A new study by Tata Consultancy Services reveals that 65% of senior executives say their competitive advantage will still come from humans — with their creativity, intuition, and strategic thinking unleashed by AI's augment and assist capabilities.
The ‘TCS AI for Business Study’, a comprehensive report on the state of AI adoption and its impact on businesses, also finds that 69% of businesses are more focused on using AI to spur innovation and increase revenue than on productivity improvement and cost optimization.
Executives are generally positive about the impact of AI, with 57% reporting excitement or optimism about the potential impact of AI on businesses.
Among respondents in the study, 45% expect up to half their employees will need to use generative AI capabilities to do their job in three years’ time — and another 41% think even more will do so.
Most (65%) believe AI will augment and enhance human capabilities, enabling people to focus on higher-value activities that require creativity and strategic thinking.
“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," Dr Harrick Vin, Chief Technology Officer, TCS, said.
Business leaders are less certain about the path to transformation. Only 4% use AI in a way that has transformed their business and nearly a quarter (24%) haven’t even moved beyond the initial exploratory phase.
Top barriers to business success include current corporate IT infrastructures and customer expectations.
Organisations also recognize the need to move beyond existing metrics to measure the success of AI implementations; nearly three-fourths (72%) say they don’t have the right metrics.
The survey also highlights the need for businesses to take a strategic approach to AI adoption and develop the right performance indicators to measure the technology's impact on their business.
The TCS Thought Leadership Institute surveyed nearly 1,300 CEOs and other senior executives with P&L responsibilities, across 12 industries and 24 countries. About half the companies had $1 billion to $5 billion in annual revenue and the other half had over $5 billion in revenue.
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