Senior Executives in Bengaluru Embrace AI to Drive Business Growth

Bengaluru: A recent study conducted by TCS’s AI for Business Study has revealed that a whopping 86% of senior business leaders have already implemented AI to either enhance existing revenue streams or create new ones. The study, which surveyed nearly 1,300 CEOs and senior executives across 12 industries and 24 countries, found that the focus for 69% of businesses is on using AI to drive innovation and increase revenue, rather than on productivity improvement and cost optimization.

Interestingly, more than half of the respondents believe that the impact of AI will be greater than that of the internet, and its impact on businesses will be equal to or greater than that of smartphones. The study also highlighted that successful companies are more likely to focus on using AI for innovation and revenue growth, while lower-performing companies are more focused on cost-cutting measures.

TCS’s chief technology officer, Harrick Vin, emphasized that while enterprises are realizing the potential of AI, the path to deploying AI solutions at scale is not easy. The study also found that only 4% of businesses have successfully transformed their operations using AI, with nearly a quarter still in the exploratory phase.

The study identified current corporate IT infrastructures and customer expectations as top barriers to business success with AI. Additionally, organizations are recognizing the need to develop new metrics to measure the success of AI implementations, with 72% admitting they do not have the right metrics in place.

Overall, the study underscores the growing importance of AI in driving business innovation and revenue growth, while also highlighting the challenges that businesses face in deploying AI solutions effectively.