Arun ShankarREGIONAL TRANSFORMATION OUTLOOK 2019
Thinking about 2018, we have seen several game-changing events within the technology industry such as the roll-out of GDPR across Europe in May and the crash in Bitcoin value. We have also seen the lines between technology, politics and society become increasingly tangled, exemplified in Facebook’s ongoing battles.
The inaugural global Cycle of Progress digital transformation benchmark study, examines business leaders’ hopes and fears about emerging technologies. It reveals which technologies they are actively implementing to drive digital transformation of their business – versus which ones are yet to live up to the hype.
Businesses use the latest technology advancements to thrive and survive in this constantly evolving environment, often dubbed the Fourth Industrial Revolution. To make a real difference to the bottom line, technology-enabled business transformation must have speed, scope and impact. And, as transformation gains momentum in businesses, new possibilities present themselves.
More than half 53% of Cycle of Progress respondents say they have adopted IoT in some shape or form so far. Already well established in many businesses, IoT applications and services are leading the pack in having the greatest positive impact. It helps businesses gather and analyse real-time data to enable everything from improving the customer experience to streamlining supply chain operations.
And the future looks bright, with 48% of decision makers seeing it as having the most significant impact, ranking above any other emerging technology in our study. In 2019, IoT supported by advanced connectivity solutions such as 5G and LoRaWAN – will continue to go from strength to strength especially in emerging markets such as India, where a staggering 69% of Cycle of Progress respondents reported to have adopted the technology.
According to the Cycle of Progress, artificial intelligence has already been adopted by 46% of global businesses. What is even more interesting is that, despite the scare mongering around the potential negative impact of artificial intelligence on people and jobs – just 8% of business leaders who took part in our survey have no plans at all to start using artificial intelligence. Furthermore, 43% of decision makers see artificial intelligence as having a positive impact, and only 3% of business leaders think that it will have a negative impact.
Shared ledgers like blockchain have the potential to enhance security while also boosting efficiency and speed. The potential of blockchain goes way beyond crypto currency, and the survey shows a global implementation rate of 44%. While the outlook for digital transformation in the coming year is positive, implementing new technologies like blockchain is not without its challenges.
In fact, business leaders cited cost as the biggest barrier to integrating new innovations, while security and privacy were also highlighted as major challenges. There is also significant concern over the ever-growing skills gap, with 30% of decision makers stating that the lack of the right skills in their workforce is preventing them from adopting the latest technologies.
Key takeaways
- 43% of decision makers see artificial intelligence as having a positive impact, only 3% of business leaders think that it will have a negative impact.
- Artificial intelligence has already been adopted by 46% of global businesses.
- Shared ledgers like blockchain have the potential to enhance security while also boosting efficiency and speed.
- The potential of blockchain goes beyond crypto currency and the survey shows global implementation rate of 44%.
- IoT supported by 5G and LoRaWAN will continue to go from strength to strength especially in emerging markets.
