Harnessing Technology Transformation to Deliver Value

Companies are currently shifting from traditional approach to technology-driven methods in order to remain afloat and countenance the present challenges. Covid-19 crisis made it imperative for most businesses across the globe to opt for technology-based platforms to bolster their returns.

Artificial intelligence (AI) is one of the brain-storming technologies that is widely deployed in many business functions.

The integration of technology and business has led to increased revenue streams and lower costs. According to McKinsey annual IT strategy survey, technology investment continue to create significant business value that results from significant cost reductions and improved employee experience.

The scaling up of data analytics offered better insights that most Companies use as a “critical enabler of new revenue and augment existing revenue streams.”

In an earlier survey, McKinsey Analytics explored the benefits of Artificial Intelligence (AI) in the generation of value that came in the form of revenue. In the survey, most companies expressed interest to invest more in AI technology.

The adoption of AI in business functions remained unchanged at the course of 2020 as most organizations still deployed AI technology for product and service development, service operations and sales and marketing.

Last year’s survey revealed that only some companies saw their value accrue to the enterprise level while using AI.

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