FEATURE : GENERATIVE AI
Rigour and revolution : Generative AI sets new precedent for tech
Developing and maintaining a competitive edge in today ’ s digital landscape requires organisations to get on board with AI or face being left behind . One of the latest AI tools , Generative AI , has set tongues wagging across the industry as experts get to grips with the technology – its challenges and its benefits . We hear from technical experts who have their say .
UK CEOs are accelerating investments in Generative AI ( GenAI ) to maintain a competitive advantage , but most are facing challenges in developing and implementing AI strategies , according to the findings of the latest EY CEO Outlook Pulse survey .
The survey of 100 UK CEOs – which provides insights on AI , capital allocation , investment , sustainability and transformation strategies – found that nearly all respondents ( 99 %) are making or planning significant capital investments in GenAI in the next 12 months , with 51 % funding investments by reallocating capital from other investment budgets . already taking tangible steps to embed AI into their organisation – 54 % said they had hired new talent with relevant AI skill sets , while 42 % had established AI pilots and partnerships with multiple companies .
Amid this activity , 68 % of UK CEOs said they felt the uncertainty around GenAI made it difficult to develop and implement AI strategies , while 30 % said they were concerned about the risk of deploying AI in their organisation . CEOs are also finding it hard to distinguish AI ‘ hype ’ from genuine expertise – 77 % said they had seen a sharp increase in companies claiming to be experienced in AI which was making it harder to identify credible parties .
Almost three-quarters ( 74 %) of UK CEOs believe their organisation must act now on GenAI to avoid giving their competitors a strategic advantage . Most are
“ UK CEOs clearly see the huge opportunities that AI offers in its ability to drive productivity and provide a competitive advantage and , as a result , are making
www . intelligentcio . com INTELLIGENTCIO EUROPE 51