Cisco recently released a research report on CEOs in the field of artificial intelligence (AI). The report shows that while 97% of CEOs plan to integrate AI into their businesses, only 2% believe they are prepared for AI. The survey covered over 2,500 CEOs from more than 250 companies across Europe, North America, South America, Africa, and the Asia-Pacific region, all aged 25 and above.
Image Source Note: Image generated by AI, image licensed from Midjourney
The research indicates that most CEOs recognize that integrating AI is essential for business growth, but gaps in their understanding of this technology hinder their ability to seize growth opportunities. Over 70% of CEOs believe that their understanding of AI affects their ability to raise "key questions" in the boardroom. Additionally, 58% of CEOs are concerned that their understanding of AI will negatively impact their company's growth in the next five years.
In the survey, CEOs mentioned several factors hindering their integration of AI into their businesses, including inadequate infrastructure, budget constraints, security risks, and skill gaps. Among them, about 28% of respondents believe that the potential benefits of AI are exaggerated. While 10% of CEOs reported having no concerns about AI, only 2% felt that "all preparations are complete" and thus were confident in smoothly integrating AI.
Jeetu Patel, Cisco's Executive Vice President and Chief Product Officer, emphasized the urgency for companies to act, stating, "Ultimately, there are only two types of companies: those that are AI companies and those that will be seen as irrelevant."
The survey reveals that many CEOs are worried about losing competitive advantage due to gaps in infrastructure and insufficient investment in new technologies. According to a report by Menlo Ventures last year, corporate spending on AI saw a sixfold increase in 2023, rising from $2.3 billion to $13.8 billion. The report also noted that companies have identified 10 potential AI use cases, with 24% prioritizing immediate implementation.
Currently, many organizations are using generative AI in their businesses to generate code, support chatbots, conduct enterprise searches, and more. The survey also found that 47% of solutions are built in-house, while 53% are sourced from vendors.
It is noteworthy that companies are not blindly following trends when it comes to AI, but are more focused on return on investment. The report states that buyers are more concerned with tools that can provide measurable value (30%) and solutions that understand their unique work context (26%), rather than the lowest price options (only 1%).
Key Points:
📊 97% of CEOs plan to introduce AI, but only 2% say they are prepared.
🔍 70% of CEOs believe their understanding of AI impacts their business development, while 58% worry about future growth.
💡 Companies are more focused on AI return on investment, valuing solutions that can provide measurable value.
