In today’s rapidly evolving business landscape, companies are increasingly turning to advanced technologies to gain a competitive edge. According to a recent survey conducted by Gartner, 79% of global corporate strategists believe that artificial intelligence (AI), analytics, and automation are critical drivers for success over the next two years. This highlights the growing recognition among enterprises of the importance of next-generation technologies in achieving their strategic goals.
The Rise of AI and Analytics – Nearly 200 business strategy leaders from North America, Asia-Pacific, Western Europe, Australia, and New Zealand were questioned for the study, which was conducted between October 2022 and April 2023. While just 15% of strategic planning and execution tasks are automated at now, the potential for automation in the near future was found to be quite promising. According to the results, the majority of people think that half of these jobs will be automated in some way, shape, or form over the next several years.The growing interest in AI and analytics can be attributed to the increasing complexity of business operations. As companies face more initiatives, larger volumes of data, and a greater number of critical decisions, they require faster and more efficient ways to analyze and make sense of this information. Leveraging analytics and AI for more efficient and insightful strategy decisions has become a significant challenge and opportunity for corporate strategists.
David Akers, the director for research at Gartner, emphasizes the importance of embracing digital transformation within strategic workflows: “For years, strategists have told their businesses: If you want to stay competitive and effective, you need to go digital. Now, they appear ready to apply that guidance to their own workflows”.
Exploring Advanced Technologies – The Gartner survey also shed light on the adoption of various advanced technologies by corporate strategy leaders. While well-established technologies, such as descriptive and diagnostic analytics, have seen widespread adoption, emerging technologies are still in the experimental phase. For example, 72% and 62% of respondents reported deploying descriptive and diagnostic analytics respectively, while only 26% and 41% had deployed prescriptive and predictive analytics.Similarly, machine learning and natural language processing capabilities are still being explored by many companies. Only 20% and 23% of respondents reported having systems in the deployment stage for these technologies, with the majority still in the testing and pilot phase.
Overcoming Challenges in Adoption – To move from experimentation to full deployment of advanced AI and analytics technologies, corporate strategy leaders need to address several key challenges identified in the Gartner survey. These challenges include determining business use cases, gaining organizational comfort with new technologies, and securing the necessary budget for implementation.The difficulty of identifying business use cases may be overcome by prioritizing diverse use cases and mapping current capability to particular needs. By investigating the motivations, consequences, and applicability of emerging technologies, businesses may determine where and how to implement them.
Getting businesses and functions comfortable with new technologies requires a change management approach. It is crucial to communicate the benefits and potential of AI and analytics to stakeholders and provide training and support to ensure a smooth transition.
Securing the budget for implementing advanced technologies can be challenging, especially when there is limited understanding of their potential return on investment. Demonstrating the value and impact of AI and analytics through pilot projects and showcasing successful use cases can help overcome this obstacle.
Conclusion – The survey conducted by Gartner highlights the increasing importance of AI and analytics for corporate success. As companies face growing challenges in managing complex operations and making critical decisions, leveraging advanced technologies becomes crucial. By embracing