Generative AI has taken the business world by storm, with large language models (LLMs)—including OpenAI’s ChatGPT—splashed across the news. And executives aren’t immune to the hype. AI is becoming an ever-larger component of IT budgets, with worldwide spending on AI-centric systems expected to hit $154 billion this year—up 27% over 2022.
But will enterprises spend these resources wisely? Our research says yes—if organizations take a disciplined approach.
Oxford Economics partnered with the IBM Institute for Business Value in May–July 2021 to survey 2,500 executives in 22 countries across North America, Latin America, Europe, Middle East and Africa, and Asia (including China and India). The survey scope included 34 business and technology roles—primarily executives but also IT and AI professionals—from 17 industries. We asked them to deconstruct how their companies are investing in AI today, what real-world ROI is being produced, and which elements are required to boost effectiveness. This report analyzes the key business and technology capabilities that are connected with the most successful AI initiatives.
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The expert behind the research
Tom, a member of the Thought Leadership team, brings years of experience in producing original, evidence-based research made accessible to decision-makers and opinion leaders.
Senior Editor, Thought Leadership
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