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AI and IoT technologies now mainstream as businesses gear for growth 

by Anthony Weaver

Three-quarters of businesses recognise role of innovative technologies in driving growth

–       AI now in use in nearly one in three businesses

–       Improved efficiency revealed as most common benefit of digital transformation

Innovative businesses are increasingly making use of emerging technologies, such as robotics, augmented reality (AR) and the Internet of Things (IoT) to stand out from competitors and skyrocket their growth, new research has revealed.

According to a survey of UK business leaders carried out by cloud-based accounting software platform, bluQube, nearly half of all businesses report using IoT technologies in their business – second only to long-established technologies such as mobile (72%) and cloud technologies (72%).

Interestingly, it was also revealed that nearly a third of company leaders (30%) now report making use of artificial intelligence (AI) and machine learning in their business. Given AI’s proven capabilities in automating time-intensive processes, such as data entry, it comes as little surprise that two-thirds (65.3%) of businesses also cite improved efficiency as the most prominent business benefit they have seen from digital transformation.

Augmented reality (AR) is now also seeing a major spike in adoption amongst businesses, with more than a fifth of businesses (21%) having now introduced AR into their business models and services. When asked which additional fringe technologies they had introduced into their organisation, business leaders also reported implementing digital twin technology (18.7%), robotics (12.7%), and interoperable systems (12.7%).   

The majority of businesses (78 per cent) also identified these same digital technologies as being responsible for driving growth in their businesses, further establishing the link between investment in new technologies, and accelerated growth.

Simon Kearsley, CEO of bluQube, commented: “So-called “future” technologies, such as robotics or the Internet of Things, have now firmly entered the mainstream for businesses looking to grow and stand out from the chasing pack.

“However, our research also reveals that adoption still has a long way to go in certain areas, with all-too-many businesses neglecting the potentially-transformative benefits of underlooked technologies such as those that offer interoperability, which can significantly streamline day-to-day operations and revolutionise how businesses work.

“By using the right innovative technologies to automate and streamline time-consuming, repetitive tasks, businesses can unlock the true potential of their staff, and free up team time and headspace to focus on the more strategic, involved tasks that drive the business forwards.”

The research findings are compiled in the bluQube: Digital Transformation & Next-Gen Business Technologies report, which lifts the lid on business leaders’ attitudes toward digital transformation and technologies in a unique, cross-sector way.

To download a copy of the bluQube Digital Transformation Report, please visit https://www.bluqube.co.uk/digital-transformation-report-2022

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