In an era of economic flux, business leaders are increasingly seeking technologies that promise immediate benefits, according to a recent study. Amidst this uncertainty, the drive for operational efficiency has placed AI and generative AI at the forefront of corporate priorities.
The study, conducted by Endava, surveyed nearly 700 organizations across various industries and sizes. It revealed a compelling trend: a significant majority of decision-makers are opting for technologies that deliver noticeable, short-term advantages. This preference underscores the current economic climate’s influence on strategic technological investments.
AI and generative AI have emerged as the top initiatives, with nearly half of the respondents ranking them among their three most important undertakings. The appeal of AI lies in its promise of rapid, tangible results, aligning with the need for resilience and immediate value in uncertain times.
Data-Driven Decisions in the Spotlight
Big data and predictive analytics are also gaining traction, ranking as the third and fourth priorities, respectively. With over a third of organizations already implementing these technologies and another 30% in the process, it’s clear that data is becoming a cornerstone of modern business strategy.
The Internet of Things (IoT) rounds out the top five priorities, with 40% of respondents already utilizing IoT solutions. This widespread adoption reflects the technology’s potential to streamline operations and enhance decision-making processes.
The Hesitation Over Hypotheticals
While there’s enthusiasm for certain technologies, the study also notes a reluctance to invest in more speculative tech like the metaverse. Despite recognizing its relevance, a mere 17% of leaders have developed a strategy for its implementation. This cautious approach highlights a broader pattern of prioritizing proven technologies over those perceived as less certain.
Environmental, Social, and Governance (ESG) considerations have also solidified their importance. Nearly three-quarters of respondents acknowledge ESG’s relevance, yet only 17% have an actionable strategy. This disconnect suggests that while ESG values are recognized, the path to integration remains unclear for many.
