Digital transformation is being driven by advances in artificial intelligence and automation, turning enterprises into ‘smart businesses’, One key trend has been with strengthening the link between the consumer and the businesses, with greater integrating between the consumer and the brand (such as the use of multi-channels).
This is a point made from Accenture Technology Vision 2018, which is the annual technology report from Accenture surveying how technological trends will disrupt business over the next three years. The 2018 report is titled “Intelligent Enterprise Unleashed: Redefine Your Company Based on the Company You Keep.” The Accenture report surveyed over 6,300 business and IT executives worldwide.
However, the report shows that the digital transformation process and corporate success do not come easy. To be successful, strong and focused leadership is required.
The Technology Vision report pinpoints five emerging technology trends that businesses need to must address if are succeed in today’s digital economy. This requires leaders of enterprises to understand these trends and to be prepared to build appropriate partnerships with other businesses in order to deliver the necessary changes.
The key trends for businesses to focus on are:
Citizen artificial intelligence. This is about harnessing artificial intelligence to benefit both business and society. As artificial intelligence (AI) grows in its capabilities, so does its impact on people’s lives. Businesses looking to capitalize on artificial intelligence’s potential must acknowledge that artificial intelligence is increasingly shaping consumers and how they react to products and data.
Virtual and augmented reality technologies. These are transforming how people live and work. One way is through reducing the feeling of ‘distance’ as consumers interact with information and products.
Data Veracity: Businesses need to avoid inaccurate, manipulated and biased data that leads to corrupted business insights. This not only leads to business risks, it reduces consumer confidence.
Frictionless Business: Businesses will increasingly be dependent upon technology-based partnerships for growth. This requires business leaders to cooperate and built systems of trust.
Internet of Thinking: Bringing intelligent environments, like artificial intelligence, to life requires adding key skills and workforce capabilities as well as modernizing current enterprise technology infrastructures.
These business challenges vary across different nations. For the main issues facing Canadian businesses, see the article “Digital transformation challenges for Canadian businesses.”
