Yahoo Finance Most executives are using AI to increase revenue: TCS
Yet, only 4% use AI in a way that has transformed their business.
Nearly nine in 10 (86%) senior business leaders globally have already deployed artificial intelligence (AI) to enhance existing revenue streams or create new ones, according to a study by Tata Consultancy Services (TCS).
Over half (55%) are actively making changes to their business or operating models or to their products and services to capture the benefits and mitigate the risks of AI.
Yet, business leaders are less certain about the path to transformation. Only 4% use AI in a way that has transformed their business and 24% have not moved beyond the exploratory phase. Top barriers 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, with 72% saying they do not have the right metrics.
“Enterprises 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,” says Sivaraman Ganesan, TCS’ head of AI.Cloud Business Unit.
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