{"id":1232,"date":"2024-05-24T15:27:13","date_gmt":"2024-05-24T15:27:13","guid":{"rendered":"https:\/\/aifinancetoday.com\/?p=1232"},"modified":"2024-05-24T15:27:14","modified_gmt":"2024-05-24T15:27:14","slug":"boosting-revenue-streams-with-ai","status":"publish","type":"post","link":"https:\/\/aifinancetoday.com\/boosting-revenue-streams-with-ai\/","title":{"rendered":"Boosting Revenue Streams With AI"},"content":{"rendered":"\n


A new study addresses the elephant in the room: How are companies creating revenue with artificial intelligence?<\/em>

Now that the \u201cshock and awe\u201d phase of artificial intelligence is fading, senior finance executives can get down to business and figure out the best ways to generate revenue using AI.

Surprisingly, that issue has largely been left unaddressed in the rush to market artificial intelligence tools <\/a>and applications before the competition jumps the line.

Since most large companies are either deploying or planning to deploy AI inside their companies, a new study targets the \u201crevenue\u201d question with senior executives across the globe. The report<\/a>, issued by Mumbai, India-based Tata Consultancy Services, tracks 1,300 CEOs and other senior executives with P&L responsibilities across 12 industries and 24 countries. About half the companies had $1 billion to $5 billion in annual revenue, and the other half had over $5 billion in revenue, Tata reported.<\/p>\n\n\n\n

A Focus on Usage Versus Revenues<\/strong>

Here are three big takeaways from the study:

Companies don\u2019t yet have a grip on AI performance and financial metrics<\/strong>. Company executives are \u201cless certain\u201d about any path from AI to profit.

\u201cOnly 4% use AI in a way that has transformed their business, and nearly a quarter (24%) haven\u2019t even moved beyond the initial exploratory phase,\u201d the study noted. \u201cTop barriers to business success include current corporate IT infrastructures and customer expectations.\u201d

Senior executives also want \u201d to measure the success of AI implementations. \u201c72% of survey respondents say they don\u2019t have the right metrics,\u201d Tata reported. “The survey also highlights the need for businesses to take a strategic approach to AI adoption and develop the right performance indicators to measure the impact of the technology on their businesses.\u201d

Revenue pipelines are open<\/strong>. 86% of senior business leaders have already deployed artificial intelligence (AI) to enhance or create new revenue streams. The study also finds that 69% of businesses \u201care more focused on using AI to spur innovation and increase revenue than on productivity improvement and cost optimization.\u201d

An additional 45% of respondents expect up to half of their employees will need to use generative AI capabilities to do their jobs in three years. \u201cAnother 41% think even more will do so. Most (65%) believe AI will augment and enhance human capabilities, enabling people to focus on higher-value activities that require creativity and strategic thinking,\u201d the report stated.\u201d

Additional data<\/strong>. According to the report, senior \u201c greater than or equal to\u201d that of the internet (54%) and smartphones (59%). <\/p>\n\n\n\n

Finance is the first realm of choice for AI deployment, with finance\/comptroller (with an AI completion rate of 29%) taking center stage, followed by human resources (completion rate of 28%) and marketing (with a completion rate of 28%. Another 55% of respondents are \u201cactively making changes right now to their business or operating models, or their products and services, due to AI’s potential benefits and risks.

Meanwhile, 93% of executives surveyed in the United Kingdom and Ireland said they have AI projects aimed at growing revenue. \u201cExecutives in other regions are equally enthusiastic, with 89% in North America, 88% in APAC, 83% in Continental Europe, and 80% in Latin America,\u201d the report concluded.



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A new study addresses the elephant in the room: How are companies creating revenue with artificial intelligence? 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