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The research report, ‘Accelerating Digital Efficiency With The AI Multiplier’, explores the efficiency imperative based on survey responses from 100 digital business leaders across European enterprises.
The failure of many to hit their targets comes even though technology budgets are on the up. Nearly six in ten (59%) organisations say budgets increased in 2023 and more investment is coming in 2024 - two-thirds of businesses are set to increase their investments by at least 10% next year.
But, whilst investment is increasing, so too is the pressure to achieve results when it comes to operational improvements and financial returns.
To maximise their budget potential, an overwhelming majority (91%) of businesses recognise they must improve efficiency across the whole of their technology operations.
The top five areas where they believe efficiencies must be made are:
1. IT and data strategies
2. Data management
3. Customer operations and service platforms
4. Cyber security
5. Ecommerce and payment platforms
The research finds that AI, including generative AI, is considered the catalyst to efficiency improvements, with 80% of respondents expecting this technology to have a positive impact on their business.
And AI is already top of the agenda for many when it comes to investment. Three-quarters of businesses (76%) are already using generative AI or expect to do so in the next 12-18 months and almost one in ten (8%) describe widescale use across their organisation.
They see generative AI as making the largest contribution to organisational efficiencies in the following areas
6. Technology architecture and platforms
7. End user product features
8. Organisational orchestration
9. Innovation development
10. Software development process
This for many is the first act of the introduction of AI into their business - looking inside the corporate walls to drive efficiency before venturing beyond to open up more opportunities.
Organisations are also starting to look at accelerating the speed of innovation to bring new products and services to market to support business growth. This is an area where AI and generative AI can have a real impact.
The top five areas where businesses are looking to achieve efficiency in innovation delivery are:
11. Business case development/KPI setting
12. Proposition development
13. Service mapping and design
14. Scaling a Minimum Viable Product (MVP) to full release
15. Scaling Proof of Concept to MVP
Ross Sleight, Chief Strategy Officer EMEA at CI&T, comments: “Digital transformation and the digitising of operations is fundamental to businesses today and requires consistent investment. It’s not just about the cost savings that these programmes bring but the broader pursuit of better performance through efficiency and speed.
What’s important is an alignment of the organisational priorities and a clear understanding of the value that can be achieved to set realistic goals, combined with the right skill sets, processes and people to deliver on this transformational journey.
With many turning to AI it’s important to recognise it isn’t a magic bullet. Relying on AI to deliver business efficiencies is like building your castle on sand. Without solid foundations, such as organisational efficiency, it won’t have a lasting impact on your organisation and any initial benefits will be quickly washed away.”
