More businesses are adopting digital technologies to boost business prospects, prioritising big data and AI.
New research has revealed organisations are ranking digital technologies a top priority to business and customer service success, including big data and artificial intelligence (AI).
Infosys carried out global research to identify how enterprises are paving their way through digital disruption, to improve business outcomes.
The research found that enterprises have already begun using digital technologies across a variety of areas. These include within in their IT core management (79%), within business process management (60%) and customer relationship management (63%). Areas in which organisations are looking to utilise digital technologies more include knowledge management (33%), operational intelligence (31%) and product development (28%).
Over half of organisations have already made investments into deep learning algorithms of AI, as well as almost three quarters (67%) said they are leveraging big data analytics to better outcome of businesses.
A common trend among many businesses this year is their customer centric approach. Infosys research backs this ethos up as over three quarters of businesses across all areas are putting customer centric technology at the top of the priority list.
Life sciences top the leader board, as 86% invest in technology for patient centricity during clinical trials followed by 79% of retail organisations using augmented reality for virtual stores and three quarters of banking firms, investing in opti-channel for better customer experience. Insurance, utilities, healthcare and automotive industries also place these technologies within the top priorities for business.
Ravi Kumar S, President and Deputy Chief Operating Officer, Infosys, said, “The digital era presents enterprises with the unprecedented opportunity to reinvent their business from the core by continuously steering towards a more digital future guided by AI-powered insights to target the right opportunities to deeply automate, improve and even reimagine, both processes and experiences. A digital mind-set enabled by rapid skill development and talent refactoring is vital to accelerate this transformation.”
The research found that cyber security, growth of data and modernisation of processes are expected to have the most positive impact on organisations. According to Infosys’ data almost 64% of respondents have implemented a cybersecurity strategy to improve business operations. Additionally, just over half (53%) of organisations have introduced cybersecurity practice to solve new business problems. However, only 28% implemented cybersecurity to create new business opportunities.
Amongst the banking industry, 41% believe data analytics for deep personalisation of products is the top trend to have the biggest positive impact within the next three year. Respondents also believe the use of data can significantly improve business, with 35% of the utilities sector agreeing data analytics positive impact businesses.
Both the automotive sector and healthcare sector firmly believe modernising business processes will positive impact businesses. Just under half (45%) of the automotive sector rank modernising processes to drive digital supply chains in the top three trends, with a quarter ranking it first. In comparison, 43% of healthcare respondents agree modernising electronic health can have a profound effect on patients and put is as a top trend.
Automation was also a top trend for businesses as 38% of insurance respondent’s vowed automation helps provide better accuracy within business. The healthcare and banking sector have also heavily benefitted from the use of AI and automation, helping improve efficiency and accuracy.
The research was carried out across 1,000 senior IT and business decision-makers in organisations across seven countries.