According to a recent study conducted by Tata Consultancy Services (TCS), more than 86% of senior business leaders have implemented artificial intelligence (AI) to enhance existing revenue streams or develop new ones. The ‘TCS AI for Business Study’ analysed the state of AI adoption and its impact on businesses, covering nearly 1,300 CEOs and senior executives across 12 industries and 24 countries.
The study revealed that 69% of enterprises prioritise using AI to drive innovation and revenue growth over productivity improvement and cost optimisation. Additionally, 45% of respondents anticipate that up to half of their workforce will need to start using generative AI within three years, with another 41% expecting even greater adoption of GenAI capabilities.
While 65% of participants believe that AI will augment human capabilities, executives express enthusiasm about the potential impact of AI on businesses, with 57% reporting excitement or optimism. However, despite the optimism surrounding GenAI, 65% of senior executives believe that their competitive advantage will still stem from human creativity, intuition, and strategic thinking, supported by AI’s augmenting capabilities.
Harrick Vin, Chief Technology Officer at TCS, noted, “Enterprises are transitioning from experimenting with AI to wide-and-deep AI adoption. However, building an AI-mature enterprise requires careful consideration and is a marathon, not a sprint.”
The study also identified barriers to AI implementation, including corporate IT infrastructure and customer expectations. Nearly three-fourths (72%) of organisations lack the appropriate metrics to measure the success of AI implementations.
Sivaraman Ganesan, Head of AI.Cloud Business Unit at TCS, emphasised the transformative potential of GenAI when harnessed responsibly, alongside human ingenuity. He stated, “Today’s enterprises can deliver new stakeholder and customer value like never before.”
Executives surveyed believe that the impact of AI will rival or exceed that of the internet (54%) and smartphones (59%). Notably, finance/comptroller, HR, and marketing are among the corporate functions with the most completed AI projects.
Abhinav Kumar, Chief Marketing Officer at TCS, highlighted the study’s aim to deepen dialogue on how AI can strengthen businesses for the future through data-driven insights.
