Cognizant & Oxford Economics: AI Adoption Shows Cautious Optimism

Cognizant has published a new report in collaboration with Oxford Economics, titled "New Work, New World: Quantifying Global Gen AI Momentum," which reveals that cautious optimism is driving the current market adoption of generative AI across various industries and geographies.

The survey's key findings indicate that the primary strategic priority for generative AI adoption is to enhance productivity. Moreover, 76% of businesses aim to use the technology to create new revenue streams, while 58% are integrating revenue increases into their business cases.

Regarding readiness and business cases, the surveyed companies plan to invest an average of $47.5 million in generative AI this financial year. Most of the funding is expected to come from IT and technology budgets, with additional contributions from marketing and R&D. The survey also emphasizes a commitment to workforce transformation, with 54% of companies planning to upskill workers to address skills gaps and 44% seeking to transition displaced workers to new roles.

Despite the enthusiasm for adopting generative AI, businesses also acknowledge the challenges of scaling the technology. Only 26% of companies have implemented cross-enterprise use cases, and there is widespread concern that delays in adoption could give competitors an advantage. Globally, 70% of companies express that they are not moving fast enough, while 82% suggest that the same delay in execution could place them at a competitive disadvantage. The data also highlights the need for outside expertise to help with AI adoption, with 43% of companies indicating they plan to work with external consultants to develop a plan for generative AI.


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