin, Chief Technology Officer, TCS, said: “2023 was an exciting year for enterprises everywhere experimenting with AI/artificial AI use cases. We are now entering an era of broad and deep adoption of enterprise AI. The path to production for AI solutions is not easy, and we are beginning to realize that building an AI-mature enterprise is a marathon, not a sprint.”
