Thursday, May 23, 2024

Senior Executives Embrace AI for Business Growth | Bengaluru News – Times of India

Must read

Bengaluru: More than 8 out of 10 (86%) senior business leaders have already deployed AI to enhance existing revenue streams or create new ones, according to the ‘TCS’s AI for Business Study’. The report revealed that 69% of businesses are more focused on using AI to spur innovation and increase revenue than on productivity improvement and cost optimization.
The TCS Thought Leadership Institute surveyed nearly 1,300 CEOs and other senior executives with P&L responsibilities across 12 industries and 24 countries.About half of the companies surveyed had annual revenues ranging from $1 billion to $5 billion, and the other half had over $5 billion in revenue.
More than half of the respondents shared that the impact of AI would be greater than that of the internet, and its impact on businesses would be greater or equal to that of smartphones.
“Every executive we surveyed could cite at least one AI project currently in the planning stages, and for only 5% of companies, all AI projects were still in the planning stage,” the survey noted. The study found that among the more successful companies across industries, 4 out of 5 say they are more focused on using AI for innovation and revenue growth, with lower-performing companies almost two times more likely to be focused on cutting costs.
TCS chief technology officer Harrick Vin said, “Enterprises, however, are realizing that the path to production for AI solutions is not easy, and that building an AI-mature enterprise is a marathon, not a sprint. 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.”
Business leaders are less certain about the path to transformation. 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. Top barriers to business success include current corporate IT infrastructures and customer expectations. 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.

We also published the following articles recently

Latest article