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Executive summary:
Insights from ADAPT’s market trends reports published on Mar 2024, we identified that Gen AI rose sharply to the 13th most important investment priority for CIOs in Feb 2024. Most major technology and services players in the local marketplace now claim some level of capability with generative AI in their current and forthcoming products and services. With the rapid advancement of Generative AI, many organisations fear missing out on its potential benefits but often struggle to follow through with implementation. As per conversations from ADAPT’s CIO edge conducted in Mar 2024, we observed common factors that are impeding Australian CIOs on investing or starting their GenAI journey, such as:
- The lack of industry-specific use cases was a big issue for CIOs as they considered their specific needs.
- They need real world examples of organisations in their industries that have succeeded with AI before they have the confidence to proceed.
While we understand the immaturity of industry guardrails around safety, efficacy and governance when it comes to using Generative AI, we are understanding that early adopters across the business have started piloting use cases – primarily the ones with relatively low risk to the business, user or data been shared such as using Gen AI for content summarization) vs. a high risk use case (use Gen AI LLM to create synthetic data for cancer research).
