As artificial intelligence gets more ubiquitous, integration vexes the C-Suite.
A recent Gartner report points to the rising role of the chief financial officer in managing company artificial intelligence rollouts—55% of CFOs are in all-out AI-leading management mode, the study states. It also points to the C-suite’s impatience with getting good results out of the gate with their burgeoning artificial intelligence investments, especially with generative AI deployments.
“The large majority of CFOs continue to be displeased with the performance of digital investments across their organization,” said Alexander Bant, chief of research in the Gartner Finance practice. “GenAI spending is expected to be five to eight times higher than last year at most organizations, and many CFOs are playing the role of copilot to ensure these investments drive measurable benefits and profitable growth without unduly increasing risk.”
One big reason why CFOs aren’t seeing the payoffs they expected is an operational problem – the AI integration process has stalled many new AI implementations.
That’s the takeaway from a new study from enterprise technology services provider Infragistics.
This from the study.
The promise and perils of artificial intelligence (AI) have been dominating the headlines, with everyone from software developers to students working on integrating it into their daily processes. This burgeoning interest in AI is borne out by the fifth annual Reveal 2024 Top Software Development Challenges survey from Infragistics, which found that the biggest software development challenge in 2024 will be incorporating AI into the development process (40.7%).
However, those who haven’t jumped on the AI bandwagon cite concerns such as generative AI code that lacks the creativity and innovation of human developers, AI can produce code with security vulnerabilities, and code developed with AI may contain errors, bugs, or inefficiencies. There is also a concern that AI might make the developer’s role obsolete.
The Infragistics study notes that one way to improve the AI integration process is through business intelligence and embedded analytics. That’s not necessarily a shocker, as the company provides those services on a large scale.
But the sentiment is not wrong, either. Companies are increasingly aware that analytics is a proven commodity in the AI integration experience. Overall, 73% of software developers are immersing analytics into their products, and 71% of the same group says business intelligence will soar in 2024.
“Organizations are embracing embedded analytics tools because they are the key to achieving a competitive edge and business growth,” says Casey Ciniello, a senior product manager at Infragistics. “The main reasons software developers and their customers want embedded analytics/business intelligence software are to make better business decisions, improve productivity, increase sales/revenue, understand business problems, and identify trends.”
Threats On the Rise
While the biggest software development challenge in 2024 should be incorporating AI into the development process, security threats are surging, as evidenced by recent cybersecurity attacks on healthcare systems, financial institutions, retailers, and government. Other software development challenges include high workload (29.6%) and increased customer demands (29.2%).
With revenues down in 2024 as companies tighten their belts, software developers believe analytics is the way forward in the age of AI, as the technology is becoming “ubiquitous,” the Infragistics study notes. It’s efficient, less expensive than traditional software models, and fits the AI integration landscape.
Of course, plenty of learning is left for software developers and the executives at clients looking for better ways to merge AI into their company’s digital ecosystems.
“The tech industry faces challenges on all fronts, from implementing generative AI to increasing cybersecurity attacks. As AI begins to shake up the software development industry, some take advantage of its initial capabilities while others take a “wait and see” approach,” said Ciniello. “While AI may not replace developers any time soon, we must learn more about AI, explore its potential, and prepare for its impact on the future of software development.”
Brian O’Connell, a former Wall Street bond trader and best-selling author, is a prominent figure in the finance industry. With a substantial background as an ex-Wall Street trader, he has authored two best-selling books: ‘The 401k Millionaire’ and ‘CNBC’s Creating Wealth’, demonstrating his profound knowledge of finance and investing.
Brian is also a finance and business writer for esteemed national platforms and publications, including CNN, TheStreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, and Fox News.
