A recent Lenovo study revealed that despite the incredible surge in AI spending across the EMEA region, businesses face the same challenges when it comes to implementing generative AI.
Research shows that investments in AI are expected to grow 61% year over year in 2024, with IT leaders agreeing that the technology is considered a “game changer.”
However, many companies still struggle to scale AI deployments due to concerns about the large amount of compute power and data resources required to train models.
AI introduction struggle
According to Lenovo, the overwhelming majority (97%) of companies are already investing in AI or planning to do so in the next year. However, certain obstacles have been highlighted that are preventing companies from getting the most out of their investments.
First and foremost, there are the technical challenges mentioned above, but leaders continue to be concerned about potential misuse and AI “hallucinations” where generative AI tools produce erroneous results.
CIOs also reported struggling to find reliable data platforms and having to rely on third-party platforms for generative AI development.
Despite hurdles, enthusiasm remains high, with government agencies, telecom companies, banks, financial services, insurance companies and others already investing in GenAI.
In addition to the EMEA region, similar investment is expected to increase in North America, while the amount expected to be spent on technology in Asia Pacific lags slightly behind. The situation is similar when it comes to past investments, with only 13% of respondents in the Asia-Pacific region saying they have implemented generative AI (due to advanced adoption in South Korea and India).
As businesses continue to adapt to artificial intelligence, it's clear that being ready to invest is not enough. Rather, this study highlights the need for a solid strategy to help businesses address potential roadblocks before they are forced to shut down.
