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Most companies around the world plan to increase investment in technology, particularly artificial intelligence (AI), according to a report released Friday. The report, titled “BCG AI Radar: From Potential to Profit with GenAI,” found that 71% of executives surveyed said they plan to increase their technology investments in 2024. , an increase of 11 points from 2023. %) plans to increase spending on AI and GenAI.
Based on a survey of 1,406 executives across 54 markets and 14 industries, the report found that 54% of leaders are already using AI to improve productivity this year, primarily through productivity gains in operations, customer service, and IT. He said he expects this to result in cost savings. Said.
Generative AI (GenAI) exploded into the public consciousness in 2023, promising to transform the way businesses function. But despite that potential, leaders have struggled to turn hype into reality.
According to a report by Boston Consulting Group (BCG), 66% of executives are either ambivalent or completely dissatisfied with their organization’s progress with AI and GenAI to date.
BCG CEO Christoph Schweitzer said this is the year to turn the promise of GenAI into concrete business success.
“Almost every CEO, myself included, has experienced a steep learning curve with GenAI. With technology changing so rapidly, it can be tempting to wait and see where things land. But with GenAI, early winners are experimenting, learning, and building. At scale,” he said.
The report states that generative AI is fundamentally reshaping business, with leading companies in the GenAI space planning to realize up to US$1 billion in productivity gains and already opening up new business models and growth. He added that he is considering ways to reinvest.
According to BCG India MD Nipun Kalra, the usage paradigm of AI and GenAI is rapidly changing, with more and more companies embracing these frontier technologies and how they can help improve productivity and business goals. focused.
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