Global businesses like generative AI for providing innovation and new opportunities yet lacks the right level of tech, funding, and such to use it, according to latest Telstra x MITTR study

The latest study by Telstra and MIT Technology Review Insights has revealed some interesting trends in generative AI (gen-AI)'s ability to affect global businesses. By polling the opinions of 300 business leaders across the AP (Asia-Pacific) + America + Europe region, the study is able to cover a lot of grounds such as a wide spectrum of industries from financial-related organizations to retail and manufacturing as well as telecom, logistics, energy, oil, gas, etc. Here are some of the important key findings according to the report:

• Gen-AI is expected to disrupt industries across economies
  • 6 out of 10 respondents agree with the statement that will happen in the next 5 years
• Most hope gen-AI becomes a disruptor and not a risk
  • 78% of respondents see the tech as a competitive opportunity while only 8% see it as a threat; 65% actively considering the tech to bring hidden opportunities from data
• In 2023, very few companies went above and beyond in exploring gen-AI tech
  • Although 76% of respondents did some form of experimentation with gen-AI last year, only 9% adopted it widely; Use of the tech is mostly within minimal-risk tasks that are non-essential
• Adoption rate poised to rise in 2024
  • Respondents are expecting about double the number of functions or purposes where gen-AI can be deployed for 2024 involving customer experience, strategic analysis, and product innovation; Integration of gen-AI is to be increased in specific fields as well, including but not limited to coding/supply change management/financial compliance
• The need to address IT deficiencies or risk falling short of the gen-AI ambition
  • Less than 30% of respondents rated their adoption of the tech as "conducive" and that might be overly optimistic as 65% rate themselves "modestly conducive" at best
• Other factors that can lead to the unsuccessful adoption of gen-AI include
  • Risk - 77% of respondents cite regulatory, compliance, and privacy as the main cause
  • Budgets - 56% of respondents have problems with investment budgets
  • Competitive Environment - Early adopters are more likely to consider a competitive environment as an enabler than a barrier
  • Culture - Early adopters are more likely to be open-minded in terms of innovation brought by gen-AI
  • Skills - A short supply of gen-AI-related skills is currently happening in the market

If you wanna read through the entire thing, you can click here.