ChatGPT prompts increase in AI investment, survey finds

Publicity of ChatGPT has led executive leaders to increase AI investments, study finds.

In a recent Gartner, Inc. poll of more than 2,500 executive leaders, 45 per cent reported that the publicity of ChatGPT has prompted them to increase artificial intelligence (AI) investments.

Seventy per cent of executives said that their organisation is in investigation and exploration mode with generative AI, while 19 per cent are in pilot or production mode.

“The generative AI frenzy shows no signs of abating,” said Frances Karamouzis, Distinguished VP Analyst at Gartner.

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.”

Executives say benefits of generative AI outweigh the risks

The poll found that 68 per cent of executives believe that the benefits of generative AI outweigh the risks, compared with just 5 per cent that feel the risks outweigh the benefits.

However, executives may begin to shift their perspective as investments deepen.“Initial enthusiasm for a new technology can give way to more rigorous analysis of risks and implementation challenges,” said Karamouzis.

“Organisations will likely encounter a host of trust, risk, security, privacy and ethical questions as they start to develop and deploy generative AI.”Customer Experience is the Primary Focus of Generative AI Investments

Despite ongoing economic headwinds, only 17 per cent of executives indicated cost optimization as the primary purpose of generative AI investments.
Customer experience was the most common primary focus of investments, cited by 38 per cent of respondents (see Figure 1).
Fig. 1: Primary Focus of Generative AI Investments (Percentage of Respondents)

Source: Gartner (May 2023)

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,” said Karamouzis.

“CEOs and CIOs that leverage generative AI to drive transformation through new products and business models will find massive opportunities for revenue growth.”\

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