Deloitte’s recent survey reveals that Chief Financial Officers (CFOs) are not yet allocating budgets for generative artificial intelligence (AI). Despite the potential benefits of generative AI, including cost efficiencies and improved business operations, only 26% of CFOs plan to invest in it over the next three years. This hesitancy is largely due to a lack of understanding about the technology and its potential return on investment.
Generative AI uses advanced algorithms to create new ideas, designs, and solutions. It can generate content, automate tasks, and solve complex problems, thereby driving innovation and efficiency. Yet, the lack of investment indicates that CFOs are not fully aware of these benefits.
The survey also found that CFOs are more inclined to invest in other types of AI, such as predictive analytics and automation, with 60% planning to do so. These technologies are better understood and their benefits more readily apparent.
Deloitte suggests that CFOs need to better understand the potential of generative AI and consider it as part of their broader AI strategy. By doing so, they can leverage its benefits and drive their organisations towards digital transformation.
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