Two of every three CXOs say GenAI will have existential impact: EY

Around two out of every three top company executives in India feel that generative artificial intelligence (GenAI) will have an existential impact on their businesses, according to a recent study by EY. Around 64 per cent of CXOs believe that their organisation’s readiness for leveraging GenAI is either “very low” or “moderate”.

The study also says that GenAI can provide value-uplift for internal support functions of tech companies. The technology can create a 30 to 40 per cent impact on sales and marketing, and on functions such as finance, legal and procurement. 
 

“GenAI is a top investment priority for the CEOs and boards of Indian tech-services companies. However, since customer-spends on GenAI have been lower than anticipated over the last 12 months, some experts have declared that the technology’s potential may have been over-hyped," said Nitin Bhatt, Technology Sector Leader, EY India.
 

The study is based on a survey of 50 companies across India, conducted during November-December 2023. The organisations surveyed belonged to small, mid and large-cap categories and included information technology and business process management companies, said EY.