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Artificial intelligence is supposed to transform the business world and boost the software industry that’s selling it.
But as companies spend more money on chatbots and other conversational AI (see related chart), some say they plan to reduce spending on other types of software, such as expensive enterprise applications and non-AI cloud services. That could limit the upside from AI for providers of cloud services and enterprise software.
Take C1, a Bloomington, Minn.–based company that sells more than $1 billion a year worth of software for managing heating and cooling systems. Viral Tripathi, its chief information officer, says he is carving out 5% to 8% of his company’s IT budget for conversational AI, including for a customer service chatbot it built over the past year to handle queries for hundreds of corporate customers. C1 is also developing its own customer relationship management software using AI models from OpenAI, and it is on pace to spend more than $24 million per year to power both products.
source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
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Artificial intelligence is supposed to transform the business world and boost the software industry that’s selling it.
But as companies spend more money on chatbots and other conversational AI (see related chart), some say they plan to reduce spending on other types of software, such as expensive enterprise applications and non-AI cloud services. That could limit the upside from AI for providers of cloud services and enterprise software.
Take C1, a Bloomington, Minn.–based company that sells more than $1 billion a year worth of software for managing heating and cooling systems. Viral Tripathi, its chief information officer, says he is carving out 5% to 8% of his company’s IT budget for conversational AI, including for a customer service chatbot it built over the past year to handle queries for hundreds of corporate customers. C1 is also developing its own customer relationship management software using AI models from OpenAI, and it is on pace to spend more than $24 million per year to power both products.
source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
