86% of Business Leaders Use AI to Boost Revenue: TCS

A new study by Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions, reveals that more than eight out of 10 (86%) of senior business leaders have already deployed artificial intelligence (AI) to enhance existing revenue streams or create new ones.

The ‘TCS AI for Business Study’, a comprehensive report on the state of AI adoption and its impact on businesses, also finds that 69% of businesses are more focused on using AI to spur innovation and increase revenue than on productivity improvement and cost optimization.

Dr Harrick Vin, Chief Technology Officer, TCS, said, “2023 was a year of exuberance, with every enterprise experimenting with AI/GenAI use cases.”

“Our AI study has confirmed this sentiment; it has also highlighted that enterprises feel underprepared to deploy AI solutions at scale as well as to manage the profound shifts in the roles of people and ways of working resulting from such deployments”, Dr Harrick Vin added.

The study has showed the following findings:-

1. Nearly 57% reporting excitement or optimism about the potential impact of AI on businesses. 
2. 45% expect up to half their employees will need to use generative AI capabilities to do their job in three years’ time — and another 41% think even more will do so. 
3. Most (65%) believe AI will augment and enhance human capabilities, enabling people to focus on higher-value activities that require creativity and strategic thinking.
4. Only 4% use AI in a way that has transformed their business and nearly a quarter (24%) haven’t even moved beyond the initial exploratory phase. 
5. Organizations also recognize the need to move beyond existing metrics to measure the success of AI implementations; nearly three-fourths (72%) say they don’t have the right metrics.

The survey also highlights the need for businesses to take a strategic approach to AI adoption and develop the right performance indicators to measure the impact of the technology on their business.

Note: We are also on WhatsApp, LinkedIn, and YouTube, to get the latest news updates, Join our Channels. WhatsApp– Click here, to subscribe to YouTube – Click Here, and for Linked In– Click Here.