The rush to generative AI is driving unexpected spending. It’s no longer considered optional to have generative AI system development and deployment plans; it’s a priority for boards and executive leadership. Thus, the question comes up quickly of how to pay for it, cloud or no cloud.
The numbers are scary to someone who has created these budgets in the past. IT executives now expect 2023 generative AI budgets to be 3.4 times greater than anticipated. However, only 15% of tech execs expect to fund this uptick with net-new spending.