AI at Wharton has published a report on Gen AI adoption, business applications and future prospects.
In 2024 the focus has moved from the initial hype to proving ROI. Marketing, Operations and HR have seen an increase in AI usage and the overall sentiment is more optimistic and excited. There is more focus on enhancing jobs rather than replacing employees. Concerns remain about accuracy, bias and privacy.
Other interesting tidbits:
- Chief AI Officers (CAIO) are now in 46% of companies.
- Compared to other functions Finance, Purchasing and Legal had the highest budgets.
- Primary investment areas are in technology tools and systems, training, hiring and consulting.
- Finance, Purchasing and Product Development/Engineering are most likely to have budgets greater than $10M next year.