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HBR’s “ The Value of Digital Transformation ” reports, “While 89% of large companies globally have a digital and AI transformation underway, they have only captured 31% of the expected revenue lift and 25% of expected cost savings from the effort.” This dip delays when the business can start realizing the value delivered.
The analyst reports tell CIOs that generativeAI should occupy the top slot on their digital transformation priorities in the coming year. Moreover, the CEOs and boards that CIOs report to don’t want to be left behind by generativeAI, and many employees want to experiment with the latest generativeAI capabilities in their workflows.
And as reliance on generativeAI rises, the number of APIs in use is anticipated to increase accordingly. But APIs do more than support next-generation technologies — they already serve a foundational purpose within most enterprises. Managing APIs is similar to managing building software,” says Busse.
With generativeAI now a firm digital transformation priority , 2023-24 will mark the beginning of an AI-driven transformation era. When undergoing a digital transformation, executives often fail to consider the need for clear communication with their employees,” says John Veltri, managing director at SADA.
As such, organizations must evolve their digital strategies with market changes, such as the shift to remote work in 2020, the evolution to hyperautomation in 2022, and how generativeAI will now require CIOs to overhaul their roadmaps.
GenerativeAI is like Apollo 11 for CIOs. But like the space race, it holds the power to advance science and technology, redefine industries, transform a generation, and unlock human potential if todays leaders meet the challenge.
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