Subj : Businesses are spending more and more on AI, but keep hitting the
To   : All
From : TechnologyDaily
Date : Fri Apr 26 2024 10:30:05

Businesses are spending more and more on AI, but keep hitting the same 
roadblocks

Date:
Fri, 26 Apr 2024 09:20:15 +0000

Description:
Investment is on the up, but without the right strategy businesses will 
continue to face the same old roadblocks.

FULL STORY
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A recent Lenovo study has revealed that despite a staggering surge in AI 
spend across the EMEA region, businesses are facing the same challenges when 
it comes to adopting generative AI. 

According to the research, investment in AI is expected to grow 61% 
year-on-year in 2024, with a general consensus among IT leaders that the 
technology is considered to be a game changer. 

However, many businesses are still struggling with the scale of deploying AI, 
citing concerns over the large amounts of computational power and data 
resources that are required to train models. AI adoption struggle 

An overwhelming majority (97%) of businesses have either already invested in 
AI or plan to do so in the coming year, says Lenovo. However certain 
roadblocks have been highlighted which are preventing companies from 
maximizing their investments. 

Front and foremost are the technical challenges mentioned above, however 
leaders continue to concern themselves over potential misuse and AI 
hallucinations, where generative AI tools produce erroneous outcomes. 

CIOs also reported struggles finding a reliable data platform and the need to 
rely on third-party platforms for generative AI development. 

Despite the hurdles, enthusiasm remains high, with the likes of government 
agencies, telecommunications companies, and banking, financial services and 
insurance firms having already invested in GenAI. 

Besides the EMEA region, North America is also set to see similar increases 
in investments, however the amount of money expected to be spent on the 
technology in the Asia-Pacific region falls slightly behind. The situation is 
also similar in terms of previous investments, with only 13% of Asia-Pacific 
respondents confirming that they have adopted generative AI (driven by higher 
adoption in Korea and India). 

As businesses continue to navigate artificial intelligence, its clear that 
readiness to invest alone will not suffice. Rather, the study highlights the 
need for a solid strategy so that businesses can address potential roadblocks 
before theyre forced to a halt. More from TechRadar Pro These are the best AI 
tools and best AI writers Check out our roundup of the best cloud hosting 
providers Generative AI set to transform a whole host of industries  but is 
that always a good thing?



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Link to news story:
https://www.techradar.com/pro/businesses-are-spending-more-and-more-on-ai-but-
keep-hitting-the-same-roadblocks


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