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Tuesday, May 28, 2024

EdgeVerve-commissioned study unveils effectiveness of digital transformation and platform-based strategies

EdgeVerve, a subsidiary of Infosys, recently commissioned Forrester Consulting to conduct a custom study aimed at understanding the current effectiveness of digital transformation initiatives and the adoption of platform-based strategies among organisations.

The study focuses on assessing how firms are leveraging platform-based approaches to drive connectivity and efficiency, which are crucial for achieving profitability and growth in today’s dynamic business landscape.

In this article, we discuss the study’s findings with Sateesh Seetharamiah, CEO of EdgeVerve Systems (pictured), and gain his insights on the current state of digital transformation and the role of platform-based strategies.

The findings of this study provide valuable insights into the current state of digital transformation and the role of platform-based strategies in enabling organisations to navigate the challenges and opportunities presented by the digital age.

How are organisations driving transformation toward operational resilience? And how do they tend to define operational resilience?

Operational resilience is increasingly pivotal for organisations sustaining critical functions amidst disruptions. This emphasis is well-articulated in our commissioned study by Forrester Consulting, which sheds light on how organisations redefine operational resilience.

The study underscores the importance of customer-centricity, IT resilience, leveraging data and technology, and enhancing connectivity—both internally and with external partners—as key strategies for achieving operational resilience.

Strategic focus areas

  • Customer-centricity: Highlighted by 90% of leaders, enhancing customer experience is pivotal for resilience, underscoring the alignment of operations with customer expectations.
  • IT resilience:  Bolstering IT infrastructure is key to supporting business adaptability and growth in dynamic market conditions, emphasized by 76% of respondents.
  • Data and technology: Leveraging data analytics and AI, as prioritised by a significant majority, organisations aim to proactively improve operational efficiencies and address challenges.
  • Connectivity: Strengthening internal processes and external partnerships is essential for a comprehensive resilience strategy, ensuring seamless operations and effective collaboration.

Drawing from our extensive experience with over 400 clients on their digital transformation journeys and through strategic discussions with key decision-makers and IT leaders, at EdgeVerve, we have recognised the evolving need for a platform that supports and accelerates operational resilience.

This insight led to the development of PolarisEdge, an AI-powered platform designed to be a strategic enabler. It seamlessly integrates with existing systems, enhancing overall efficiencies and fostering a more connected ecosystem. PolarisEdge aligns with our platform-centric digital strategy, emphasising deep connectivity and actionable insight from across business and IT ecosystems, which are essential for driving digital transformation in today’s dynamic business environment.

Is operational resilience becoming more important due to continuous disruptions of various kinds? Also, what role will AI play in operational resilience?

Operational resilience is becoming increasingly important due to continuous disruptions. The Forrester study underscores that in the face of evolving business needs and the necessity to future-proof growth, relevance, and innovation, firms are adopting new capabilities in AI, automation, and digital operating models. This shift is essential to drive digital capabilities toward operational resilience, addressing the need for strategic change and connectivity across business and IT ecosystems.

As for the role of AI in operational resilience, it is significant and increasingly recognized by large enterprises and IT leaders. The Forrester study notes that 64% of decision-makers consider connecting human and AI capabilities a core need of their digital initiatives.

Furthermore, 44% believe that improving operational workflows with AI-powered applications is a key desired outcome. This perspective is driven primarily by IT leaders, with 67% of them believing that AI will play a significant role in their digital journey. Additionally, 63% of IT leaders see AI as pivotal in uncovering new revenue streams and improving employee productivity (71%).

This emphasis on AI indicates a growing consensus that AI is a strategic component in enhancing operational resilience, fostering efficiency, and catalysing innovation in response to ongoing market disruptions.

Did you get a sense from the survey that larger organisations, in particular, will rely on AI to revamp their business models – using AI to uncover new revenue streams, for example?

The survey provides compelling evidence that larger organisations are increasingly looking towards AI to revamp their business models and uncover new revenue streams. Key findings from the report highlight that digital leaders are leveraging AI and automation to unlock unparalleled value, with large enterprises in more digitally mature firms being 2.8 times more inclined to use AI for anticipating and responding to market changes. This indicates a strategic shift towards AI to enhance operations and explore new opportunities.

Furthermore, 70% of decision-makers advocate for a platform-based strategy in digital transformation, emphasising the integration of AI technologies as crucial for improving organisational effectiveness and driving technological advancements toward business goals. This approach underscores the importance of AI as a foundational element in reimagining business models.

Our latest innovation, PolarisEdge, an AI-powered platform, enables seamless AI integration and addresses data and scalability challenges. It empowers businesses to adopt a platform-based strategy, which is crucial for driving digital transformation and unlocking new revenue streams. PolarisEdge exemplifies our commitment to facilitating AI-first enterprises, streamlining their path to digital excellence.

Data issues are inhibiting both digital transformation and the scaling of AI technologies, according to the report. Did you find this takeaway surprising, given the emphasis in recent years on “data-centric” organisations? It would seem many companies still have a long way to go.

The Forrester study underscores significant challenges that organizations face in becoming truly “data-centric” despite the widespread emphasis on this goal in recent years. The findings reveal that insufficient data readiness is a critical barrier, with almost half of the respondents (45%) encountering data security issues, another 40% grappling with data quality and integration issues, and 35% pointing out the absence of a coexistence framework for existing systems and new technologies. These challenges highlight a gap between the aspiration to leverage data strategically and the operational reality many companies face.

Furthermore, the study identifies limitations to scaling AI technology as a significant concern. 44% of respondents cited the immaturity of AI technology as a barrier, compounded by a lack of an innovation-driven culture—with 39% concerned about security threats from AI usage and 35% expressing a lack of trust in AI-based systems. These insights suggest that while the potential of AI and data to transform business operations is widely acknowledged, the practical implementation and scaling of these technologies remain fraught with challenges.

Despite significant investments in enhancing their digital core, organisations continue to face challenges that prevent them from achieving the full benefits of their digital transformation efforts. The Forrester study highlights a critical gap, particularly in areas such as data security, quality, and integration, as well as the complexities involved in scaling AI technologies.

These issues underscore the necessity for a strategic platform capable of navigating these complexities to fully leverage the digital core and extend the digital edge. PolarisEdge emerges as a pivotal tool in this context, offering seamless integration with existing systems and empowering organizations to advance their digital edge towards a truly data-centric and AI-first approach.

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