Part of the slow spending approach is coming from the fact that senior executives are looking at gen AI the wrong way, said Sreekanth Menon, global leader, AI and machine learning at Genpact. The research showed that about half of the executives are framing gen AI solely as a productivity tool. "The infancy of gen AI, combined with a warped conception of its potential, has led to reluctant budgetary spending." The research from Genpact and HFS showed that business leaders are dedicating up to 10% of their IT budgets to gen AI projects. "To successfully move AI from a pilot stage to production, organizations need to pause and ensure their gen AI plan is aligned with specific business objectives, not just productivity," he said.

---

Persons: Andriy Onufriyenko, Sreekanth Menon, Menon, Paul Pallath, Pallath Organizations: HFS Research