GenAI is here to stay. It is poised to become foundational to how companies deliver value to their customers. It is also here to fundamentally transform how they conduct business. GenAI use cases can now span chatbots and customer service, code generation, content writing, graphic design, chip design, drug discovery, and even accelerate new product and services development.
IT and LOB executives are scrambling to allocate budgets for their GenAI initiatives. With a mandate from their board, they are anxious to show how their organization can differentiate itself with GenAI. Unlike many other disruptive technologies ITDMs have had to prepare for, many still lack proper understanding of GenAI requirements. This makes the upper bounds of spending on GenAI largely unknown. ITDMs are thus challenged in not knowing all the ways in which GenAI will impact their business, leave alone determining how much they will spend on it.
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