Study reveals strong AI adoption to drive revenue growth

A recent highlights a significant trend in business strategy, with 86% of senior executives leveraging artificial intelligence (AI) to boost revenue streams or develop new ones. The TCS AI for Business Study surveyed nearly 1,300 CEOs and senior executives across 24 countries and 12 industries, revealing a predominant focus on AI-driven innovation for revenue enhancement rather than merely cost optimisation.

The study indicates a shift towards AI’s potential for transformative impact, with 69% of businesses prioritising AI for revenue growth and innovation. Executives exhibit positive sentiments towards AI, with 57% expressing excitement or optimism about its prospects.

A notable finding is the projected increase in AI adoption within organisations. Around 45% of respondents anticipate that up to half of their workforce will require AI tools (GenAI) to perform their roles within the next three years, with another 41% expecting an even higher level of integration.

Moreover, 65% believe that AI will enhance capabilities, allowing employees to concentrate on tasks demanding creativity and strategic thinking.

However, the report underscores challenges in AI deployment at scale. Only a minority (4%) of organisations have successfully transformed their operations through AI, while 24% remain in the exploratory phase. Barriers include corporate IT infrastructure limitations and evolving customer expectations.

Critical to AI success is the development of appropriate metrics for performance evaluation. Despite recognising this need, 72% of businesses lack suitable metrics for measuring AI impact accurately.

In response to these findings, TCS emphasises the importance of a strategic approach to AI adoption.