Companies that integrate Artificial Intelligence (AI) into their business model appear to be more efficient and competitive than others. Indeed, according to an international survey conducted by Oracle, these technologically mature companies have seen their profit growth rate increase by 80%.
IoT, Blockchain and digital assistant: the 3 bankable applications
The IoT (Internet of Things), blockchain and digital assistance are the AI applications most used by these companies. According to the managers interviewed, these applications have generated results that go beyond the objectives set (” A better return on investment than expected ”, specifies the survey), especially in financial services and the supply chain.
87% of companies that use blockchain in their supply chain have actually achieved or even exceeded their expected ROI. It should be noted that in this service, this technology is particularly used for surveillance and fraud detection purposes.
Survey results in financial and procurement services
Here are the results of the survey in the financial and accounting departments:
– reduced interpretation errors 37% on average within finance departments
– an acceleration of processes around 36%, particularly during the accounts closing phase (aid for fast close)
– better understanding of performance of the company for 72% of managers surveyed
Within the supply chain:
– reduced order processing time 6.7 working days on average
– a reduction in errors in order processing 25% on average
– decreasing stockouts by 30%
– increased productivity 28% workforce, in particular thanks to the presence of digital assistants
– an increase in analysis speed of decision-makers in the order of 26%
The financial and operational precision of technologically mature companies
In general, the study estimates that 82% of companies that integrate at least three emerging technologies into their business model are ahead of their competitors. More precisely, these companies would be 9.5 times more precise in financial and operational matters compared to their competitors which do not use emerging technology.
To conclude this survey, Oracle believes that in these changing times, especially in terms of accelerating innovations, companies are waiting for a rapid Return on Investment, much faster than before. In fact, to be operational as quickly as possible, the study respondents admit to preferring to use AI solutions already available on the market (SaaS solutions) rather than developing their own intelligent system.
– 83% of them believe that within 5 years, these tools will be able to fully manage the accounting closing mission
– 77% of them believe that within 5 years, the blockchain will reduce fraud by 50%
– 74% of them believe that within 5 years, artificial intelligence will be able to perform full and automatic monitoring of standards and regulations
Oracle and the Emerging Technologies Survey
The Oracle study entitled ” Emerging technologies: a competitive weapon for finance and operations ” is based on a survey of 700 officials and decision-makers in 13 countries. Oracle, a famous American company in the technology sector since 1977, develops and markets database management software, management software and Cloud computing for enterprises. It has many subsidiaries to sell its brands, such as Taleo, DataFox, ATG or even BlueKai, Big Machines and Endeca. To view the source Oracle survey