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Artificial intelligence will be essential to remain competitive,

artificial intelligence

Artificial intelligence will have a dramatic impact on business by 2020, according to study, "Getting Smarter by the Day: ,How AI is Elevating the Performance of Global Companies", of IT services, consulting and business solutions provider ,Tata Consultancy Services (TCS).

The study shows that 84 percent of the 835 executives TCS surveyed from North America, Europe, Asia-Pacific and Latin America said their companies see the use of AI as "essential" to competitiveness.

Half of the respondents see the technology as being "transformative" and say it will be important or highly important to remaining competitive in 2020.

The report shows that the use of AI is spreading across almost all areas of companies. The biggest adopters of the technology today are IT departments, with about two-thirds of the survey respondents using AI to detect security intrusions, user issues and deliver automation.

By 2020, however, nearly one third (32 percent) of companies think AI's greatest impact will be in sales, marketing or customer service, while one in five (20 percent) see AI's impact being biggest in non-customer facing corporate functions such as finance, strategic planning, corporate development, and human resources.

The companies surveyed are from a range of industries, including automotive, banking and financial services, energy, healthcare, life sciences, industrial manufacturing, and retail.

Examples of how AI is being used by companies include guiding customer service representatives to more quickly resolve customer problems and anticipate future purchases; quickly and securely reconciling mass overnight transactions for financial institutions; and saving human resources professionals time by enhancing the on-boarding processes for new hires.

AI is already being used to automate certain processes and create efficiencies; help employees to be more productive and devote more time to more strategic business needs; and create new work and services that were not possible in the past, according to the study.

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