The SAP-commissioned Forrester survey consists of more than 740 respondents. Up to 93 percent of companies agree that innovation technologies are key to achieving their digital transformation goals.
To qualify to participate in this study, companies had to meet two important criteria. First, they had to be actively undergoing digital transformation. Second, they must have implemented at least two innovation technologies such as machine learning, the Internet of Things (IoT), artificial intelligence (AI), blockchain, and augmented or virtual reality.
The Forrester study found that as companies seek competitive advantages, they are prioritizing innovation technologies. As such, these companies are implementing or have already implemented innovation technologies to drive digital transformation:
- The IoT: 92 percent
- AI: 78 percent
- Machine learning: more than 75 percent
- Augmented reality/virtual reality: 70 percent
- Blockchain: 68 percent
The study also found that digital transformation journeys continue to be a priority for enterprises. Consequently, organizations are increasingly optimizing existing processes to improve efficiency, extending processes to capture new value, and transforming business models to gain new revenue streams.
According to the Forrester study, 92 percent of companies showed a high interest in platforms that can unify data collected by, and used across, all intelligent technologies and business processes.
Different priorities for digital transformation
Based on the results, different industries are focused on different priorities and leveraging multiple intelligent technologies; always according to their varying levels of digital maturity and unique business goals.
For example, most discrete manufacturers are prioritizing implementing or expanding predictive maintenance efforts. In comparison, retailers are primarily focusing on using Big Data and predictive analytics to make assortment decisions. Utility companies, however, are applying a digital boardroom where executives can see real-time capacity or efficiency rates.
“By partnering with Forrester on this intelligent enterprise study, we were able to uncover some of the challenges and opportunities associated with implementing new technologies,” said Irfan Khan, SAP. “The study found that as companies seek competitive advantages, they are prioritizing innovation technologies. We are seeing businesses use IoT, AI, augmented reality, ML, and blockchain to improve processes, drive innovation, and also meet digital transformation objectives.”
As the study states, “Intelligent enterprises win in the digital era. An intelligent enterprise is an entity connecting people, processes, data, and technologies as a means to accelerate digital transformation, doing more with less, improving customer engagement and inventing new revenue streams.”