77% of worldwide firms surveyed need to develop revenues by means of AI. Survey reveals that firms’ common AI funding deliberate this 12 months is sort of $50M
Cognizant (NASDAQ: CTSH) has launched a companion evaluation to its complete 2023 research with Oxford Economics, and the brand new report – titled “New Work, New World: Quantifying International Gen AI Momentum” – outlines cautious optimism is driving present market adoption of generative AI throughout numerous industries and geographies.
Key findings from the survey reveal that the best strategic precedence for generative AI adoption is enhancing productiveness. Moreover, a powerful 76% of companies want to leverage the expertise to create new income streams, whereas 58% are incorporating income will increase into their enterprise circumstances.
When it comes to readiness and enterprise circumstances, the businesses surveyed indicated that they plan to speculate a mean of $47.5 million in generative AI this monetary 12 months. Most funding is predicted to return from IT and expertise budgets, with contributions additionally from advertising and R&D. Moreover, the survey highlights a dedication to workforce transformation, with 54% of firms planning to upskill staff to handle abilities gaps and 44% looking for to transition displaced staff to new roles.
Regardless of the passion for adopting generative AI, companies additionally acknowledge the challenges of scaling the expertise. Solely 26% of firms have carried out cross-enterprise use circumstances, and there may be widespread concern that delays in adoption may give opponents a bonus. Globally, 70% of firms say they aren’t shifting quick sufficient whereas 82% counsel that very same delay in execution may place them at a aggressive drawback. The info additionally factors to the necessity for out of doors experience to assist with AI adoption, with 43% of firms indicating they plan to work with exterior consultants to develop a plan for generative AI.
Cognizant CEO Ravi Kumar S stated, “With our prior research predicting that generative AI instruments may inject practically $1 trillion into the U.S. financial system and much more globally over ten years, it isn’t shocking that our newest survey recognized gen AI as a core supply of potential development for many firms. Concurrently we see a cautious method in adopting this expertise, as executives around the globe are searching for consultants to assist them traverse the AI productivity-to-growth journey.”
The survey, carried out in June 2024, consists of insights from 2,200 executives spanning 23 international locations and 15 industries, providing a view of how leaders plan to combine generative AI into their companies with the objective of driving vital productiveness positive factors and development. The evaluation introduces a “momentum rating,” derived from analyzing components that might both inhibit or speed up enterprise adoption of generative AI inside every nation, from the regulatory surroundings and native infrastructure to the price of capital and expertise availability. North America leads with a momentum rating 15% above the worldwide baseline and indicating a bullish outlook, whereas EMEA and APAC path behind at -4% and -14 respectively, indicating a extra cautious method.
Cognizant’s “New Work, New World: Quantifying International Gen AI Momentum” survey serves as a pivotal useful resource for understanding the present panorama and future potential of generative AI, offering invaluable insights for companies aiming to harness the ability of this transformative expertise for productiveness and development. The preliminary 2023 “New Work, New World” report predicted that generative AI may inject $1 trillion into the U.S. financial system over the subsequent decade. The newly launched survey is the primary take a look at world geographies and the potential enterprise impression of generative AI.
Methodology of the survey: Cognizant partnered with Oxford Economics to design and conduct a survey of two,200 C-suite and senior executives, together with people on the C-suite and VP ranges, from massive companies around the globe. The main focus was on those that play a major position in shaping, contributing to or making last selections on their group’s generative AI technique. The survey was carried out in June 2024 by way of computer-assisted phone interviewing (CATI).
Nations: Australia, Belgium, Canada, Denmark, Finland, France, Germany, Iceland, India, Eire, Japan, Luxembourg, New Zealand, Norway, Saudi Arabia, Singapore, Spain, Sweden, Switzerland, The Netherlands, United Arab Emirates, United Kingdom, United States
Industries: Banking and Monetary Companies, CMT, Vitality and Utilities, Healthcare, Insurance coverage, Life Sciences, Manufacturing, Public Sector, Assets (Mining & Oil), Retail, Transport and Logistics
Join the free insideAI Information publication.
Be part of us on Twitter: https://twitter.com/InsideBigData1
Be part of us on LinkedIn: https://www.linkedin.com/firm/insideainews/
Be part of us on Fb: https://www.fb.com/insideAINEWSNOW