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At least 73 per cent of Chief Information Officers (CIO) foresee an increase in their IT budgets for 2024, while 15 per cent expect no change, and 12 per cent predict a reduction, signaling an investment trend in the tech sector for the upcoming year, according to investment platform Recognizes’ CIO survey.
Upon analysing the IT Initiatives adopted by organisations, the survey found that cyber and data security tops the list with 36 per cent. Following closely as the second-highest initiative is Artificial Intelligence with 35 per cent responses, while the third ranking initiative is cloud migration with 29 per cent.
The adoption of LLM (Large Language Model) across organisations is on the rise. About 69 per cent of organisations presently utilise LLMs, indicating extensive adoption. However, 24 per cent organisations are yet to implement this technology, and 7 per cent are uncertain about their engagement with these advanced AI systems.
Among the organisations employing large language models, GPT-4 by Open AI leads with 50 per cent usage, followed by its predecessor GPT -3.5, at 19 per cent. Other models like Google AI’s PaLM 2, Anthropic’s Claude v1, and various offerings from the Technology Innovation Institute and Stability AI also see utilization, reflecting a diverse ecosystem of AI tools in the industry, the report noted.
Surveyors predict AI to substantially influence their organisations in the next two years, with 54 per cent expecting significant use cases that drive productivity and 22 per cent foreseeing a transformational impact, highlighting AI’s integral role in shaping future business operations.
Meanwhile, 19 per cent of the CIO’s believe that AI’s impact is significant in certain use cases and does not impact greatly. Interestingly, 6 per cent of them perceive that AI does not make much an impact in driving productivity in their organisations.
Nearly half of the organisations surveyed, 47 per cent, are already amid a major ERP project, while 37 per cent are planning to initiate one in the next year. This indicates a significant commitment to enterprise system upgrades within the near future, with only 12 per cent not engaging and 4 per cent undecided, the report found.
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