Enterprises' use of emerging technologies is on the rise around the world, but many are failing to capitalise on its benefits according to the 2019 Global CIO Survey from Logicalis, a global provider of IT solutions.
The data showed 41% of organisations are using artificial intelligence (AI) in some way, which has doubled from just 19% the previous year.
However, just under one in ten (9%) of respondents believe that their organisation is very successful at comprehending the advantages of AI technology in some areas of business, whereas 44% believe their organisation is not very successful at all.
"These results show that organisations are still not able to fully understand and see the business benefits of these technologies," says Logicalis chief executive officer Mark Rogers.
“Navigating the complex landscape of these technologies can be overwhelming and difficult to manage for CIOs.
“The key to overcoming this is to create key performance indicators that narrow the focus and encourage company-wide participation," says Rogers.
“Working with a third-party can also help organisations with their digital transformation roadmaps and enable them to make the best use of the latest technologies.
The study, which questioned 888 CIOs from around the globe, found that 61% of businesses are now using Internet of Things (IoT) technologies.
This statistic, however, is in contrast to the 9% that believe their organisation realises the benefits in some areas of the business.
The survey reveals that IoT technologies are becoming more mainstream within the enterprise, and usage has increased by 33% since a similar survey in 2018.
The results also show that IoT technologies are being used by enterprises to improve several different business processes.
The most common uses are for creating new products or services (26%), creating operational efficiencies (23%), and enhancing existing products (22%).
The areas in which businesses are having the most success deploying AI technologies are IT (35%), marketing and sales (29%), and information security and compliance (28%), according to the study.
“It's great to see emerging technologies such as AI and IoT coming to the mainstream,” says Rogers.
“Despite the growth in the use of AI, businesses are still unsure of the business benefits of the technology.
“These technologies have the potential to shrink the gap between customer data and actionable insight, providing a strong competitive advantage to businesses that choose to invest in them.
“Businesses that fail to embrace these technologies and digital transformation will struggle to remain competitive in the modern world,” says Rogers.