ChatGPT has gripped the attention of the world and according to Gartner, has prompted 45 percent of executives in a poll to up their artificial intelligence (AI) investments.
In that poll of 2,500 business leaders, 70 percent of respondants said that their organisation is in investigation and exploration mode with generative AI, while 19 percent are in pilot or production mode.
“The generative AI frenzy shows no signs of abating. Organisations are scrambling to determine how much cash to pour into generative AI solutions, which products are worth the investment, when to get started and how to mitigate the risks that come with this emerging technology,” said Frances Karamouzis, Distinguished VP Analyst of Gartner.
The poll found that 68 percent of executives believe that the benefits of generative AI outweigh the risks. Only five percent feel the risks outweigh the benefits.
“Initial enthusiasm for a new technology can give way to more rigorous analysis of risks and implementation challenges. Organisations will likely encounter a host of trust, risk, security, privacy and ethical questions as they start to develop and deploy generative AI,” said Karamouzis.
Customer experience main focus
Customer experience was cited by 38 percent of those polled as the primary focus of investments.
As organisations begin experimenting with generative AI, many are starting with use cases such as media content improvement or code generation. While these efforts can be a strong initial value-add, generative AI has vast potential to support solutions that augment humans or machines and autonomously execute business and IT processes.
“Autonomous business, the next macrophase of technological change, can mitigate the impact of inflation, talent shortages and even economic downturns. CEOs and CIOs that leverage generative AI to drive transformation through new products and business models will find massive opportunities for revenue growth,” said Karamouzis.
Entelechy Asia 