Rapid advances in technology including artificial intelligence (AI) is fuelling intelligent enterprises but requires a fundamental shift in leadership.
This is according to the findings of global professional services company Accenture in its report “Intelligent Enterprise Unleashed: Redefine Your Company Based on the Company You Keep.”
The report, part of the company’s Technology Vision 2018, comprises the results of interviews with 100 Accenture business leaders and an online survey of more than 6,300 business and IT executives, at companies with annual revenues of at least $500 million, in 25 countries and 16 industries.
The aim of the report is to provide an understanding of key technology trends over the next three years.
More than four in five respondents say through technology companies have integrated their services into people’s everyday lives.
This is achieved through the creation of a two way street, whereby people aren’t just using companies’ products and services, but feeding information and access back to them. The two-way street is made possible by increases in consumer trust towards service providers.
For instance, Amazon has through its Echo device and AI assistant Alexa integrated itself into people’s daily lives. The company has gained consumer trusts such that developers are building dedicated Amazon lockers into consumer apartments. Consumers are giving the company access to physical homes via the smart lock system for deliveries to made even when there is no one at home.
Accenture identified five emerging technology trends which companies need to embrace to succeed in today’s digital markets: The trends include:
- Citizen AI: Raising AI to Benefit Business and Society. As AI grows in its capabilities, so does its impact on people’s lives. Businesses looking to capitalize on AI’s potential must acknowledge this impact, “raising” AI to act as responsible representatives of their business.
- Extended Reality: The End of Distance. Virtual and augmented reality technologies are transforming the ways people live and work by removing the distance to people, information and experiences.
- Data Veracity: The Importance of Trust. By transforming themselves to run on data, businesses now face a new kind of vulnerability: inaccurate, manipulated and biased data that leads to corrupted business insights and skewed decisions. To address this challenge, companies must follow a dual mandate to maximize veracity and minimize incentives for data manipulation.
- Frictionless Business: Built to Partner at Scale. Businesses depend on technology-based partnerships for growth, but their own legacy systems aren’t designed to support partnerships at scale. To fully power the connected Intelligent Enterprise, companies must first re-design themselves.
- Internet of Thinking: Creating Intelligent Distributed Systems. Businesses are making big bets on intelligent environments via robotics, AI and immersive experiences, but bringing these intelligent environments to life will require not only adding key skills and workforce capabilities, but also modernizing current enterprise technology infrastructures.
Paul Daugherty, CTO at Accenture, said: “Technology is now firmly embedded throughout our everyday lives and is reshaping large parts of society,”
“Just as cities developed around ports and then railroads, or people rebuilt their lives around electricity, the world today is reimagining itself around digital innovation – and, by extension, the companies that provide those services. This requires a new type of relationship, built on trust and the sharing of large amounts of personal information.
“Through these new partnerships with customers, employees and business collaborators, companies are building greater trust and further integrating themselves into society, becoming more indispensable and fueling their own growth.”
For instance, Tesla is partnering with governments to develop frameworks to accelerate the development of autonomous vehicles and related infrastructure and technologies.
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