Source: IANS

Over 8 out of 10 (86%) of senior business leaders globally have already deployed artificial intelligence (AI) to enhance existing revenue streams or create new ones, a new report revealed today. 

According to Tata Consultancy Services (TCS), 69% of businesses are more focused on using AI to boost innovation and increase revenue than on productivity improvement and cost optimisation.

“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,” said Dr Harrick Vin, chief technology officer at the company.

“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 added.

The report surveyed nearly 1,300 CEOs and other senior executives across 12 industries and 24 countries.

According to the report, executives were generally positive about the impact of AI, with 57% reporting excitement or optimism about the potential impact of AI on businesses.

About 45% expected up to half of their employees will need to use generative AI capabilities to do their jobs in three years – and another 41% thought even more would do so.

“Add in human ingenuity and organisations can create a new paradigm for the modern marketplace. As a result, today’s enterprises will deliver new stakeholder and customer value like never before - incrementally, through assist and augment efforts, and exponentially as transformation initiatives,” said Sivaraman Ganesan, head of AI.Cloud Business Unit.

Moreover, the report mentioned that executives believe the impact of AI will be greater than or equal to that of the internet (54%) and smartphones (59%).

About 40% of executives said that in the future, they have a lot of changes to make to their business before they can take full advantage of AI.

More than half (55%) mentioned they were actively making changes right now to their business or operating models, or to their products and services, due to the potential benefits and risks of AI.

(This story was taken from a syndicated feed, and edited only for style by Gujarat Samachar Digital staff)

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