Most business leaders unprepared for emerging technologies

A recent Squiz survey has revealed that the majority of business leaders are not prepared for artificial intelligence (AI) or virtual reality (VR) technology.

The survey examined 150 Australian business leaders and found that 65% had made no preparation for these emerging technologies. Only 7% were currently using AI or VR within their businesses, but more than a quarter of respondents were planning to adopt either technology within the next year.

It was thought by those who participated in the study that AI would help to reduce human error and automate tasks, while the advantages of VR included improving customer experience and assisting with marketing and events.

“Most marketing and IT departments have an idea of what they should be doing with digital but they ultimately struggle with the holistic tech outlook that makes digital transformation a reality,” said Cindy Lenferna de la Motte, managing director at Ikabo (a Squiz company).

“There is an immediate need for more user-intuitive websites, stronger mobile presences, and more engaging and useful intranets. However, without a mandate for change set by the CEO, they are usually facing huge internal constraints to successfully going digital in a holistic manner.”

These constraints were evidenced in survey responses, with the biggest concerns businesses had for using AI being the associated expenses (35%) and lack of human control (23%). For VR, expense was also a major concern (43%), along with no imminent need to use the technology in the company (31%).

“You cannot embark on a digital transformation project without a reason, and in today’s digital age businesses shouldn’t need to look far for an imperative to be embracing new technologies,” said Lenferna de la Motte.

“By lifting the lid on internal processes and seeing what each and every moving part is doing, businesses can see where emerging technologies could assist, and ultimately benefit, their bottom line.”

Over half of business leaders said they did not have a mobile app or mobile website, despite stating that they saw the importance of having this technology.

Survey respondents claimed that technical skills (19%), budget (17%) and time (11%) were among the biggest challenges hindering the adoption of mobile to the next level.

“Experimenting with digital technologies carries some risks to business. But with the power these technologies have to shine light on ineffective and unsynchronised functions, businesses can tap into a competitive edge and become poised to participate in successful innovation,” said Lenferna de la Motte.

Image credit: ©iStockphoto.com/Mike Kiev