TCS AI for Business Study: 86% of senior executives deployed AI to enhance existing revenue streams or create new ones

The study also found that 69% of businesses are more focused on utilising AI for innovation and revenue enhancement rather than boosting productivity and optimising costs.

It also stated that 57% of the executives are positive about the impact that AI will have on businesses. Among the respondents, 45% expect that half of their employees will need to make use of AI and generative AI tools within the next three years while 41% expect even more employees will adopt AI. Most of the respondents believe that AI will play an important role in enhancing human capabilities and enabling them to focus on more creative and strategic tasks.

The study revealed that business leaders are less certain about the path to transformation. It said only 4% have used AI in a way that has transformed their business while nearly 24% haven’t moved past the exploratory stage. About 72% of the respondents said they don’t have the necessary metrics to study the success of AI implementation.

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,” he said.

Shares of TCS have gained over 2% since the beginning of the year. The stock has risen over 19% in the last one year.