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.
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.