The Future is Digital: Key Stats on the Path to Transformation
In business, change is the only constant that can be relied on.
In a world that is transforming rapidly in the face of innovation, it is an absolute imperative that businesses seek solutions to keep pace. Like every industrial process and practice, Operational Excellence is being thoroughly disrupted by new technologies. However, despite extensive discussion on their potential impact, and AI, automation & digitisation are yet to meet Europe’s mainstream.
The conversation about the role of technology in achieving operational excellence is evolving. Where it was once a 'nice to have', the increasingly widespread implementation of digital solutions is making the likes of RPA, Machine Learning and AI indispensable to the inner-workings of all businesses - regardless of their size, location or industry.
In the lead up to OPEX and Business Transformation Europe, we explore the numbers behind how and why businesses are (and are not) implementing digital solutions in the pursuit of operational excellence:
Europe's Top Operational Excellence Investment Priorities
1. Business process automation
2. Workflow management
3. Robotic process automation
4. Artificial intelligence
5. Process mining
6. Customer experience
Data & Analytics Leads the Pack, But AI is on the Rise
69% of European decision-makers identify Data & Analytics as having been a top priority investment of the past two years. Close behind is Cloud Computing (62%) and the Internet of Things (53%).
To date, Artificial Intelligence has ranked further down on the list of priorities, with just 43% announcing their investment in the technology. However, the coming two years will see 29% more decision-makers explore its potential.
is the estimated investment that Europe must make to catch up with global competitors on the path to industry 4.0
The Greatest Obstacles to Fostering Innovation
Identifying new technologies and trends is of the greatest that decision-makers must overcome in the pursuit of operational excellence.
Security issues, a lack of technical skills and cultural resistance are also major inhibitors.
There is No 'One Size Fits All' Solution
While new technologies bring a lot of promise in the pursuit of more efficient processes, OPEX leaders must ensure that they match the best solution with the most appropriate business unit.
Here are the most compatible pairings as ranked by decision-makers, industry-wide:
Strategy: Data & Analytics
Research & Design: AI
Purchasing: Internet of Things
Finance & Accounting: Cloud Computing