BENGALURU: Most executives have a positive sentiment toward artificial intelligence (AI), shows a new study conducted by Tata Consultancy Services (TCS). According to ‘TCS AI for Business Study’, 54% of executives believe that AI’s impact will be greater than or equal to the internet, while 59% believe that its impact will be greater than that of smartphones.
Also, 86% of senior business leaders have deployed AI to enhance existing revenue streams or create avenues of income. The study, which is a 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 optimisation.
Harrick Vin, chief technology officer at TCS, said: “2023 was a year of exuberance, with every enterprise experimenting with AI/GenAI use cases. We are now entering an era of wide-and-deep enterprise AI adoption. Enterprises, however, are realising that the path to production for AI solutions is not easy, and that building an AI-mature enterprise is a marathon, not a sprint.”
Meanwhile, business leaders are less certain about the path to transformation. Only 4% use AI in a way that has transformed their business whereas 24% haven’t even moved beyond the initial exploratory phase. Top barriers to business success, according to the study, include current corporate IT infrastructures and customer expectations.
Organisations also recognise 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.