Recent research has revealed that organizations that are adopting emerging technologies, such as blockchain, Artificial Intelligence (AI) and Internet of Things (IoT), in financial and supply chain operations are increasing their annual earnings 80% faster .
The global study entitled "Emerging technologies: the competitive advantage for finance and operations" was carried out by the company focused on the market intelligence business strategy group and by the cloud computing giant, Oracle.
The companies surveyed 700 financial and operational leaders in 13 countries. The study found that emerging technologies are exceeding expectations and creating a significant competitive advantage for organizations.
The survey also increased the popularity of these technologies and saw that 84% of organizations reported that they use at least one emerging technology today. The report notes that these organizations can increase their annual income 58% faster than organizations that do not invest in these technologies. In addition, 78% of companies believe that blockchain technology will help them reduce fraud in the supply chain by half over the next 5 years.
According to the survey, one of the reasons behind the increasing adoption of these technologies is the growing importance of the software as a service (SaaS) model. The benefits cited by the report on the use of SaaS are: cost savings, agility and access to innovation.
“SaaS increasingly allows companies to adopt emerging technologies in a more transparent and effective way. In fact, 91% of all respondents believe that SaaS is a facilitator of emerging technology adoption, ”says the document.