May 17, 2024
More than three-quarters of senior business leaders globally, 86%, have already deployed artificial intelligence to bolster revenue, according to a survey by IT solutions giant Tata Consultancy Services.
Senior executives are also generally positive about the impact of AI, with 57% reporting excitement or optimism about its impact on business.
Up to half of employees will use GenAI to do their jobs in three years, according to 45% of the business leaders surveyed, with 65% saying AI will augment and enhance human capabilities and enable people to focus on higher-value activities that require creativity and strategic thinking.
“When calibrated for accuracy and harnessed responsibly, GenAI makes the computational power of the data, cloud, and AI come alive,” Sivaraman Ganesan, head of the AI cloud business unit at TCS, said in a press release. “Add in human ingenuity and organizations can create a new paradigm for the modern marketplace.”
However, only 4% of business leaders use AI in a way that has transformed their business. And 24% haven’t moved beyond the initial exploratory phase of adding AI. Another challenge: 72% say they don’t have the right metrics for measuring AI success.
Other findings from the survey include:
- Executives believe the impact of AI will be greater than or equal to that of the internet (54%) and smartphones (59%).
- 65% of senior executives say their competitive advantage will still come from humans — with their creativity, intuition and strategic thinking.
40% of executives say that they have a lot of changes to make to their business in the future before the can take full advantage of the technology.
TCS’ survey included nearly 1,300 CEOs and other senior executives across 12 industries and 24 countries. TCS is a provider of AI consulting and solutions.