Approximately 68% of IT leaders have indicated their preparedness to boost spending on Artificial Intelligence (AI) in the upcoming 12 months, as per findings from a recent report. The CIO&Leader Annual State of Enterprise Technology report reveals that the adaptability of AI is driving businesses to explore its various applications in the realm of business operations, sparking increased interest in AI adoption.
The upswing in AI investment can be attributed to the success of pilot projects, with 25% of respondents foreseeing a substantial surge in expenditure, 43% expecting a moderate increase, and only 15% remaining undecided about future AI and Machine Learning spending.
The noticeable rise in AI spending signifies a fundamental shift in enterprise technology investment strategies, underlining the growing awareness of AI's transformative impact on business operations and its tangible benefits, according to R Giridhar, Group Editor and Head of Research at 9.9 Group.
Conducted between July and September 2023, the report surveyed over 300 IT decision-makers from India's leading organizations. It highlighted a significant improvement in AI capabilities, driven by the increased availability of data and cloud-enabled processing power.
While functions like IT operations, sales, marketing, and customer service have readily embraced AI/ML benefits, the report indicates that supply chain, HR, and finance-related processes also possess substantial potential for employing specialized AI/ML solutions. Jatinder Singh, Executive Editor at CIO&Leader, emphasized the pivotal role of AI in generating insights, optimizing decision-making, and enhancing customer experiences, showcasing its evolution from a technological tool to a strategic business growth catalyst.
Furthermore, the report pointed out that over half of the respondents identified the challenge of selecting the right technology as a significant barrier to scaling AI deployments. Cybersecurity concerns were also prevalent, with 54% expressing worries about safeguarding AI systems, particularly in critical applications. Nearly half of the participants emphasized the importance of ensuring AI's compliance with emerging regulatory standards.
(With Agency Inputs)
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