Press release
Cognizant & Oxford Economics' Companion Study to their "New Work, New World" Report Shows Cautious Optimism Among Enterprises Adopting AI
- 77% of global companies surveyed want to grow revenues through AI - Survey reveals that companies' average AI investment planned this year is nearly $50M -
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[{"type":"text","content":"- 77% of global companies surveyed want to grow revenues through AI\n- Survey reveals that companies' average AI investment planned this year is nearly $50M\n- Enterprises are cautious about scaling AI, with only 26% having implemented cross-enterprise use cases\nTEANECK, N.J., July 30, 2024 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) has released a companion analysis to its comprehensive 2023 study with Oxford Economics, and the new report - titled \"New Work, New World: Quantifying Global Gen AI Momentum\" - outlines cautious optimism is driving current market adoption of generative AI across various industries and geographies.\n\nKey findings from the survey reveal that the greatest strategic priority for generative AI adoption is enhancing productivity. Additionally, an impressive 76% of businesses are looking to leverage the technology to create new revenue streams, while 58% are incorporating revenue increases into their business cases.\nIn terms of readiness and business cases, the companies surveyed indicated that they plan to invest an average of $47.5 million in generative AI this financial year. Most funding is expected to come from IT and technology budgets, with contributions also from marketing and R&D. Furthermore, the survey highlights a commitment to workforce transformation, with 54% of companies planning to upskill workers to address skills gaps and 44% seeking to transition displaced workers to new roles.\nDespite the enthusiasm for adopting generative AI, businesses also recognize the challenges of scaling the technology. Only 26% of companies have implemented cross-enterprise use cases, and there is widespread concern that delays in adoption could give competitors an advantage. Globally, 70% of companies say they are not moving fast enough while 82% suggest that same delay in execution could place them at a competitive disadvantage. The data also points to the need for outside expertise to help with AI adoption, with 43% of companies indicating they plan to work with external consultants to develop a plan for generative AI.\nCognizant CEO Ravi Kumar S said, \"With our prior study predicting that generative AI tools could inject nearly $1 trillion into the U.S. economy and even more globally over ten years, it is not surprising that our latest survey identified gen AI as a core source of potential growth for mo...
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