AI is consuming corporate tech spending budget, with most going to employee adoption [CNBC]
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Source: CNBC
High interest rates have taken their toll on overall technology spending budgets across the market, but the critical nature of artificial intelligence and cloud computing to the future of companies across all sectors is the driving force in current spend, according to a new CNBC Technology Executive Council bi-annual survey. Among companies spending on AI, roughly four times as many are investing in employee-facing AI projects rather than customer apps, the survey also found. Sixty percent of the select group of companies responding to the survey described generative AI as critically important to their business, and artificial intelligence is the single-largest technology spending budget line item for the next year at 44% of companies. Sixty percent of survey respondents described their new AI investments as “accelerating.” IT spending budgets are doing battle with lingering concerns about an economic slowdown yet to materialize, but the need to invest in the newest applications
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