In a rapidly evolving technological landscape, companies worldwide are eyeing generative AI as a key driver of growth and productivity. Cognizant’s recent analysis, “New Work, New World: Quantifying Global Gen AI Momentum,” sheds light on the cautious optimism surrounding the adoption of generative AI across various industries and geographies. Let’s delve into the key insights from the survey and understand how businesses are gearing up to leverage this transformative technology.
Key Points from the Survey:
Business Priorities:
– 77% of global companies aim to boost revenues through AI.
– Enhancing productivity reigns as the top strategic priority for generative AI adoption.
– 76% of businesses seek to create new revenue streams using AI.
– 58% incorporate revenue increases in their business cases.
Investment and Readiness:
– On average, companies plan to invest $47.5 million in generative AI this year.
– Most funding stems from IT and technology budgets, with contributions from marketing and R&D.
– 54% of companies plan to upskill workers to bridge skills gaps.
– 44% are looking to transition displaced workers to new roles.
Challenges and Concerns:
– Only 26% of companies have implemented cross-enterprise AI use cases.
– Delays in AI adoption could give competitors an edge.
– Globally, 70% of companies feel they are not moving fast enough.
– 82% fear that delayed execution may put them at a competitive disadvantage.
Future Outlook and Expertise:
– North America leads with a momentum score 15% above the global baseline, signaling a bullish outlook.
– EMEA and APAC trail behind, showing a more cautious approach.
– 43% of companies plan to work with external consultants for AI adoption.
Conclusion:
The road to successful generative AI adoption is paved with both promise and challenges. As businesses navigate this transformative technology landscape, a strategic approach backed by expert guidance will be crucial. Cognizant’s survey serves as a valuable compass for organizations seeking to harness the potential of generative AI for enhanced productivity and growth in a dynamic business environment. Embracing generative AI could drive substantial gains for businesses, propelling them towards a future of innovation and success.
