GenAI is a megatrend that rivals the evolution of the Internet itself – and is set to transform global businesses and entire industries. There is no going back.
NTT DATA’s landmark Global GenAI report highlights how the technology is gaining momentum. Nearly 70% of all respondents feel optimistic about GenAI, and organizations across industries are beginning to apply genAI in ways that make a real difference in the lives of their employees and customers.
Long-term play
Business leaders are moving away from experimenting with GenAI and focusing on exploring long-term use cases that transform business performance and workplace culture for the better.
Nearly all executives surveyed have already invested in GenAI, while more than 80% have built expert or strong GenAI teams.
Additionally, nearly two-thirds of senior executives surveyed expect GenAI to be a game-changer in 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 is a need to gain a more complex understanding of the business impact and business strategy regarding GenAI solutions, as well as upskill and upskill organizations, or partner with service providers. expert services, to access GenAI skills.
The report identifies that most CEOs view GenAI as transformational. Top CEOs use it to create new processes and competitive differentiation.
Learn more about research
For our primary research, we surveyed more than 2,300 IT and business executives and managers from organizations in 34 countries across North America, Europe, Asia Pacific, Latin America, the Middle East and from Africa.
Respondents represent 12 industries, including banking, investment and insurance, manufacturing, automotive, retail, healthcare and the public sector.
Of these respondents, 98% had direct authority or influence over GenAI’s purchasing decisions.
The report shows that GenAI is on track to increase human work in a range of areas, with implications for business models in each sector.
Organizations are increasingly using it to automate parts of the value chain, remove the burden of human roles and quickly improve processes.
In the report, we explore in detail how organizations are strategizing around GenAI and how it can transform their business operations.
A key point of the report is that alignment between GenAI and broader business and technology strategies is paramount from the start.
Investing in GenAI without this alignment will most often fail to generate the expected business growth.
Comprehensive efforts are needed
The report also examines the underlying infrastructure that sets organizations on the path to success, the importance of building a team of GenAI experts (and what that 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 to support GenAI applications, but there also appears to be a preference for a hybrid solution approach.
The report explores high priority topics such as GenAI’s effect on workforce and organizational culture, as well as challenges related to ethics, security and sustainability.
Although the democratization of GenAI technology means that non-technical users can easily access and use these tools, there is a considerable lack of expertise in GenAI, as well as challenges associated with upskilling and reskilling.
The need for responsible innovation is paramount, as is the balance between GenAI’s ambitions and an organization’s sustainability goals. The report addresses data security and privacy issues that need to be addressed.
How to succeed with GenAI
NTT DATA’s GenAI Global Report serves as a blueprint for organizations that want to successfully adopt GenAI, especially because their competitors are already on track to do so.
NTT DATA’s comprehensive end-to-end portfolio means it is uniquely positioned to co-innovate and serve its customers when it comes to GenAI.
For a deeper understanding of this information and to learn more about how your organization can effectively implement GenAI strategies, we invite you to explore the full report.