How C-suite leaders plan to use generative AI
Generative artificial intelligence (AI) is here to stay, and leaders across retail and tech are planning to leverage the tool to grow their success.
Data firm Qlik’s newest Generative AI Benchmark Report detailed how companies plan to utilize and invest in the new technology, which generates text, images, or other media using generative models. Nearly eight-in-10 (79%) of the 200 C-level leaders who were surveyed said their firms have either purchased generative AI tools or invested in generative AI projects, and 31% say they plan to spend over $10 million on generative AI initiatives in the coming year.
However, 44% of the organizations noted they lack a clear generative AI strategy. When asked how they intend to approach generative AI, 68% said they plan to leverage public or open-source models refined with proprietary data. Nearly half (45%) said they are considering building models from scratch with proprietary data.
Six-in-10 respondents (60%) said that they plan to partially or fully rely on third-party expertise when it comes to questions of strategy, data security, governance and more. Only 20% believe their data fabric is “very or extremely” well-equipped to meet their needs for generative AI.
Nearly three-fourths of respondents (73%) said they expect to increase spending on technologies that support data fabrics for generative AI, with part of that spend focusing on managing data volumes.
“Generative AI’s potential has ignited a wave of investment and interest both in discreet generative AI tools, and in technologies that help organizations manage risk, embrace complexity and scale generative AI and traditional AI for impact,” said James Fisher, chief strategy officer at Qlik. “Our Generative AI Benchmark report clearly shows leading organizations understand that these tools must be supported by a trusted data foundation. That data foundation fuels the insights and advanced use cases where the power of generative AI and traditional AI together come to life.”