New Oracle Survey Finds AI Enables Businesses to Boost Profit Growth by 80%. This global survey shows how companies are leveraging emerging technologies to improve their finances and operations and find new competitive advantages In this article, we’ll go through the survey’s data and find out why and how AI is helping businesses.
Businesses That Adopt AI
Companies that adopt Artificial Intelligence (AI) and other emerging technologies to improve their finances and operations are accelerating annual profit growth by 80%, according to new research from Enterprise Strategy Group and Oracle. 700 managers were interviewed in 13 countries to carry out this survey titled Emerging Technologies: A Competitive Weapon for Finance and Operations. It shows that emerging technologies (AI, Internet of Things (IoT), blockchain, digital assistants) have become mainstream and are exceeding expectations and constitute real competitive advantages.
AI and Digital Assistants Improve Financial Accuracy and Efficiency
Companies that embrace emerging technologies to manage their finances are seeing benefits far greater than they might have anticipated:
- Errors within finance departments were reduced by 37% on average.
- 72% of companies using AI have a better understanding of their overall performance.
- 83% of executives are confident that AI will be able to fully automate some accounting processes within the next five years.
- Digital assistants increase productivity by 36% and speed up financial analysis by 38%.
AI, IoT and Blockchain Improve Responsiveness of Supply Chains
AI, IoT, blockchain and digital assistants enable companies to improve the accuracy, speed, and analysis of their operations and their supply chain. Respondents anticipate further operational benefits with the coming generalization of blockchain applications.
- Companies using AI in their supply chains see an average of 6.7 business days reduction in order processing times.
- Leveraging IoT data into supply chain processes can reduce order processing errors by 26% on average.
- AI can reduce order processing errors by 25%, stock-outs by 30%, and production stoppages by 26%.
- Using digital assistants in supply chains increases employee productivity by 28% and analysis speed by 26%.
- 87% of companies using blockchain have reached or exceeded their expected ROI. 82% expect to reap substantial benefits in the coming year.
- 78% of executives believe that using blockchain to audit supply chain oversight will reduce fraud cases by 50% or more over the next five years.
- 68% of respondents consider that improved business intelligence is a key advantage of emerging technologies.
Emerging Technologies Systematically Bring a Competitive Advantage
The vast majority of companies have now embraced emerging technologies, and early adopters (which use at least three solutions) have even greater advantages and can outperform their competitors.
- Emerging technologies have become mainstream and 84% of companies use at least one of them in production (AI, IoT, blockchain, digital assistants).
- 82% of companies using three or more emerging technologies are ahead of their competitors, while only 45% of those not using any of these technologies are.
- For emerging technologies, companies are 2 to 3 times more likely to purchase ready-made solutions rather than designing their own solutions (the percentage varies depending on the technology solution). This is why using data science consulting has become more and more popular with businesses. It is less of a hassle and more effective.