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Organizations that continued full speed ahead with their digitaltransformation initiatives during the COVID-19 pandemic are able to ruminate on what went right and what they would have done differently, with the benefit of hindsight. But there are lesser-known, less obvious attributes of a successful digital program.
Corporate projects are classically evaluated on standard matrices such as return on investment (ROI), break-even period, and capital invested. But as organizations look to quickly leverage the power of emerging digital technologies for business growth, such an approach is falling short on expectations.
This is why many enterprises are seeing a lot of energy and excitement around use cases, yet are still struggling to realize ROI. So, to maximize the ROI of gen AI efforts and investments, it’s important to move from ad-hoc experimentation to a more purposeful strategy and systematic approach to implementation.
Vipul Nagrath, who was global CIO of ADP during the company’s early embrace of the cloud, spearheaded ADP’s companywide digitaltransformation, which started in earnest five years ago fueled by the company’s hybrid cloud. There’s a brand-new wave of digitaltransformation that’s coming,” he says.
Even Goldman Sachs, previously bullish on the AI story, has raised concerns over whether there’ll be positive ROI for many of the investments being made in the technology. However, these concerns and predictions are inevitable given some of the unrealistic expectations surrounding AI. What are business leaders telling us?
According to IDC’s April 2024 Future Enterprise Resiliency and Spending Survey, Wave 4 , companies are increasingly allocating budgets to explore technologies like generative AI, with 53% increasing IT budgets and 30% shifting budgets from digitaltransformation. Use minimum viable products (MVPs) to validate concepts.
IT funding might be on the rise, but the ROI for the business from technology investments isn’t as high as it should be. There’s often a big expectation difference between the goal to be data-driven and the business transformation created by data. Digitaltransformation has actually contributed to this complexity.
With the aim to accelerate innovation and transform its digital infrastructures and services, Ferrovial created its Digital Hub to serve as a meeting point where research and experimentation with digital strategies could, for example, provide new sources of income and improve company operations.
As Belcorp considered the difficulties it faced, the R&D division noted it could significantly expedite time-to-market and increase productivity in its product development process if it could shorten the timeframes of the experimental and testing phases in the R&D labs. Reimagine business processes.
With the merging of operational efficiency and embracing new technologies, today’s CIOs are under increasing pressure to do more with less and become both technologists and business leaders, says Sunny Azadeh, CIO at digital services company GlobalLogic. “In
During the last decade, I have led digitaltransformation initiatives which added two lac hours of productivity for various organizations. Ultimately, all our projects are driven with business and not the IT agenda, and hence need to be backed up with robust ROI calculations. DigitalTransformation
An examination of cloud capabilities and maturity is a key component of this digitaltransformation and cloud adoption presents tremendous upside. Teams are comfortable with experimentation and skilled in using data to inform business decisions. Service ownership is established and distributed to self-sufficient teams.
While new medical techniques and tools can take time to refine and prove, doctors often leverage experimental techniques to save lives. As these techniques are refined, they enter into the mainstream and become more common place. These White Papers will help you explore the issues and prepare for the challenges.
At the event, a financial services panel discussion shared why iteration and experimentation are critical in an AI-driven data science environment. Sara added that driving digitaltransformation was not just a technology initiative—but rather an all-encompassing change management exercise. Explore the DataRobot platform today.
“We know in marketing that one of the most powerful ideas is experimentation,” Scott told Sisense. What has held that back is that the gap between idea and implementation has been a real bottleneck for how much experimentation can happen.”. You have to have the ability to experiment with ideas quickly and cheaply.
Aurelije Zovko : For me, it is a digitaltransformation. Nimit Mehta: I think that 2024 is going to be a buckle-down year, but, at the same time, we’ll see a rapid explosion of experimentation. This ties in with the point about digitaltransformation as well as with making sure data-centricity is at the root of our approach.
Some argue gen AIs emergence has rendered digitaltransformation pass. AI transformation is the term for them. Others suggest everything should be called business transformation or just transformation for short. What terminology should you use?
The time for experimentation and seeing what it can do was in 2023 and early 2024. So the organization as a whole has to have a clear way of measuring ROI, creating KPIs and OKRs or whatever framework theyre using. What ROI will AI deliver? Both types of projects deserve attention, even as many CIOs still struggle to find ROI.
Digitaltransformation must be a core organizational competency. The impact of generative AIs, including ChatGPT and other large language models (LLMs), will be a significant transformation driver heading into 2024. Improving customer support is a quick win for delivering short-term ROI from LLMs and AI search capabilities.
Organizations look at digitaltransformation as an opportunity to radically improve operations and increase the value of a product or service to the customer by embedding technology into the decision-making fabric and building automation into its functions.
Shift AI experimentation to real-world value Generative AI dominated the headlines in 2024, as organizations launched widespread experiments with the technology to assess its ability to enhance efficiency and deliver new services. Most of all, the following 10 priorities should be at the top of your 2025 to-do list.
While EA leaders have long been positioned as key enablers of digitaltransformation, the rapidly shifting business landscape of 2025 presents new pressures. Mistake #3: Lack of Financial Acumen The Problem: CEOs and CFOs are increasingly focused on maximizing ROI from digital investments.
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