Profit through AI

increased publicity around ChatGPT has prompted 45 percent of executive leaders to increase their investment in artificial intelligence (AI).

The poll, which surveyed more than 2,500 executive leaders, found that 70 percent of organizations are currently in the investigative and exploratory stage of generative AI, while 19 percent have moved into the trial or production stage.

Frances Karamouzis, Distinguished VP Analyst at Gartner, notes that the demand for generative artificial intelligence solutions is growing.

"Organizations are scrambling to determine how much money to invest in generative AI solutions, which products are worth the investment, when to start, and how to mitigate the risks that emerge from this emerging technology," said Karamouzis.

Despite concerns about the potential risks associated with generative AI, the poll found that 68 percent of executives believe the benefits of this technology outweigh the risks.

However, Karamouzis cautions that this initial enthusiasm could give way to more rigorous risk analysis and implementation challenges as the investment deepens.

Organizations may face a variety of questions about trust, risk, security, privacy, and ethics as they develop and implement generative artificial intelligence.

  The main focus of executive AI investment in generative is customer experience, with 38 percent of respondents citing this as their top priority.

Only 17 percent indicated cost optimization as their main investment objective. When organizations start experimenting with generative AI, many start with use cases such as enhancing media content or generating code. While these efforts can be a strong initial value addition, generative AI has great potential to support solutions that augment people or machines and run business and IT processes independently.

According to Karamouzis, generative AI can play an important role in enabling autonomous business, the next macro phase of technological change. He stated, "CEOs and CIOs leveraging generative AI to drive transformation through new products and business models will find great opportunities for revenue growth."

Conclusion

It's important to note that the poll conducted by Gartner is part of a series of webinars in March and April 2023 discussing the enterprise impact of ChatGPT and generative AI. The results of this poll may not represent the global findings or the market as a whole.

In conclusion, the growing demand for generative AI solutions among executive leaders is testament to the potential of this emerging technology to transform businesses. However, organizations should carefully consider the risks and benefits of generative AI as they develop and deploy these solutions.

By focusing on customer experience and leveraging generative AI to drive transformation through new products and business models, organizations can unlock significant opportunities for growth and success for years to come.