More than 45% of executives admitted that the publicity of ChatGPT has prompted them to increase investments in artificial intelligence (AI), according to a recent survey by Gartner, a technological and research consulting firm, involving more than 2,500 executive leaders. 

 

Seventy percent of executives said that their organization is in investigation and exploration mode with generative AI, while 19% are in pilot or production mode, it stated.

 

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. Results of this poll do not represent global findings or the market as a whole.  

 

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

 

"Organizations 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," he added.

 

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

 

"Organizations will likely encounter a host of trust, risk, security, privacy and ethical questions as they start to develop and deploy generative AI," he added.

 

Despite ongoing economic headwinds, only 17% 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% of respondents.

 

"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," he added.-TradeArabia News Service