Research: Businesses optimistic as they deploy generative AI

GenAI is a megatrend that rivals the evolution of the internet itself –  and it is set to transform global enterprises and entire industries. There is no going back.

NTT DATA’s landmark  Global GenAI Report underscores how the technology is gaining momentum. Almost 70% of all respondents feel optimistic about GenAI, and organisations across industries are starting to apply genAI in ways that make a real difference in the lives of their employees and customers.

Long-term game

Business leaders are turning their focus from experimenting with GenAI to exploring long-term use cases that transform business performance and workplace culture for the better.

Almost all leaders surveyed have already invested in GenAI, while more than 80% have established expert or robust GenAI teams.

Furthermore, nearly two-thirds of C-suite respondents, specifically, expect GenAI to be a game changer over the next two years and plan to invest significantly in the technology.

However, only 2 in 5 respondents strongly agree that their existing GenAI solutions meet their requirements. Clearly, there’s a need for more complex understanding of business impact and business strategy concerning GenAI solutions, as well as for reskilling and upskilling in organisations, or for partnering with expert service providers, to gain access to GenAI skills.

The report identifies that most CEOs view GenAI as transformational. Leading CEOs are using it to create new processes and competitive differentiation.

More about the research

For our primary research, we interviewed more than 2,300 executive and senior IT and business leaders from organisations in 34 countries across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Respondents represent 12 industries, among them banking, investment and insurance, manufacturing, automotive, retail, healthcare and the public sector.

Of these respondents, 98% had direct authority or influence over GenAI buying decisions.

The report shows GenAI is on track to augment human labour in a range of areas, with implications for business models in every industry.

Organisations are increasingly using it to automate parts of the value chain, remove drudgery from human roles and rapidly improve processes.

In the report, we explore in detail how organisations are strategising around GenAI and how  it can transform their business operations.

A key point from the report is alignment between GenAI and broader business and technology strategies is paramount right from the start.

Investing in GenAI without this alignment most often will fail to deliver expected business growth.

Comprehensive efforts demanded

The report also looks at the underlying infrastructure that puts organisations on the road to success, the importance of building an expert GenAI team (and what this team should look like) and adopting data-management practices.

More than 90% of CIOs and CTOs are reviewing their network architecture due to the demand for GenAI. A similar percentage agree that cloud-based solutions are the most practical and cost-effective way of supporting GenAI applications, however there also seems to be a preference for a hybrid-solution approach.

The report explores high-priority topics like the effect of GenAI on the workforce and organisational culture, as well as challenges relating to ethics, safety and sustainability.

While the democratisation of GenAI technology means nontechnical users can access and engage with these tools easily, there is a considerable gap in GenAI expertise, along with challenges associated with upskilling and reskilling.

The need for responsible innovation is paramount, as is balancing GenAI ambitions with an organisation’s sustainability goals. The report discusses security concerns and data privacy issues that must be addressed.

How to succeed with GenAI

NTT DATA’s Global GenAI Report serves as a beacon for organisations that want to succeed with GenAI adoption—not least because their competitors are already on the path to doing so.

NTT DATA’s end-to-end, full-stack portfolio means it is uniquely well-placed to co-innovate and serve clients with respect to GenAI.

For a deeper understanding of these insights and to learn more about -how your organisation can effectively implement GenAI strategies, we invite you to explore the full report.