84% of organizations reported using at least one today. And they’re reaping the rewards through faster growth and strong return on investment (ROI). Among some of the report’s findings:
Revenue grows faster. Organizations which use the most emerging technologies have grown annual revenue 58% faster than those not investing in such technologies. Those forward-thinking organizations also saw profit grow 80% faster.
Benefits are better than expected. The benefits of using these technologies are outpacing expectations by a wide margin. For example, in the finance sector, users of AI report an average 33% improvement in productivity and 37% reduction in errors, primarily from automating manual processes. The monthly financial close takes roughly four days less in organizations using emerging technologies than in those that don’t. Organizations that use financial digital assistants report an average 36% improvement in productivity and 38% faster analysis capabilities.
Applications in the supply chain yielded similarly impressive results. Adding blockchain to supply chain management (SCM) capabilities helped 87% of organizations meet or exceed their ROI expectations. More than three in four respondents (76%) said that increased employee productivity. Incorporating IoT data into supply chain systems and workflows shortened the time to produce and fulfill orders by an average of more than six business days. Eighty-three percent
The SaaS effect
91% of all respondents consider SaaS an enabler of emerging technology adoption.
Cloud-based options have a than on-premises solutions. It’s simply a smart business strategy, with benefits including:
Cost-savings: Adopting a cloud-based SaaS approach to emerging technologies reduces or eliminates cost-related barriers to adoption and optimization for many organizations. This approach eliminates costly upfront hardware purchases and the cost of upgrades every few years. Regular software updates—often several times a year—and service costs are usually included as part of the SaaS model or can be supplemented with a service agreement. In addition to lowering total cost of ownership (TCO), cloud solutions can significantly improve planning, financial consolidation and close times, and management reporting.
Agility: Oracle’s cloud suite is delivered on one integrated platform. Users can design end-to-end business processes with a consistent, easy-to-use interface. Those with the appropriate data access (based on their roles) will be making decisions on unified, current data, enabling quicker and better collaboration and decision-making.
Access to innovation: Instead of waiting two to four years for expensive upgrades to access new features and capabilities, cloud solutions push them out to you on a regular cadence, which gives your company much faster access to innovation. Oracle’s cloud suite and provide more benefits to the organization. For example, 78% of companies believe blockchain will help them to reduce fraud in supply chain by half over the next 5 years.
Ease of getting started: Oracle’s approach to our cloud suite is to embed AI, machine learning, and other emerging tech directly into our applications. Buying “off-the-shelf” apps is an easier and, in many cases, more effective option that building proprietary apps from scratch. In fact, Oracle’s research found that organizations are much more apt to purchase emerging technology prebuilt solutions than build them on their own. Buyers outnumber builders by two to three times, depending on the technology solution.
If you’re ready to join your competition in reaping the benefits and advantages of emerging tech, take these five steps: