Research points out 75% tech leaders plan GenAI implementation within next year

According to a report by Experian carried out by Forrester Consulting, seventy-five per cent of technology leaders are exploring Generative AI for implementation within the next year. The report highlights that the business leaders, having identified technological disruption as the top external factor impacting their business, are putting emphasis on AI supremacy to improve business efficiencies and reduce costs.

The research surveyed Telco C-suite and Director level leaders across ten countries in the Europe, Middle East, and Africa (EMEA) and The Asia-Pacific (APAC) regions, including India, Australia, Denmark, Germany, Italy, New Zealand, Norway, South Africa, Spain, and the Netherlands.

Seventy-five percent of the participants who have been surveyed believe that competitive advantage in their industry will be dependent on who can make the best use of AI.

The report also reveals that equal number of senior leaders feel that Generative AI (GenAI) will significantly improve the way they assess risk.

"This year's research highlights the importance of two critical factors - first the race for AI superiority, with business leaders believing it to be critical to gain competitive advantage in their sector. And secondly, the clear focus on investment in analytics tools and infrastructure to better harness the power of data, with many businesses still struggling with the time and effort required to develop and deploy models. The findings suggest businesses are increasingly adopting cloud-based services to better connect data, analytics and software," says Manish Jain, Country Managing Director, Experian India.

The report reveals that the data and analytics leaders are prioritising the move of siloed datasets into a single platform that combines data and analytics, as this better enables AI/ML capability and allows them to push models into production in weeks instead of months.

It further added that more than three-quarter or 76 percent of respondents believe that it takes them too long to develop and deploy AI/ML models, with 63 percent stating that they are updating their models more frequently than ever before to adapt to changing consumer credit behaviour.