Generative AI hype continues despite worries
The generative artificial intelligence chatbot hype has probably not yet peaked. A new survey shows 70% of executives say their companies are investigating and exploring possibilities with generative AI. 19% are in pilot or production mode.45% say publicity around ChatGPT has prompted them to increase AI investments, the survey by market research firm Gartner shows.
“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”, the Gartner report says.
Company after company announce chatbot AI plans while others warn that development of artificial intelligence also includes dangers. So has US Vice President Kamala Harris announced a meeting with tech companies like Google, Microsoft and OpenAI to discuss the worries around artificial intelligence development.
“The generative AI frenzy shows no signs of abating,” says Frances Karamouzis, 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.”
The Gartner survey was conducted among 2,544 respondents as part of a series of webinars in March and April. The company stresses that the results of this poll do not represent global findings or the market as a whole.
“Initial enthusiasm for a new technology can give way to more rigorous analysis of risks and implementation challenges,” says Karamouzis. “Organizations will likely encounter a host of trust, risk, security, privacy and ethical questions as they start to develop and deploy generative AI.”
The report says that 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; revenue growth 26%; and business continuity 7%.
“As organizations begin experimenting with generative AI, many are starting with use cases such as media content improvement or code generation. While these efforts can be a strong initial value-add, generative AI has vast potential to support solutions that augment humans or machines and autonomously execute business and IT processes”, the report says.
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