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Business leaders say the focus of using AI will be innovation and revenue growth, rather than cost reduction and optimization (though they don't know how).

Business leaders say the focus of using AI will be innovation and revenue growth, rather than cost reduction and optimization (though they don't know how).

 


TCS finds that 69% of companies see AI as a tool to drive innovation and increase revenue, rather than use it to cut costs or optimize processes, and 8 in 10 senior business leaders are already using AI. revealed that they are leveraging this to enhance or create new revenue streams.

One of the largest surveys of its kind, 1,300 senior leaders from 24 countries were asked questions about how their companies plan to become AI-enabled, including strategy, operations, and implementation plans. Did. It reveals that, although the focus is on innovation rather than optimization, the only real consensus is that companies need better metrics to measure the success of their AI use. did.

Commenting on the study, Dr. Harrick Vin, Chief Technology Officer, TCS, said: “2023 was an exciting year with enterprises everywhere experimenting with AI/GenAI use cases. We are now entering an era of broad and deep adoption of enterprise AI. We are beginning to realize that the road to production for solutions is not easy, and building an AI-mature company is a marathon, not a sprint, and our AI research supports this sentiment. , it also highlighted that companies feel ill-prepared not only to deploy AI solutions at scale, but also to deal with the profound changes in people's roles and ways of working that such deployments will bring. ”

According to the study, 77% of leaders do not want to wait and see how AI is implemented in their industry, but 77% of leaders are willing to take risks by experimenting with AI. Only 23%. Additionally, 72% of executives are currently rethinking their business strategy, but only 28% want to establish an enterprise-wide AI strategy. This remains despite the fact that 45% of respondents and half of employees believe that they will need to use AI at work within three years.

Business leaders may not know how to implement AI, but only 20% of business leaders say they are well-positioned to strategically leverage AI, while 59% of enterprise departments are already using AI. or have completed an AI project.

There are even more contradictions when it comes to regulations. Most senior executives believe that leaving AI's ethical decisions up to them may not be in the interests of the majority, and that a global standard is needed. But few believe that both government and industry should have equal say in how AI is regulated.

Although the direction of AI use in business is uncertain, executives are generally excited about the impact of AI, with 57% saying they expect AI to free people up to focus on higher-value activities that require creativity and strategic thinking. This prediction is positive because we believe it will become a reality and are optimistic about AI. .

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