While most IT companies have successfully integrated GenAI and AI into their operations and client services, leading to improved efficiencies and initial financial gains, analysts say that the full scale of monetisation is still far away.IT major Accenture appears to be the most advanced in directly monetising AI with substantial financial outcomes, whereas others like Tata Consultancy Services (TCS) and Infosys are still in the process of scaling their efforts for broader financial impact.Accenture has bundled AI services within regular transformation deals, emphasising an integrated approach to AI monetisation.
AI new bookings exceeded $900 million in the third quarter alone, taking the total to $2 billion for the fiscal year so far. Accenture follows a September-August financial year.”Without enterprise-wide reinvention across three pillars – data and technology, processes, and people, along with a responsible AI framework – AI and generative AI will not be able to yield the right business outcomes,” Sandeep Dutta, senior managing director and lead – India Business at Accenture told FE.TCS, on the other hand, said it sees AI as a means to significantly improve revenue streams and enhance business models, though the actual adoption and large-scale monetisation might still be evolving.
The company’s focus on integrating AI into various sectors like customer service and manufacturing points towards ongoing efforts to monetise these technologies.Krishna Mohan, vice president & deputy head of AI.Cloud unit had said, “AI is not just about cost savings; it’s about reimagining how businesses operate, which in turn drives substantial revenue growth.”Meanwhile, Infosys recently said it is developing 225 GenAI programs and leveraging GitHub Copilot to generate millions of lines of code. While they see enormous potential in GenAI to solve business challenges and enhance productivity, the large-scale monetisation of these initiatives might still be in its early stages as their clients are developing their internal AI strategies.
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Nandan M Nilekani, chairman of Infosys, said, “We believe that GenAI has enormous potential to solve business and societal challenges. At the same time, we expect productivity to go up with the use of tools like GitHub Copilot, creating lots of potential to reduce cost and help in growth.”Wipro is integrating GenAI with traditional AI to create efficiencies, increase productivity, and generate new revenue streams. They report encouraging initial benefits, indicating successful monetisation in specific areas like customer service and healthcare.”We have an increasing number of our generative AI projects being delivered, with the right level of ‘human-in-loop’ and ‘responsible AI’ tenets being factored into the solution,” Nagendra Bandaru, managing partner and president at Wipro Enterprise Futuring, had told FE.Further, Tech Mahindra has implemented GenAI to automate coding and scripting, increasing development speed and productivity.
The company has observed increased AI adoption among clients, particularly in operations and business processes, suggesting a successful monetisation strategy through enhanced client services and internal efficiencies.Kunal Purohit, chief digital services officer, said, “Using generative AI-based pair programming has automated much of our coding, allowing for faster development and enhanced productivity.”AI adoption varies widely among clients, with sectors like healthcare, retail and banking leading the charge. Bandaru, a spokesperson from Wipro, said, “AI adoption is gaining momentum across various industries. In healthcare, GenAI is being utilised in contact centers to assist agents and in claim operations to expedite processes.
“Internally, companies are leveraging AI to streamline operations and enhance productivity. Infosys, for instance, has generated over three million lines of code using GitHub Copilot, reflecting significant internal use of AI. “The adoption of enterprise AI is anticipated to be gradual, requiring major internal changes,” Nilekani from Infosys mentioned.Tech Mahindra is also seeing productivity improvements with AI integration. Purohit explained, “AI has been a disruption. Over the last year, we saw customers evaluating the merit and risks of using AI. This year, customers are not just more aware of how to use AI efficiently, but also deploying it to create outcomes.”As AI continues to evolve, the focus is also on addressing challenges like data privacy, integration complexities, and upskilling employees.
Dutta from Accenture emphasised, “Without enterprise-wide reinvention across data and technology, processes, and people, AI will not yield the right business outcomes.” The statement highlights the ongoing need for comprehensive strategies to effectively harness AI’s potential.Krishna Mohan from TCS mentioned the broader impacts of AI on job structures, noting, “Generative AI is used to make the human more intelligent and more efficient… And of course, the last one is the transform, where here you’re actually reimagining the business process, the business model, the value chain of an industry and the value exchange.”
From: financialexpress
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