Survey: Most Firms Want AI to Spur Innovation

Nearly three quarters of companies are more focused on using artificial intelligence (AI) technologies to spur innovation and increase revenue, rather than lowering costs and optimizing operations, a new study from TCS says.

The study explores how CEOs and top decision makers around the world are responding to the transformative potential of AI and finds that 69 percent are focused on innovation and revenue growth for future AI implementations.

“I am delighted to release this TCS AI for Business Study key findings report, which shows the majority of senior executives are optimistic about AI’s potential impact on their business and 94% have active plans or have deployed it already in their business – showcasing the fast penetration of this technology wave,” TCS CEO K. Krithivasan said. “This report shares this and other unique insights about how organizations around the world in every industry are responding to AI’s transformative potential.”

The study surveyed nearly 1,300 CEOs across 12 industries and 24 countries around the globe. More than half of the senior executives note that they are excited or optimistic about AI’s potential impact on their business, and 72 percent are currently reworking or planning to rework their business strategy or operations for the impact of AI.

The study finds that only 20 percent of corporate leaders say they are well-positioned to leverage AI to their strategic advantage, with executives noting their main challenges as: current IT infrastructures; customer expectations; and current IT support.

More than half of the CEOs, 54 percent, said they are in the early phases of exploring AI – which includes cleaning up data and moving it to the cloud.

“Most executives believe AI will augment and enhance human capabilities, enabling people to focus on higher-value activities that require creativity, empathy, and strategic thinking,” the report says. “As AI becomes more advanced and part of ‘business as usual,’ the role of humans in the workplace will evolve. 41% of companies expect most of their employees will be using GenAI on a daily basis in three years.”

Based on the study’s insights, TCS offered five recommendations for businesses as they begin to implement AI tools:

• Focus on the value, not the technology;
• Adopt a more strategic approach;
• Make the business and culture AI-ready;
• Create higher-level relationships with customers; and
• Plan for success, not scarcity.