62% of firms globally plan to rely on 3rd-party providers for gen AI solutions: Report

February 16, 2024
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About 62 per cent of enterprises globally plan to rely on third-party providers for generative artificial intelligence

New Delhi, Feb 16 (IANS) About 62 per cent of enterprises globally plan to rely on third-party providers for generative artificial intelligence (AI) solutions and enhanced technical capabilities, a new report said on Friday.

According to the report by the management consulting company Everest Group, supported by WNS Global Services, there is real transformative potential for gen AI in Customer Experience Management (CXM) operations across industries.

Gen AI’s capacity to create new content in a variety of formats (text, image, video, code and synthetic data), recognise patterns within data, and analyse data and content to deliver relevant insights has the potential to transform CXM processes.

The report discovered that there is a significant awareness of gen AI and its applications across text (75 per cent), code (62 per cent), and image generation (52 per cent) capabilities.

The report surveyed CXM, digital transformation, and innovation leaders from 200 companies across North America, the UK, Europe and Asia Pacific with annual revenues of more than $500 million.

More than 90 per cent of companies recognise its high potential in text generation, with about 70 per cent expressing confidence in its capabilities for code and image generation in CXM.

Enterprises all over the world are proactively investing significant resources in generative AI initiatives, conducting trial projects, and prioritising personnel upskilling to realise its full potential.

According to the report, a notable trend emerged as 14 per cent of firms plan to allocate between $5 to $10 million for gen AI technology within the next 12 to 18 months.

About 60 per cent of companies said that the main areas of help they expect from third-party providers are supporting in-house technical teams, aiding maintenance and troubleshooting activities, and supervising the functioning of gen AI solutions.

Moreover, the report mentioned that about 58 per cent of enterprises said they need significant strategic support from third-party providers in activities such as designing the gen AI adoption strategy and redesigning CXM processes and customer journeys to incorporate gen AI solutions.

However, 52 per cent said they leverage third-party providers to help implement privacy, security and regulatory compliance measures.

–IANS

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