According to a recent survey conducted by Gartner, Inc., the rise of , an advanced language model, has spurred 45% of executive leaders to increase their investments in artificial intelligence (AI). The survey, which included over 2,500 executives, highlights the significant influence of ChatGPT on AI adoption in organizations.
The findings indicate that a majority of organizations, approximately 70% of respondents, are currently in the exploration phase with generative AI. This demonstrates a strong interest and willingness to explore the potential applications of this technology. Additionally, 19% of executives reported being in either pilot or production mode, indicating that some organizations have already begun implementing generative AI solutions.
According to a recent report by IDC named, IDC Survey Spotlight: What Is the Attitude of Asia/Pacific Enterprises Toward Generative AI Adoption and Application?, about 32% of companies operating in the Asia/Pacific region have demonstrated their dedication to investing in generative AI technologies.
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Coming back to the Gartner survey that is discussed in this news, organizations are recognizing the risks associated with the emerging AI technology. As organizations delve into the development and deployment of generative AI, they are likely to encounter various trust, risk, security, privacy, and ethical considerations. Addressing these concerns becomes paramount to ensure responsible and ethical use of the technology.
The Gartner survey revealed that 68% of executives believe the benefits of generative AI outweigh the risks, with only 5% expressing concerns that the risks outweigh the benefits. Nevertheless, as investments deepen, executives may adopt a more cautious approach, conducting thorough risk assessments and addressing implementation challenges associated with generative AI.
38% to use generative AI investments to improve customer experience
The survey has revealed that a mere 17% of executives consider cost optimization as the primary goal for their generative AI investments. Instead, a majority of 38% of respondents have shifted their focus toward enhancing the customer experience. This shift reflects the growing recognition of generative AI’s immense potential in elevating customer interactions and satisfaction levels to new heights.
Organizations initially exploring generative AI are often starting with use cases such as media content improvement or code generation. While these efforts can yield immediate value, the true power of generative AI lies in its ability to augment human or machine capabilities and autonomously execute business and IT processes, marking the advent of autonomous business.
Forward-thinking CEOs and CIOs who embrace the transformative power of generative AI stand to unlock substantial opportunities for revenue growth. By effectively harnessing the capabilities of generative AI, organizations can not only overcome challenges like inflation, talent shortages, and economic downturns but also lay the foundation for sustained success in the long run.
According to Goldman Sachs, the advent of Generative AI has the potential to elevate global GDP by a staggering $7 trillion, equivalent to almost 7%, while concurrently stimulating a 1.5 percentage point increase in productivity growth. This flourishing ecosystem is anticipated to generate lucrative markets for technology and service providers, with a combined value reaching hundreds of billions of dollars.
Source: Gartner
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