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Generative AI spending will move beyond the IT budget

May 7, 2024
LinkedIn
Contributed by: Sarah Richardson
Summary
Generative AI is increasingly influencing IT budgets across various business units, driven by its department-specific use cases and potential for process reinvention, akin to the spread of software-as-a-service (SaaS) spending in enterprises. Insights from technology CEOs suggest that generative AI spending will become a vital part of business operations, not just confined to IT departments, reflecting its significance in driving innovation, competitive differentiation, and strategic positioning. Companies are expected to integrate generative AI across different sectors of their operations, emphasizing the need for a culture and process change to fully leverage this technology. This spread of AI investment is supported by the growth in cloud budgets and the emphasis on generative AI by major tech CEOs, underlining its transformative potential across all business experiences and operations.
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