Artificial intelligence allows businesses to increase profit margins 80% relatively rapidly.
Photo by Austin Distel From Unsplash
Oracle's Global Research demonstrates how companies rely on artificial intelligence for competitive advantage, finance, and business
According to a new study from the Enterprise Strategy Group and Oracle, companies that use artificial intelligence (AI) and other advanced financial and business technology is 80 percent faster increasing their annual profits.
The global study Emerging Technologies, which analyzed 700 financial and business leaders across 13 countries in order to evaluate the competitiveness of financial and operations, found the emerging technologies–IoT (AI), IoT, blockchain, digital aids–have gone beyond their goal, exceed expectations and create a significant competitive advantage for organizations.
Juergen Lindner, Senior Vice President, SaaS Product Marketing, Oracle, said, "AI, IoT, blockchain and digital assistants allow companies to innovate faster, bring significantly greater competitive advantage and boost the competitiveness of companies that implement these technologies more aggressively than their competitors." "Research has found that these innovations have become commonplace and companies on the sidelines lose their importance for the industry. We continually integrate emerging technology directly into business processes in order to help our customers outdo the competition and ensure that they are able to use these technological developments.."
Artificial intelligence and automated helpers boost financial performance and productivity
Companies that use new financial technology have much greater advantages than anticipated: failures in financial organizations have on average been reduced by 37%.72% of companies that use AI better understand the overall business results.
In In the next five years, 83% of managers consider that AI is completely automating financial closing processes. Remote assistant productivity is rising by 36% and financial analysis is accelerating by 38%.
As blockchain technologies become popular, AI, IoT, blockchain and digital supports help businesses improve the accuracy, speed, and insight in their operations and the supply chain.
The average order fulfillment reduction for businesses with AI in their supply chains were 6.7 hours.
The application of IoT technology to supply chain processes helps companies to decrease enforcement errors by an average of 26 percent.
AI helps companies to reach a 25% reduction in distribution defects, 30% inventory and 26% in the production down period.
The productivity of workers increased by 28 percent and the rate of research increased by 26 percent in the supply chains of digital aid companies. 87% of companies using blockchain have met or exceeded...