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AI blockchain IoT- A new study suggests that organisations adopting emerging technologies in finance operations are growing their annual profits at a vastly accelerated rate. The international research asserts that artificial intelligence, Internet of Things, and blockchain are finally passing the adoption tipping point to deliver a competitive advantage for businesses.
Digital technology has long been discussed as a potential ‘game-changer’ in modern business, with artificial intelligence (AI), blockchain and Internet of Things (IoT) all being labelled ways for companies to save large sums of money in efficiencies, and improve security, productivity and customer experience in the process. As a result, investors have been diving into various pilot schemes over the last two years. However, new technology’s often expensive application has often been said to be over-hyped.
While it has seen a great deal of excited uptake, for example, the volume of trade through various blockchain schemes has been so negligible at time of writing that it is too early to tell how soon blockchain might reach a critical mass, if at all. Similarly, many firms are still finding that AI and automation are not yielding the benefits they expected – something which is often blamed on firms merely applying it as a cost-saving exercise, but still throws up questions about the technology’s true value. IoT meanwhile continues to struggle to drum up significant interest in the automotive market, among others.
However, while all these factors do merit closer inspection, a new study from Enterprise Strategy Group and Oracle claims that new technologies are finally having a big impact on business performance. According to a survey of 700 finance and operations leaders across 13 countries, AI, IoT and blockchain deployments are passing their adoption tipping point, creating significant competitive advantage for organisations. Respondents from organisations adopting emerging technologies in finance and operations told the researchers they were growing their annual profits 80% faster than those who did not.