A new Tata Consultancy Services (TCS) study reveals that 86% of senior business leaders have already deployed artificial intelligence (AI) to boost revenue. The comprehensive 'TCS AI for Business Study' found that AI is increasingly used for innovation and revenue generation, rather than just cost-cutting.

The study, surveying nearly 1,300 CEOs and executives, shows widespread optimism about AI's potential. 57% expressed excitement or optimism, with 45% expecting widespread workforce AI utilization within three years. However, only 4% report AI transforming their business, highlighting challenges in scaling solutions and managing workplace changes.

Sivaraman Ganesan, Head, AI.Cloud Business Unit, TCS, said, “When calibrated for accuracy and harnessed responsibly, GenAI makes the computational power of the data, cloud, and AI come alive. Add in human ingenuity and organizations can create a new paradigm for the modern marketplace.

 Key findings

• 65% believe AI will enhance human capabilities, focusing on higher-value activities.
• 54% see AI's impact exceeding the internet's, 59% see it exceeding smartphones'.
• Top corporate functions using AI are Finance, HR, and Marketing.
• 40% of executives anticipate significant business changes to fully leverage AI.
• 81% emphasize the need for global AI standards and regulations.
• UK & Ireland lead in revenue-focused AI projects (93%).

Dr Harrick Vin, Chief Technology Officer, TCS, said, “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. Enterprises, however, are realizing that the path to production for AI solutions is not easy, and that building an AI-mature enterprise is a marathon, not a sprint.”

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• AI could replace equivalent of 300 million full-time jobs: Report