The survey conducted by the Boston Consulting Group (BCG) shows that majority of company heads are not satisfied with progress on artificial intelligence (AI), said Anton Aristov, Managing Director and Partner at BCG Baku, Trend reports. BCG's survey of 1,400+ C-suite executives reveals that GenAI is quickly changing the way companies do business-but 90 percent of leaders are still waiting for it to move beyond the hype or pursuing limited experimentation. 'While almost all executives now rank AI and GenAI as a top-three tech priority for 2024, 66% of leaders are ambivalent or dissatisfied with their progress on AI and GenAI-and only 6% have begun upskilling in a meaningful way,' he noted. Meanwhile, 71 percent of the leaders surveyed say that they plan to increase their company's tech investments in 2024, up from 60 percent in 2023, and an even larger percentage (85 percent) say that they will increase their spending on AI and GenAI in 2024. Around 89 percent of executives rank AI and GenAI as a top-thr ee tech priority for 2024, while 54 percent of leaders expect AI to deliver cost savings in 2024. 'Of those, roughly half anticipate cost savings in excess of 10 percent, primarily through productivity gains in operations, customer service, and IT,' says Anton Aristov. He pointed out that although the uptick in investment is promising, most organizations aren't doing enough to realize the full benefits of AI. 'The executives who expressed dissatisfaction with their organization's progress on AI and GenAI highlighted several challenges, including a shortage of talent and skills (62%), unclear investment priorities (47 percent), and the absence of a strategy for responsible AI (42 percent): Only 6 percent of companies have managed to train more than 25 percent of their people on GenAI tools so far. 45 percent of leaders say that they don't yet have guidance or restrictions on AI and GenAI use at work,' says Anton Aristov. He noted that despite realizing the need to increase their investments in AI, too ma ny organizations are slow to embrace the revolution. 'Consider this: two-thirds of the executives we surveyed believe that it will take at least two years for AI and GenAI to move beyond the hype, and 71 percent are focused on pursuing limited experimentation and small-scale pilots. Some 90 percent of leaders fall into one of these two categories. We call them observers,' added Aristov. Source: TREND News Agency