Global research highlights how organizations are capitalizing on emerging technologies to enhance finance and operations for competitive advantage.
According to a study from Enterprise Strategy Group and Oracle, organizations that are adopting Artificial Intelligence (AI) and other emerging technologies in finance and operations are growing their annual profits 80 percent faster. The global study, Emerging Technologies: The Competitive Edge for Finance and Operations, surveyed 700 finance and operations leaders across 13 countries and found that emerging technologies—AI, Internet of Things (IoT), Blockchain, digital assistants—have passed the adoption tipping point, exceed expectations, and create significant competitive advantage for organizations.
AI, IoT, blockchain and digital assistants are helping organizations improve accuracy, speed and insight in operations and the supply chain, and respondents expect additional business value as blockchain applications become mainstream.
- Organizations using AI in their supply chains have seen order fulfillment reduction by an average of 6.7 business days.
- Applying IoT data to supply chain processes helps organizations reduce fulfillment errors by 26 percent on average.
- AI is helping organizations reduce fulfillment errors by 25 percent, stock-outs by 30 percent, and manufacturing downtime by 26 percent.
- Organizations using digital assistants in their supply chains have increased employee productivity by 28 percent and the speed of analysis by 26 percent.
- 87 percent of organizations using blockchain have achieved or exceeded ROI expectations; 82 percent expect to see significant business value within the next year.
- 78 percent of executives believe the ability to verify supply chain monitoring with blockchain will reduce incidents of fraud in their supply chain by 50 percent or more over the next five years.
- 68 percent of respondents see increased business intelligence as a key advantage of emerging technology in supply chain operations.
