More Corporate Strategists Recognize the Importance of AI and Analytics for Success
A recent survey conducted by Gartner has revealed that an overwhelming majority of corporate strategists view artificial intelligence (AI), analytics, and automation as crucial drivers for success in the next two years. The survey, conducted between October 2022 and April 2023, demonstrates how companies are increasingly focusing on next-generation technologies to not only handle repetitive tasks but also drive high-value projects related to business growth, such as strategic planning and decision-making.
The survey interviewed nearly 200 corporate strategy leaders from various industries across North America, Western Europe, Asia-Pacific, Australia, and New Zealand. While only 15% of strategic planning and execution activities are currently automated, the respondents displayed high levels of optimism regarding the future potential. In fact, most of them believe that, on average, 50% of these activities could be partially or fully automated in the near future.
The surveyed leaders expect growth as they are increasingly faced with the challenge of managing more initiatives, vast amounts of data, and critical decisions within limited time and resources. This growth is only possible through faster and more efficient data analysis, made achievable by leveraging analytics and AI.
David Akers, the Director for Research at Gartner, emphasized the significance of utilizing analytics and AI for more insightful and efficient strategy decisions. He stated, For years, strategists have told their businesses: If you want to stay competitive and effective, you need to go digital. Now, they appear ready to apply that guidance to their own workflows.
The survey findings revealed that well-established technologies have seen substantial adoption by enterprises, while emerging ones are still in the experimental phase. For example, 72% and 62% of respondents have deployed descriptive and diagnostic analytics into their workflows, but only 26% and 41% for more advanced prescriptive and predictive analytics, respectively. Additionally, when it comes to currently trending machine learning and natural language processing capabilities, only 20% and 23% of respondents have systems in the deployment stage, with the majority still in the testing and pilot phases.
To move from experimentation to deployment, strategy leaders must address three key challenges identified in the survey: determining business use cases, fostering comfort with the technologies among businesses and functions, and securing the necessary budget for implementation. Gartner suggests addressing these challenges by mapping existing functionality to specific needs and prioritizing different use cases for the new technology through purpose, impact, and suitability considerations.
The recognition of AI, analytics, and automation as critical drivers for success signals an important shift in the corporate world. As companies embrace these technologies, they are paving the way for more efficient and effective decision-making, ultimately propelling them ahead in the competitive landscape.
