- Enterprise Intelligence investments crucial for companies to thrive in digital economy
- Future Enterprises need to adapt, harmonise information to gain competitive edge
IDC predicts that by 2023, 60% of enterprise intelligence initiatives in Asia/Pacific excluding Japan (APeJ) will be domain-specific, purpose-built for business, thus shortening the data to decisions time frame by 30%, whilst driving higher agility and resilience.
This, the company said in a statement, is just one of the predictions unveiled in its latest report, IDC FutureScape : Worldwide Future of Intelligence 2022 Predictions – APeJ Implications.
As Covid-19 continues to test organisations’ digital resilience, investments in enterprise intelligence will be crucial for companies to navigate and thrive in the ever-growing digital economy.
The domain of future of intelligence studies the role of intelligence in displacing ‘traditional’ business models and practices. T
The grand vision of success in this domain is for Future Enterprises to learn, adapt and scale synthesised and harmonised information, giving them a sustainable competitive advantage, the report indicated.
Christopher Lee Marshall (pic, left), associate vice president for IDC Asia Pacific said the Future of Intelligence is one of the nine digital priorities that will enable organisations to operate in the next economy.
“The Asia/Pacific region has both immense potential and a great number of challenges to overcome. Embedding intelligence into the way organisations run their businesses is the way forward, and the predictions in this IDC FutureScape lend evidence to that,” he said.
In Asia/Pacific, process automation remains to be a priority to improve productivity and operation resilience. As more businesses undergo organisational transformation to adopt a data culture, they are predicted to tap on the intelligent knowledge networks to facilitate problem-solving that a majority of their competitors cannot tackle in as soon as five years, the report highlighted.
Despite the promising outlook, there is a lot to be done, as the report indicated that by 2025, as many as half of the large enterprises in Asia Pacific will be unprepared for the change due to a lack of central-local harmonisation between intelligence at different business layers.
This report covers IDC’s 2022 top 10 predictions for enterprise intelligence trends, encompassing topics of decision making and knowledge gathering, automation, and data culture. They include:
#1: Scientific Methods: By 2025, 10% of Asia’s top 500 organisations will incorporate scientific methods and systematic experimentation at scale, resulting in a 50% increase in product development and business planning projects outpacing peers.
#2: Inter-company Intelligence: By 2023, 40% of Asia’s top 1,000 enterprises will be involved in inter-company intelligence sharing based on common standards, values and goals, strengthening mutualism in ecosystem relationships by 50%.
#3: Automation in Learning: Some 40% of the Asia’s top 2,000 will double the use of intelligent automation in knowledge retention, dissemination, and information synthesis by 2026, filling the skills vacuum in the data to insights lifecycle.
#4: Behavioral Economics: By 2026, 20% of organisations will use forms of behavioral economics and AI/ML-driven insights to nudge employees’ actions, leading to a 60% increase in desired outcomes.
#5: Data Meritocracy: A lack of meritocracy-based data culture will erode trust in management, reducing employee satisfaction and increasing turnover in half of mid to large enterprises by 2024, exacerbating skill gaps.
#6: Domain-First: By 2023, 60% of enterprise intelligence initiatives in Asia Pacific exclusing Japan (APEJ) will be domain-specific, purpose-built for business, shortening the data to decisions time frame by 30%, driving higher agility and resilience.
#7: Middle-management Evolution: By 2024, 20% of the Asia’s top 2,000 will leverage post-pandemic automation initiatives, with the role of the middle manager evolving to that of a visionary, curator, and connector, driving collective intelligence.
#8: Explainability & Oversight: By 2025, to reduce reputational risks, 30% of Asia’s 2,000 companies will be forced to redesign their approaches to algorithmic decision making, providing better human oversight and explainability.
#9: Super-Exponential Compute: By 2026, advances in computing will enable 10% of previously insurmountable problems faced by A100 organisations to be solved by super-exponential advances in complex analytics.
#10: Central-Local Harmonization: By 2025, half of large enterprises in APEJ will face blind spots due to a lack of intelligent knowledge networks and the harmonization they provide between localised & centralised intelligence.
To learn more about the upcoming IDC FutureScape reports, please click HERE.