July 11, 2016
Many firms lag behind their customers in use of latest tech innovations 0
Just one in three IT decision makers believe advances such as cloud-based solutions, big data and wearable tech will be available in their industry within the next 12 months, according to a new study from Capita. Although the report – Trends vs Technologies – has yet to be published, the firm has released some of its findings. Based on a survey of IT professionals in the insurance, finance, legal services and manufacturing sectors, the study analyses nine key organisational trends and the implementation of related technology. The report claims that while many decision makers describe a tech trend as being relevant to their industry, several barriers to implementation mean solutions are not yet ready and in many cases might be lagging behind consumer take-up of the new technology. The trends named in the report are Big Data, Digital Workplace, Artificial Intelligence, Internet of Things, Wearable Tech, Robotics, Cloud Based Solutions, 3D Printers and Virtual Reality.
The report suggests several barriers may be holding back the implementation of these tech trends, with both cost and a lack of perceived business case mentioned for both AI and big data, as well as wearable technology. Data governance issues was named as an additional barrier in the implementation of both big data and the Internet of Things.
Key findings of the report include:
- Only a third of decision makers (29 per cent) think cloud-based solutions will be ready for implementation in their industry within the next 12 months. Just 34 per cent think it will be ready within the next five years, against predictions from many analysts and potentially in response to ongoing concerns around cloud security;
- Almost 90 per cent say the Internet of Things is more than 12 months away from having a solution ready to implement in their industry;
- 19 per cent say they didn’t think 3D printing would ever be ready for use, with 15 per cent saying the same for AI and virtual reality;
- Around half of the decision makers are confident the Internet of Things (52 per cent) and big data (46 per cent) will be implemented in their industry within the next five year.
Commenting on the report, Adam Jarvis, MD of Capita Technology Solutions said: “we are already starting to see some of these key trends, in particular wearables, virtual reality, and the Internet of Things, really take off in the consumer world. History shows us that technology adopted within the consumer world will soon find its way into the business world, and those the spot the opportunity quickly will often find they have a competitive advantage. And yet these findings suggest that financial services, legal, insurance and manufacturing industries assume that these trends are only relevant to the consumer world, without spotting the potential they offer within the business environment.
“At least 60 per cent of those we surveyed said their company didn’t have the skills necessary to identify the opportunities that IoT, wearables, big data or AI could deliver. Our findings show that board level executives are still not capitalising on the early mover advantage technology is providing. These industries must ensure they are ready to take advantage of the opportunities for growth offered by tech trends or – as recent history shows – they risk the very viability of their business, from others who invest to change the entire market dynamics of the verticals in which they operate.”