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Those are among the findings of an Ernst & Young LLP survey of 500 chief information officers (CIOs) at US companies with an average annual revenue of $17.4 billion.
Its findings suggest that CIOs are unsure about GenAI, even though many are in the midst of deployment, and expecting significant investment in the technology.
The study found that half of CIOs say they haven’t yet fully embraced the hype surrounding GenAI, even though all are committing budget to it.
“Over the years, there have been many examples of ‘cutting-edge’ technologies that did not live up to the initial hype,” said Matt Bartell, Americas Deal Technology Leader at EY-Parthenon. “As the technology experts at a company, CIOs are uniquely positioned not only to understand and enable the potential for growth that may be unleashed by GenAI but also to make sure the organization’s expectations are aligned to tangible goals.”
More than eight in ten CIOs expect the GenAI component of their budgets to increase over the next 12 months, and 12% expect an increase of more than 50%. The largest increases are at companies where the chief executive officer and CIO jointly lead the artificial intelligence (AI) strategy.