Unsurprisingly, artificial intelligence (AI) and generative AI (GenAI) are top organisational priorities in the Endava Emerging Tech Unpacked 2024 report. What stood out was that big data, predictive analysis, and IoT were also top priorities.
While organisations are open to newer technologies, the market and economic conditions push them to look at technologies with immediate benefits and potential future expansion.
Endava’s research underscores the critical role of robust data practices in paving the way for adopting advanced technology. The latest edition of Emerging Tech Unpacked highlights the buzz around AI and generative AI and emphasises other key priorities like predictive analytics and IoT.
“Data serves as the foundation: it’s used in training AI models, is crucial for accurate predictive data and is exchanged among IoT devices to empower decision-making. While organisations have different choices for what to invest in, many efforts will start with prioritising data infrastructure and management,” stated the report.
Here are the key highlights of the report:
The dominance of data
Big data and predictive analytics are critical technologies for modern businesses. Ranked third and fourth in priority, these technologies are indispensable for organisations seeking to leverage quality data for insightful decision-making. As data becomes increasingly integral to operations, its management and analysis are more crucial than ever.
Artificial Intelligence Takes Center Stage
Artificial Intelligence (AI) and its subset, generative AI, are at the forefront of technological adoption. According to the report, nearly half of the surveyed organisations ranked AI among their top three priorities.
This is no surprise, given AI’s proven ability to enhance productivity and efficiency while providing a competitive edge. Despite its promise, the path to widespread AI implementation is not without hurdles, including regulatory challenges and potentially high costs.
Scepticism surrounds the metaverse
While awareness of the metaverse remains high, scepticism about its practical business applications persists. The report notes that many organisations remain cautious despite significant investments and high-profile product launches, such as Apple’s Vision Pro. Whether the metaverse will meet its lofty expectations remains an open question.
IoT’s Growing Importance
The Internet of Things (IoT) continues to garner interest, ranking fifth among priorities. Despite being less buzzworthy than newer technologies, IoT’s practical applications in supply chain visibility and equipment monitoring make it a staple for many businesses. According to the report, 40% of respondents already use IoT in some capacity.
Quantum Computing: A Disruptive Force
Quantum computing, though still in its infancy, holds the potential to revolutionise industries by solving complex problems at unprecedented speeds. Despite its transformative potential, quantum computing ranked lower in familiarity and relevance due to its current technological limitations and high power requirements.
Industry-Specific Impacts
Banking
In the banking sector, generative AI, machine learning, and predictive analytics are transforming operations. These technologies are being deployed to automate tasks, enhance customer interactions, and improve decision-making processes. Open banking and API ecosystems are also critical for developing innovative services.
Healthcare and Life Sciences
Healthcare is leveraging AI and digital twin technology to improve patient care and operational efficiency. Electronic health records (EHRs) and AI-driven diagnostics are becoming standard, while digital twins offer new ways to model and optimise healthcare systems.
Retail
Retailers are integrating technologies like RFID, electronic shelf labelling (ESL), and AI to digitise brick-and-mortar stores and personalise shopping experiences. Sustainability is also a key focus, driven by consumer demand and environmental considerations.
Supply Chain
Big data, predictive analytics, and AI enhance data quality and operational efficiency in the supply chain sector. Machine vision and automation are improving safety and streamlining processes, though data silos and legacy systems remain challenges.
Embracing the Future
The report underscores the importance of solid data practices as the foundation for adopting advanced technologies. While each industry faces unique challenges, the common thread is the necessity of quality data to support AI, predictive analytics, and IoT implementations. Businesses must prioritise data infrastructure and management to integrate new technologies and remain competitive successfully.
As digitisation’s toolkit expands, businesses need foresight, adaptability, and creativity to leverage technology for problem-solving. Organisations that think outside the box and embrace emerging technologies will thrive in this rapidly evolving landscape.
