Gartner: ChatGPT has prompted increase in AI investments
- Gartner poll shows 45% of respondents to increase AI investments following ChatGPT hype.
- 70% of executives also said that their organization is in investigation and exploration mode with generative AI.
- 68% of executives believe that the benefits of generative AI outweigh the risks.
Investments in emerging technologies like artificial intelligence (AI), robotics, quantum computing and such have been on the agenda for organizations around the world as they look to improve their products and services. Interestingly, while all these emerging technologies are essential, global tech adoption in AI in particular is picking up the pace, especially since ChatGPT made its debut late last year. Today, almost every organization wants to invest and implement some sort of artificial intelligence AI capability into their business following the ChatGPT hype.
In fact, a recent Gartner, Inc. poll of more than 2,500 executive leaders, showed that 45% reported that the publicity of ChatGPT has prompted them to increase AI investments. 70% of executives also said that their organization is in investigation and exploration mode with generative AI, while 19% are in pilot or production mode.
For Frances Karamouzis, Distinguished VP Analyst at Gartner, the generative AI frenzy shows no signs of abating, especially with organizations 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.
The poll was conducted among 2,544 respondents as part of a Gartner webinar series in March and April 2023 discussing the enterprise impact of ChatGPT and generative AI. Gartner also stated that the results of this poll do not represent global findings or the market as a whole.
Benefits of generative AI outweigh the risks
Despite increased concerns about the effects of AI, especially on moral and ethical grounds, the poll found that 68% of executives believe that the benefits of generative AI outweigh the risks. Only a mere 5% feel the risks of AI outweigh the benefits. However, executives may begin to shift their perspective as investments deepen.
“Initial enthusiasm for new technology can give way to more rigorous analysis of risks and implementation challenges. Organizations will likely encounter a host of trust, risk, security, privacy and ethical questions as they start to develop and deploy generative AI,” commented Karamouzis.
Globally, governments are already requesting organizations to take a moral approach when implementing AI solutions. In the US for example, the White House has requested AI technology companies to take a moral approach when implementing AI solutions. The UK has also formed an AI regulatory body to look into the technology.
Customer experience primary focus of generative AI investments
Interestingly, the primary focus of AI investments, for now, seems to be improving customer experience. Other focuses of generative AI investments include revenue growth, cost optimization and business continuity.
As organizations 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,” added Karamouzis.
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