A recent study reveals that four in five organisations believe their future success relies on embracing AI and automation, highlighting a significant productivity gap in the UK.
In a rapidly evolving business landscape, the integration of new technology is becoming imperative for future success, according to recent research conducted by the business cloud software provider Infor. The study reveals that an overwhelming majority of global organisations—four in five—believe that their future success hinges on embracing technologies such as artificial intelligence (AI) and automation.
With the aim of boosting productivity, nearly three-quarters of these organisations anticipate a 20% improvement in efficiency over the next three years. Correspondingly, 78% of businesses plan to increase their technological investments by at least 20% during this period. These figures highlight a strategic shift towards leveraging technology to enhance operational efficiencies and competitiveness.
The drive towards technological adoption is particularly imperative for sectors such as manufacturing, distribution, and healthcare, which have been identified as needing significant productivity enhancements. In the UK, a notable productivity gap exists, with top-performing organisations outpacing lower-performing ones by a formidable margin. Infor reports a 46% productivity gap between the UK’s top and bottom performers, sharply contrasting with a global average of 27%. This disparity underscores the urgency for UK businesses to adapt quickly to cutting-edge technologies in order to level the competitive playing field.
Machine learning and generative AI are among the technologies seen as pivotal in delivering substantial productivity and efficiency benefits. In response to these findings, Infor CEO Kevin Samuelson emphasised the importance for organisations to streamline and enhance processes, harness advanced technology, employ data-driven decision-making, and maintain a strong focus on customer needs.
Further illustrating the productivity challenge, the research also identified a 23% gap between productivity leaders and ‘laggards’ in the UK, which again exceeds the global average of 15%. Such statistics point to a pronounced divide in the technological and productivity uptake between companies within the UK.
Dr Chris Bauer, the Director of Innovation at the Institute of Management Studies at the University of London, commented on the necessity for organisations to evolve by adapting their processes and embracing data-centric readiness. He noted that those companies poised to succeed are those willing to harness technology to achieve a clear and informed vision for the future, indicating a promising perspective for businesses ready to embark on this transformative journey.
The findings from Infor present a compelling argument for the integration of advanced technologies, underscoring an impending transformation across sectors that are willing to embrace technological advancements. As businesses worldwide navigate this technological shift, the data suggests that strategic investment and adoption of new technology could be key drivers for sustaining competitive advantage and operational success in the coming years.
Source: Noah Wire Services
More on this & verification
- https://www.infor.com/blog/infor-product-enhancements-fall-2023 – This article supports the claim that Infor is enhancing its products to boost productivity and efficiency through technologies like AI, automation, and data-driven insights.
- https://www.infor.com/blog/infor-product-enhancements-fall-2023 – It highlights the importance of technological investments in sectors such as manufacturing, distribution, and healthcare for significant productivity enhancements.
- https://pcgservices.com/smart-factory-for-infor-manufacturing/ – This source illustrates the use of advanced technologies like machine learning, IIoT, and automation in manufacturing to enhance productivity and efficiency.
- https://blog.trginternational.com/3-things-you-need-to-know-about-infor-os-the-foundation-of-future-enterprises – It explains how Infor OS integrates AI, automation, and data-driven decision-making to enhance user productivity and business processes.
- https://www.virtutem.com/infor-lx-future-opportunities/ – This article discusses the future opportunities with Infor LX, including access to new technologies, improved operations workflows, and enhanced business intelligence.
- https://www.infor.com/news/infor-platform-cloudsuites-enhancements-fall-2023 – It details Infor’s new technology enhancements, including RPA, AI, and machine learning, aimed at automating processes and reducing complexity in businesses.
- https://www.infor.com/news/infor-platform-cloudsuites-enhancements-fall-2023 – This source highlights the strategic shift towards leveraging technology to enhance operational efficiencies and competitiveness across various sectors.
- https://www.infor.com/blog/infor-product-enhancements-fall-2023 – It emphasizes the importance of industry-specific solutions and a digitally enabled open platform for integrating various technologies seamlessly.
- https://pcgservices.com/smart-factory-for-infor-manufacturing/ – This article explains how technologies like IIoT and machine integration are crucial for enhancing productivity and efficiency in manufacturing.
- https://blog.trginternational.com/3-things-you-need-to-know-about-infor-os-the-foundation-of-future-enterprises – It discusses the role of Infor OS in streamlining and enhancing processes through automation and data-driven decision-making.
- https://www.virtutem.com/infor-lx-future-opportunities/ – This source underscores the necessity for businesses to adapt to new technologies and processes to maintain a competitive edge.
