IT and finance leaders are struggling to estimate and contain the cost of AI deployments, with most AI projects exceeding spending targets, according to a new survey.
Despite mass AI adoption among enterprises, many IT leaders are finding it difficult to achieve ROI for AI projects, with inaccurate budgeting a significant part of the problem.
About 85% of organizations misestimate AI costs by more than 10%, and nearly a quarter are off by 50% or more, according to a recent survey from SaaS benchmarking firm Benchmarkit and cost governance platform Mavvrik. The cost estimates are nearly always too low.