Alright, so check this out. There’s a survey conducted by EY, a global consultancy firm, that revealed that about 68% of Chief Experience Officers (CXOs) in Indian tech-services companies believe that Generative artificial intelligence (Gen AI) will have a huge impact on their businesses. This survey included 50 companies across different categories and found that the greatest impact of Gen AI is expected in the customer experience realm, with 89% of respondents emphasizing this aspect.
Despite these high expectations, 64% of the CXOs express that their organizations’ readiness to leverage Gen AI is currently rated as “very low” to “moderate.” The study highlights the transformative potential of Gen AI, with illustrative abilities to reshape business models, boost productivity, and reduce costs. But the practical implementation of this technology has been slower than expected, due to various barriers such as skills gap, unclear use cases, and regulatory challenges.
On a positive note, Nitin Bhatt, Technology Sector Leader at EY India, emphasized that despite lower customer spending on Gen AI in the past year, the study indicates ongoing engagement with tech-services companies for various strategic projects.
There’s also a recent study released by the Infosys Knowledge Institute, that predicts a substantial increase in Gen AI spending by Indian companies. Over the next 12 months, these companies are expected to raise their Gen AI investments by nearly 165%, reaching a total of $386 billion. The research also indicates that companies throughout the Asia-Pacific region are poised to almost triple their Gen AI investments, reaching $3.4 billion in 2024.
And that’s not all. A separate study earlier this month found that more than 90% of chief innovation officers surveyed believe that integrating AI can significantly enhance both their own roles and their employees’ experiences. A whopping 93% of these officers plan to increase their budget for AI app investments.
But, challenges remain, with access to IT talent and data security being the primary concerns in successfully integrating AI into their operations.
So there you have it, folks. The future of AI and its impact on businesses is definitely something to keep an eye on. Exciting times ahead!