ChatGPT has been featured everywhere from the most science-focused publications to the Today Show. In just a few months, it’s become part of pop culture and part of our vernacular.

However, it turns out more than college students looking to kickstart their term papers or some media companies looking to sidestep reporting are paying attention to generative artificial intelligence (AI).

Gartner today announced that a poll of 2,500 executives revealed that almost half (45%) reported that ChatGPT’s rock star status  has prompted them to up their AI investments.  And 70 percent said that their organization is currently investigating and exploring generative AI. Nineteen percent are already in pilot or production mode.

“The generative AI frenzy shows no signs of abating,” said Frances Karamouzis, distinguished VP analyst at Gartner, said regarding the firm’s survey results. “Organizations are scrambling to determine how much cash to pour into generative AI solutions, which products are worth the investment, when to get started and how to mitigate the risks that come with this emerging technology.”

Generative AI, simply stated, is big. Harvard Business Review recently wrote that “it could be the biggest change in the cost structure of information production since the creation of the printing press in 1439.”

While the use of AI in general can be a polarizing – or at least complex -- issue, executives surveyed were largely of one mind with 68% saying the benefits of generative AI outweigh the risks. Conversely, only 5 percent thought the risks outweigh the benefits.

That enthusiasm and lack of rick aversion does shift as the amount of the investment grows and companies analyze risks and implementation challenges, according to Gartner. “Organizations will likely encounter a host of trust, risk, security, privacy and ethical questions as they start to develop and deploy generative AI,” Karamouzis said

Despite current economic uncertainty, only 17% of executives indicated cost optimization as the primary purpose of generative AI investments. Customer experience was the most common primary focus of investments, cited by 38% of respondents.

[caption id="attachment_129323" align="alignnone" width="780"] Primary Focus of Generative AI Investments. Source: Gartner (May 2023)[/caption]

Gartner says generative AI experimentation with tools like ChatGPT may start relatively modestly with content improvements or by generating code. However, its potential extends well beyond those initial use cases.  “Autonomous business, the next macrophase of technological change, can mitigate the impact of inflation, talent shortages and even economic downturns,” said Karamouzis.

“CEOs and CIOs that leverage generative AI to drive transformation through new products and business models will find massive opportunities for revenue growth.”