Recent findings from leading global research firm Gartner reveal that 45% of business executives have increased their investments in AI due to software such as ChatGPT. Customer experience was the primary reason for the increase in investments (38% of respondents), followed by revenue growth (26%), cost optimization (17%), and business continuity (7%). Despite the enthusiasm for AI, analysts have raised several thorny questions about trust, security, and ethics that need to be addressed before complete implementation.
Gartner’s benchmark survey reflects a trend in the AI industry as more businesses are turning to generative AI to improve their processes. This trend could have far-reaching effects in the business world, with generative AI expected to be applied to more consumer- and enterprise-facing applications in the near future. However, as businesses start to implement AI in their operations, Gartner warns that businesses must be ready to tackle the inherent trust, risk, security, privacy, and ethical issues associated with AI technology.
Generative AI is now being utilized across numerous industries, including marketing. Coca-Cola, for example, enlisted the help of OpenAI and Bain&Company to design an AI-based campaign to engage customers. Wendy’s has also looked to AI to improve operational efficiency for its drive-thrus with its new AI tool, FreshAI.
While AI has become more accessible for businesses, consumers remain somewhat skeptical of the technology. A survey conducted by Dentsu revealed that 42% of respondents prefer a brand that utilizes AI, but skepticism of the technology was the second most common sentiment across demographics. To address the trust gap, Dentsu suggested that marketers develop dedicated PR strategies to promote their AI-based initiatives.
Frances Karamouzis, a distinguished analyst at Gartner, highlighted the importance of businesses being aware of the potential downsides that come with implementing generative AI. As with any investment, organizations must thoroughly weigh the risks and challenges associated with AI before implementing it in their operations.
In conclusion, Gartner’s landmark survey shows that more companies are increasingly investing in AI, motivated primarily by customer experience, revenue growth, cost optimization, and business continuity. However, despite rising investments in AI, there is still a trust gap between businesses and consumers that must be addressed before full implementation. It is crucial for businesses to be aware of the possible risks and challenges that come with AI and thoroughly assess them before leveraging the technology for their operations.
