TCS Study Reveals Increased Use of AI To Grow Revenue

A new study by Tata Consultancy Services (TCS) crafted a compelling picture of Artificial Intelligence (AI) adoption within businesses. The comprehensive report, titled “TCS AI for Business Study,” reveals a strong focus on leveraging AI for revenue generation and innovation.

Overwhelming Shift Towards AI-Driven Growth

The study highlights a significant trend: more than 86% of senior business leaders have already deployed AI solutions. These deployments are not simply for efficiency gains; a striking 69% of businesses prioritize AI’s role in driving innovation and boosting revenue streams. This shift in focus from cost optimization to top-line growth signifies a growing recognition of AI’s potential as a strategic business driver.

Executive Optimism and the Future of AI Integration

Executives surveyed in the study express a general sense of optimism regarding AI’s impact. Over half (57%) report excitement or confidence about the potential benefits of AI for their businesses. Looking ahead, the study forecasts a substantial increase in the utilization of generative AI – a form of AI capable of creating entirely new content. An estimated 45% of respondents anticipate that up to half of their workforce will require generative AI skills within the next three years, with another 41% expecting an even higher adoption rate. This trend underscores the transformative power of AI and the need for workforce development initiatives to bridge potential skill gaps.

Human-AI Collaboration for Enhanced Capabilities

The study rejects the myth of AI replacing human workers. Instead, 65% of respondents believe AI will augment and enhance human capabilities. By automating routine tasks, AI can free up valuable employee time for activities that require creativity, strategic thinking, and human judgment. This human-AI collaboration is poised to unlock a new era of productivity and innovation across industries.

“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. 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.” said Dr Harrick Vin, Chief Technology Officer, TCS

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.