Emerging technology: Three stages to successful transformation leveraging Oracle Cloud
It’s time to face the reality of tech-driven disruption, which is even more pertinent as we navigate through the current COVID-19 challenges. In an increasingly challenging and competitive market, having a strategy is key.
79% of surveyed business leaders are planning to implement operational efficiencies in the fight for growth
Even back in January, our Global CEO Survey revealed business leaders’ concerns for the future. Those concerns will only have amplified since. For most, their strategy for competitive advantage is to create a lean and agile organisation. One that takes full advantage of the benefits of emerging technology, while avoiding the pitfalls (such as the growing threat of regulation and cyber attack).
79% of surveyed business leaders are planning to implement operational efficiencies in the fight for growth. We’ve recently seen how technology has helped businesses adapt and continue to operate when faced with working from home, altering sales channels amongst other challenges and constraints. At PwC we’ve identified eight emerging technologies that we believe will transform our world: Artificial intelligence; augmented reality; blockchain; virtual reality; drones; robotics; the Internet of Things; and 3D printing. None of these are futuristic – each one is already a reality.
As we discussed at this year’s Oracle OpenWorld Europe, these technologies have the potential to transform every part of business, not least finance. The justification for finance transformation used to be modernisation and standardisation but emerging technologies are taking us far beyond that. They bring the opportunity to create a real value-adding partnership with the business – as long as the transformation is successful, of course.
And that’s the key question – what are the essential elements of a successful transformation? We would argue that the transformation journey must begin with a
cloud-based ERP system – such as Oracle Cloud which enables change and encourages innovation – but implementing the cloud is by no means the end.
We see the transformation journey as three clear stages:
Today: Build and establish the foundation for change
- Process excellence. Understand end-to-end processes; examine, simplify and redefine how things are done – in a standardised way.
- Technology replatforming. Move existing systems into the Cloud, choosing a technology vendor that has a clear strategic focus on constantly evolving their product and fully embracing the use of emerging technology.
- Digital upskilling. Bring as many people in your organisation as you can up to a level where they understand new technologies and where they may be able to apply it.
- Proof of concepts. Be open to key areas of opportunity where emerging technologies can be used in your existing business.
Tomorrow: Leverage what you’ve built
- Business model. Challenge the norm and think about how emerging technology can help you reinvent your business model to do things differently.
- Risk and control. Consider the risks of emerging technology – such as the need for explainable AI – and the organisation’s responsibilities in an increasingly digital society.
- Retaining key talent. This will be even more important as organisations require a similar combination of skills and capabilities to get maximum ROI on their investments in technology.
The future: Accelerate
While it’s impossible to predict exactly where technology will take us, we can take an educated guess – real-time reporting, for example, is increasingly likely. What we do know is that business processes will look very different in 5, 10 years’ time, so organisations need to be ready to adapt.
The preparations organisations make today for digital transformation will dictate the ultimate success of the journey.
Contact us
Partner, Head of Technology Risk, Data & Analytics, PwC United Kingdom
Tel: +44 (0)7711 473199
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