- Most companies agree that new technology will help them become more successful
- Many are investing in new tech with the hope of boosting productivity
- Manufacturing, distribution and healthcare need the most help
According to new research from business cloud software provider Infor, four in five global organizations believe their future success depends on their adoption of new technologies, like AI and automation.
Three-quarters estimate a productivity boost of around 20% in the next three years, with 78% planning to increase their tech investments by 20% or more in the same period.
The emphasis on integrating the latest technology is crucial given that recent Infor data highlights a major productivity gap between top- and low-performing UK organizations. By adopting these new technologies, it’s hoped that lower-performing businesses can catch up, effectively leveling the playing field.
Businesses are anticipating AI-driven productivity boosts
Infor found a 46% productivity gap between the UK’s top and bottom performers, far above the global average of 27%, highlighting the need for British companies to react more quickly to emerging technologies.
Machine learning and generative AI were found to be two of the most promising technologies in terms of unlocking productivity and efficiency benefits.
Speaking about the troubles facing manufacturing, distribution and healthcare companies, Infor CEO Kevin Samuelson commented: “Organisations need to optimise and continuously improve processes; embrace the power of advanced technology; push data in decision-making; and keep customer requirements front and centre.”
Furthermore, Infor found a 23% difference between Birtain’s productivity leaders and so-called ‘laggards,’ considerably more than the 15% global average, which is indicative of the disparity between firms in the UK.
Dr Chris Bauer, Director of Innovation at the Institute of Management Studies at the University of London, added: “Organisations that succeed will be those ready to evolve their processes and fully embrace data-driven readiness, gaining clarity of vision for the future. It’s a great look for what’s to come.”
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