Digital Disruption Boosts Business Growth, Revenue: Study
Digital disruptions are not only accelerating improvements in business processes, but are playing a role in enhancing customer satisfaction, and even increasing revenue and business growth, according to a new study. The research report by IT major Infosys ‘How enterprises are steering through digital disruption’, was compiled by interviewing 1,000 senior IT and business decision makers in organizations across seven countries.
Currently, enterprises are using digital technologies across a variety of areas in their core IT management (79 percent), business process management (60 percent) and customer relationship management (62 percent). This establishes digital-ready enterprises as those that are continuously investing in reinventing their businesses from the core including processes and systems, with as much enthusiasm as their customer touchpoints and journeys. The research also found that respondents’ organizations are looking to utilize digital technologies (if they haven’t already) across knowledge management (33 percent), operational intelligence (31 percent) and product development (28 percent).
Disruptive digital technologies continue to equip enterprises to consume and analyze data to improve business, both by reimagining processes and experiences. 67 percent of organizations that participated in the study are leveraging big data analytics. Over half of these organizations have already made investments in deep learning algorithms of AI.
The research also revealed that customer centric technology investments are among the top three priorities for all industries except Manufacturing and CPG. Life Sciences leads the way (86 percent investing in technology for patient centricity during clinical trials), followed by Retail (79 percent investing in augmented reality for virtual stores) and Banking (75 percent investing in opti-channel for better customer experience). These technologies are also among the top priorities in Insurance (to encourage insurance buying behavior), Utilities (for omnichannel customer engagement), healthcare (to predict onset of health conditions) and Automotive (for connected cars).
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 mindset enabled by rapid skill development and talent refactoring is vital to accelerate this transformation.”
Implementation of cybersecurity
As per the report, almost 64 percent of respondents’ organizations have implemented cybersecurity to improve existing business operations, 53 percent to solve new business problems, whereas just 28 percent implemented cybersecurity to create new opportunities. Two thirds of the respondents from the automotive industry use cyber security for improving business, 57 percent to solve new business problems and 33 percent to create new opportunities and 38 percent of the life sciences sector respondents rank cyber security for protection of patient and trial data as the top trend.
Data analytics and personalization
According to the report, 41 percent respondents in the banking industry believe that data analytics for deep personalization of products is the top trend that will have the most positive impact on their organization within the next three years.
The importance of understanding customer behavior is also apparent within the utilities sector with 35 percent of respondents believing that investment in consumer analytics will have a positive impact on business. Nearly half of retail respondents believe that aligning marketing, campaigns and offers program spending with data analytics is a top trend. For 38 percent respondents’ organizations in the insurance sector, the use of big data for a 360-degree view of the customer and to increase wallet share is seen as one of the top three trends.
Modernization of processes
This is seen as a key trend within the automotive industry to invest in digital supply chains, with 45 percent respondents ranking it among the top three trends, and 25 percent ranking it first. Of those that see investments in digital supply chain as a key trend, respondents estimate over 16 percent increase, in their organization’s global annual revenue as a result of improving this.
Almost 39 percent respondents within CPG cite investments in technologies to increase supply chain visibility. Over 43 percent respondents from the healthcare industry believe that improving and modernizing electronic health record (EHR) systems is a top trend.
Automation & collaboration
Digital technologies can be used with insurance products to update risk calculations immediately and provide more accurate underwriting outcomes. This may be a contributing factor for intelligent automation of underwriting being identified (by 38 percent) as a top trend in the insurance sector.
Almost 38 percent of respondents in the banking industry believe that open banking APIs can increase collaboration with other industry players and accelerate innovation. Further, 34 percent believe that by collaborating with technology partners, organizations in the banking industry have the potential to provide paperless trade finance to implement solutions using Blockchain and Internet of Things (IoT).
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