A new study suggests that 86 per cent of senior business leaders have already integrated Artificial Intelligence (AI) into their operations to enhance existing revenue streams or forge new ones.
It was found in the TCS study that 69 per cent of enterprises are prioritising the utilisation of AI to drive innovation and amplify revenue, rather than focusing solely on productivity enhancements and cost optimisations.
Despite the prevailing optimism surrounding AI's potential, a significant portion of executives—40 per cent—acknowledge the necessity for substantial business overhauls in order to fully harness the capabilities of AI in the future. This acknowledgment points to the fact that AI integration necessitates more than just technological adoption—it requires fundamental changes across organisational structures, processes and cultures.
In a statement, Dr Harrick Vin, Chief Technology Officer, 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."
"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," he added.
The study also highlighted the imperative for businesses to redefine their metrics of success in the AI era. Alarmingly, about 72 per cent of organisations concede that they lack the requisite metrics to effectively gauge the impact of AI implementations—a glaring deficiency that threatens to impede the realisation of AI's transformative potential.
In response to these challenges, Sivaraman Ganesan, Head of AI.Cloud Business Unit at TCS, suggested calibrated and responsible approach to AI deployment.
