Emerging technologies including AI, analytics, AR and VR, and cloud are making companies more integrated with their customers lives than ever before, according to Accenture.
Accenture says that the growth in these technologies is accelerating the creation of ‘intelligent enterprises' which can integrate themselves into people's lives and change the relationship with customers and business partners.
The Accenture Technology Vision 2018 report, which looks at the impact of new technology trends, says that 80% of UAE respondents believe that through technology, companies are weaving themselves seamlessly into the fabric of how people live today.
However, companies need to align leadership priorities towards trust and greater responsibility if they are going to capitalize on this shift.
The report, which this year had the title ‘Intelligent Enterprise Unleashed: Redefine Your Company Based on the Company You Keep', included input from Accenture's Technology Vision External Advisory Board, Accenture internal business leaders, and an online survey of more than 6,400 c-level business and IT executives in 26 countries, from companies with at least $500m annual revenues. The survey considered the adoption of emerging technologies.
"The UAE continues to witness the exponential speed at which technology is disrupting industries; and as a future-focused country, is fortunate to have the mindset required to leverage all these advancements. This year, our Technology Vision 2018 aims to helps companies succeed and grow their digital transformation to realize the potential of their intelligent enterprise," said Alexis Lecanuet, regional managing director, Accenture Middle East & Turkey.
"To do so, it requires the creation of a reliable principles that focus on establishing trust with clients and business partners. As a result, companies' commitments to such partnerships will become the core of what people are searching for when considering whether to use a platform. Inevitably, this is what will allow for further growth."
The Technology Vision identifies five emerging technology trends that companies must address if they are to build the partnerships needed to succeed in today's digital economy.
Citizen AI: Raising AI to Benefit Business and Society. As artificial intelligence (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. Results have concluded that 77% of UAE executives agree that AI is advancing faster than their organization's pace of adoption. Leaders have also responded that AI will work side by side with humans in the coming years as a co-workers, collaborators, and trusted advisors (74%). However, when it comes to understanding the extent of which employees understand the general principles (data, criteria, etc.) used to make AI-based within an organization, 12% of UAE executives reported their employees have a full understanding on the process.
Extended Reality (XR): 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. In the UAE, 86% have reported it will be important to leverage XR solutions to close the physical gap when engaging with employees or citizens, while 85% claimed it is important for their organisations to be a pioneer in XR solutions, especially in the customer service and product development industries.
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. Case in point: While 75% of UAE executives agree their organisations are using data at unprecedented scale for critical and automated decision making, only 59% report frequent validation of data from ecosystem partners
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. Moreover, 60% of UAE IT executives have reported an increase in the use of microservices over the next year, while 69% expect to integrate blockchain in their organizations' systems within the next three years.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. In fact,71% of the UAE's executives agree the next generation of intelligent solutions are moving into physical environments; while 85% agree that to support real-time insights and actions, organizations need a renewed focus on custom hardware and hardware accelerators.