A recent study conducted by Lenovo has highlighted the challenges faced by businesses in adopting generative AI, despite a significant increase in AI investment across the EMEA region. The research indicates that AI investment is projected to grow by 61% year-on-year in 2024, with IT leaders considering the technology a “game changer.” However, businesses are encountering difficulties in deploying AI at scale due to concerns over the computational power and data resources required for training models.
Lenovo’s study reveals that 97% of businesses have either invested in AI or plan to do so in the coming year. However, several roadblocks have been identified, including technical challenges, worries about potential misuse, and the occurrence of AI “hallucinations” where generative AI tools produce erroneous outcomes. CIOs also face challenges in finding reliable data platforms and often rely on third-party platforms for generative AI development.
Despite these obstacles, enthusiasm for generative AI remains high, with government agencies, telecommunications companies, and banking, financial services, and insurance firms already investing in this technology. Similar increases in AI investments are expected in North America, while the Asia-Pacific region lags slightly behind in terms of spending. Only 13% of Asia-Pacific respondents confirmed the adoption of generative AI, with higher adoption rates observed in Korea and India.
The study emphasizes that readiness to invest alone is insufficient for businesses navigating artificial intelligence. It underscores the importance of developing a solid strategy to address potential roadblocks before they impede progress.