Artificial intelligence (AI) is rapidly reshaping the business world, and companies are taking notice and significantly increasing their investments. Spending on AI is expected to increase by 61% year over year in 2024, according to a study published by Lenovo, with IT leaders increasingly viewing this technology as a “game changer.”
A new IDC ebook sponsored by Lenovo, “CIO PlayBook 2024: It’s all About Smarter AI,” found that 40% see AI as a “game changer.” The study finds that businesses across Europe, the Middle East and Africa (EMEA) are projected to drive a staggering 61% year-over-year increase in AI spending in 2024 to drive innovation and operations. This highlights the growing awareness of the potential of AI to efficiency.
Generative AI (Gen AI), which enables the creation of new content such as text, images, and code, is of particular interest to enterprises. An astonishing 97% of organizations have invested in Gen AI or plan to invest within the next year. This widespread adoption is being driven by technology’s ability to streamline processes, increase creativity, and unlock new possibilities across a variety of industries.
However, Gen AI is just one aspect of a broader AI revolution. Companies are also putting significant resources into interpretive AI, which helps analyze data and derive insights, and machine learning, which allows systems to learn from experience and improve without being explicitly programmed. .
Giovanni Di Filippo, President, EMEA, Lenovo Infrastructure Solutions Group, said: “CIOs are eagerly embracing the potential of not only generative AI but also interpretive AI, and need to make the right technology investments and partnerships to maximize their AI value for their organizations.”
Lenovo report showcases AI as a ‘game changer’ across industries
Enthusiasm for AI extends across industries, with manufacturing leading the way, with 47% hailing AI as a “game changer.” Traditionally cautious sectors such as government and finance are also adopting the technology, with more than half of organizations in these sectors already investing in generative AI.
While the potential benefits of AI are clear, challenges remain. Concerns about data privacy, the limited capabilities of AI models, and the potential for misuse of the technology are among the top challenges his business leaders cite. Additionally, addressing employee concerns about turnover and fostering an AI-friendly culture within organizations are important issues to address.
Despite these hurdles, AI adoption shows no signs of slowing down. “There is a growing awareness across all sectors that AI has the potential to improve efficiency and competitiveness,” commented Neil Ward-Dutton, Vice President AI, European Automation & Analytics at IDC. Masu. “CIOs should take this opportunity to invest in core technologies and ensure that AI expertise is distributed across the organization rather than within a single team.”
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