Cisco, one of many world’s main networking and safety firms, launched a examine on Monday detailing the fears, ambitions, and actions of CEOs relating to AI.
The report revealed that “97% of CEOs plan to adapt and incorporate AI into their enterprise, however solely 2% really feel prepared for AI”.
The report surveyed greater than 2,500 CEOs over 25 years of age, representing over 250 firms in Europe, North America, South America, Africa, and Asia-Pacific (APAC).
Whereas most CEOs perceive that AI integration is important, many really feel that their gaps in understanding the expertise are hindering progress alternatives.
The examine revealed that over 70% of CEOs imagine that their understanding of AI hinders their capability to ask “important questions” within the boardroom. Furthermore, 58% of them “imagine their understanding of AI can have a unfavorable impression on the expansion of their enterprise over the following 5 years”.
These CEOs additionally highlighted a number of different components that maintain them again from integrating AI into their companies, together with issues about infrastructure and finances limitations, safety issues, ability gaps, and so forth. About 28% of the respondents really feel the potential advantages of AI have been exaggerated.
Whereas 10% of respondents revealed having no issues about AI, solely 2% stated they “really feel all the pieces is in place” and are able to combine it.
Underscoring the urgency to behave, Cisco’s govt vp and chief product officer, Jeetu Patel, stated in an announcement, “Ultimately, there might be solely two sorts of firms: these which might be AI firms and people which might be irrelevant.”
Equally, a majority of CEOs within the report revealed their issues about shedding their aggressive edge attributable to infrastructure gaps and lack of funding in new applied sciences.
Final 12 months, a report from Menlo Ventures revealed that AI spending in enterprises noticed a sixfold enhance from 2023, from $2.3 billion to $13.8 billion. The report additionally revealed that organisations had outlined 10 potential AI use circumstances, and 24% of them are prioritised for implementation within the close to time period. Menlo surveyed 600 US enterprise IT decision-makers for the report.
Organisations use generative AI of their stack to generate code, help chatbots, carry out enterprise searches and extra. The report additionally revealed that 47% of options in organisations are constructed in-house, whereas 53% are sourced from distributors.
That stated, it was additionally revealed that organisations usually are not simply giving into the hype but additionally specializing in return on investments.
“Patrons are taking part in the lengthy sport. They’re way more targeted on instruments that may ship measurable worth (30%) and that perceive the distinctive context of their work (26%) over these providing the bottom price ticket (1%),” the report learn.
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