Companies are sustainable
New research has found that only half (53%) of projects deliver measurable benefits.
A report from Ardoq labels companies’ efforts as ‘trial and error’, highlighting that three in five (61%) of CIOs say their investments are driven by the fear of missing out.
Others (79%) see investment in emerging technology as imperative and express concern that they could be left behind if they don’t jump on the bandwagon.
Companies do not invest effectively
Of the 700 CIOs and IT leaders in large enterprises with more than 2,000 employees, four in five (82%) agreed that it is easy to ‘AI-wash’ a product to make it more attractive with new opportunities, without necessarily creating tangible business benefits. for the additional expenses.
Two-thirds (65%) also view investments in artificial intelligence as high risk, indicating a sense of uncertainty about their expectations when it comes to ROI.
CEO of Ardoq, Erik Bakstad, commented: “In today’s fast-paced digital age, those who can quickly adopt new technologies and integrate them into the fabric of their business can unlock enormous rewards.”
Bakstad also emphasized the careful consideration that must be made when spending on AI: “Organizations must be prepared to manage the risks, otherwise their technology investments could fall short of expectations.”
According to the study, the average enterprise spends $43.4 million on emerging technologies every year, but the lack of a robust ROI forecasting system means some of the money is wasted.
This sentiment is quantified among two-thirds (64%) of CIOs who say they have been burned in the past with investments that failed to deliver results.
Bakstad added: “By using data to inform decision-making at every moment, organizations can confidently navigate the complexities of adopting emerging technologies.”