There are a number of cost-related impediments to GenAI. Find out which ones are hitting organizations the hardest, what businesses are spending on the technology, and how to manage costs while still fostering innovation.
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Generative AI (GenAI) is reshaping how businesses operate, offering unprecedented opportunities for greater efficiency, streamlined operations, revolutionized customer service, and enhanced decision-making. But alongside its promise of significant rewards also comes significant costs and often unclear ROI. For CIOs tasked with managing IT budgets while driving technological innovation, balancing these costs against the benefits of GenAI is essential.
In this article, we will explore the cost-related barriers to GenAI adoption, including high implementation expenses, ineffective cost management, and infrastructure demands. We’ll also examine strategies CIOs can use to address these challenges, ensuring their organizations can recognize the rewards of GenAI without compromising financial stability. While the article’s focus is on GenAI, many of the strategies discussed here are broadly applicable to other …