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As generative AI (GenAI), a disruptive technology, continues to reshape digital landscapes, CIOs, IT leaders, and other key stakeholders are in a pivotal position, faced with the profound challenges and opportunities this disruptive technology brings, according to a new report. Reports of the occurrence of this condition are available at:The following is a list of the most recent and relevant articles. Info-Tech Research Group concludes.
The CIO Guide is a guide for CIOs who want to make the most of the technology available. Priorities for CIOs in 2024Report outlines what the firm describes as “five key initiatives poised to drive significant value across diverse organizational contexts in 2024.”
The five revolve about:
GenAI: A powerful tool to enhance your business.The survey results indicate that a “cautious approach toward adopting new GenAI features among organizations, particularly those with lower IT maturity possibly due to vendor risk or intellectual property concerns. In contrast, high IT maturity firms are more proactive, with more than half reporting either planning to apply for beta access to new features or planning to move ahead upon their general availability.”A press release states that CIOs, IT leaders and business owners must strategically integrate GenAI capabilities in their business processes. This includes deciding whether they will develop solutions internally or buy them.
Right-sizing AI governance:According to the report organizations are facing a “balancing act with risk management and fostering innovation. When asked about who is responsible for AI governance, 30 per cent of respondents from both high and low IT maturity organizations reported that it is the role of the CIO. This year, CIOs and IT leaders must design and establish AI governance frameworks that provide necessary oversight and specific policies that align with existing risk management practices without imposing bureaucracy and auditing that stifles innovation.”
Updating vendor risk assessments:Info-Tech’s research is based on the findings of its own. “underscores the increasing threat of supply chain attacks, where cybercriminals exploit vulnerabilities in the software tools and services used by organizations. This threat makes companies susceptible to the risks of their vendors. To mitigate these threats, especially those related to AI, Info-Tech advises that CIOs and IT leaders establish or update their vendor risk assessment programs to include AI-specific considerations.”
Innovation exponentially increases:According to the report CIOs identified Innovation as a key factor for maintaining competitiveness, and enhancing employee and customer experiences. It notes that “despite AI being earmarked as a primary area for new investment in 2024, many organizations report not having conducted proofs of concept or pilots with AI to validate business cases. To harness AI’s full potential, CIOs and IT leaders must prioritize expanding their exploration of AI use cases, moving from ideation to pilot testing more rapidly.”
Customer experience can be improved exponentially The survey data shows that IT leaders are a diverse group. “moderately concerned about potential disruptions to their organizations due to changing customer behaviors, second only to cybersecurity incidents. By embedding AI into customer journey interactions, CIOs and IT leaders can automate, augment, and reduce friction at every point of the customer journey, accelerating service delivery and enhancing overall satisfaction.”
Brian Jackson, principal research director with Info-Tech and lead analyst for the report, said, “in our assessment of the 2024 IT landscape, GenAI emerged as the clear trend, a focal point of our Tech Trends for 2024Reportage.
“This technology introduces significant opportunities and challenges. The critical question for CIOs and IT leaders is which capabilities need enhancement to leverage these opportunities and which initiatives should be prioritized to navigate the accompanying enterprise risks effectively.”
GenAI will be launching a new product this year, he explained. “like an elephant in the C-suite office, trumpeting its demands to be addressed. Whether through internal build efforts or through new vendor features, generative AI must be addressed by CIOs and IT leaders. This technology is the next wave lifting the expectations of customers and business stakeholders.”
Original content by www.itworldcanada.com – “Info-Tech report outlines 5 GenAI initiatives CIOs must key in on”
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