Summary

A recent IBM survey reveals that CEOs are increasingly prioritizing improving productivity and profitability as well as modernizing technology in their businesses. This shift in priorities reflects the impact that generative AI is expected to have. Customer experience and product and service innovation, which were previously top priorities, have now taken a backseat.

Introduction

According to a recent survey by IBM, CEOs are recognizing the potential of generative AI and its role in their businesses. As a result, their priorities have shifted to focus on improving productivity and profitability, as well as modernizing technology. This article explores the survey findings and discusses the implications for CEOs and their investment plans.

Main Points

The survey reveals that improving productivity or profitability has become the top priority for CEOs, with 48% of executives naming it as their main focus. This indicates a shift in mindset towards efficiency and retrenchment rather than growth. Additionally, technology modernization has skyrocketed to the second spot on the priority list, with 45% of executives prioritizing it, compared to not even making the list last year. On the other hand, customer experience has fallen from 58% to 44% as a key priority, and product and service innovation declined from 50% to 38%.

The survey findings suggest that CEOs are incorporating generative AI into their enterprise technology budgets and strategies. This aligns with the recommendations of two-thirds of corporate board members and investors, who are urging CEOs to adopt generative AI in some form. The increased focus on productivity and technology modernization highlights the growing importance of generative AI in driving business outcomes.

Conclusion

The IBM survey indicates that CEOs are shifting their priorities towards improving productivity and profitability, as well as modernizing technology in their businesses. This shift reflects the recognition of the potential impact of generative AI. As more CEOs incorporate generative AI into their strategies, productivity and technology modernization will take center stage. This highlights the growing importance of generative AI in driving business success.