Cognizant, an IT consultancy, and Oxford Economics released a survey that found that even though many businesses want to implement generative AI as soon as possible, they are struggling to scale it. The survey shows that 70% of companies are worried that they are not implementing AI as fast as they should while 82% of companies believe that if they delay in implementing AI, they will not be able to compete with other companies which have already implemented AI.
The survey was a part of a report released earlier this year which was about the spread of generative AI and its effects on jobs. The report predicted that 13% of businesses are going to adopt AI in the next three to four years with 46% businesses doing so in the next decade. Many businesses and companies are already investing big on AI infrastructure. Cognizant itself invested $1 billion on AI tech which will be spent in the upcoming three years.
SVP and global practice head of AI and analytics at Cognizant, Naveen Sharma says that companies are already facing hurdles in scaling AI. If they want to ensure the correct implementation of AI, it is important that they know their data foundation and which tech stack is needed for it. Many businesses are just thinking of adding a chatbot as an AI tool for their employees but for most companies, this isn't going to work. They should re-imagine business processes to make the impact of AI implementation faster.
Read next: New Study Claims Using Labels Like ‘Artificial Intelligence’ Could Unintentionally Hurt Companies’ Sales
• 100 Million Americans to Use Generative AI by End of 2024: New Report
The survey was a part of a report released earlier this year which was about the spread of generative AI and its effects on jobs. The report predicted that 13% of businesses are going to adopt AI in the next three to four years with 46% businesses doing so in the next decade. Many businesses and companies are already investing big on AI infrastructure. Cognizant itself invested $1 billion on AI tech which will be spent in the upcoming three years.
SVP and global practice head of AI and analytics at Cognizant, Naveen Sharma says that companies are already facing hurdles in scaling AI. If they want to ensure the correct implementation of AI, it is important that they know their data foundation and which tech stack is needed for it. Many businesses are just thinking of adding a chatbot as an AI tool for their employees but for most companies, this isn't going to work. They should re-imagine business processes to make the impact of AI implementation faster.
Read next: New Study Claims Using Labels Like ‘Artificial Intelligence’ Could Unintentionally Hurt Companies’ Sales
• 100 Million Americans to Use Generative AI by End of 2024: New Report
