AI and other technologies can give your business a huge productivity boost - if you get on board quickly

Many firms need to invest more in tech, report claims

News By Craig Hale published 7 November 2024

• Most companies agree new technology will help them become more successful
• Many are investing in new tech with the hope of boosting productivity
• Manufacturing, distribution and healthcare need the most help

Four in five global organizations believe their future success depends on their adoption of new technologies, like AI and automation, new research has claimed.

A report from Infor found three-quarters of firms estimate a productivity boost of around 20% over the next three years, with 78% planning to increase their tech investments by 20% or more in the same period.

The emphasis on integrating the latest technology is crucial given that recent Infor data highlights a major productivity gap between top- and low-performing organizations. By adopting these new technologies, it’s hoped that lower-performing businesses can catch up, effectively leveling the playing field.

Businesses are anticipating AI-driven productivity boosts

Infor found a 46% productivity gap between the top and bottom performers, far above the global average of 27%, highlighting the need for companies to react more quickly to emerging technologies.

Machine learning and generative AI were found to be two of the most promising technologies in terms of unlocking productivity and efficiency benefits.

Speaking about the troubles facing manufacturing, distribution and healthcare companies, Infor CEO Kevin Samuelson commented: “Organisations need to optimise and continuously improve processes; embrace the power of advanced technology; push data in decision-making; and keep customer requirements front and centre.”

Furthermore, Infor found a 23% difference between productivity leaders and so-called ‘laggards,’ considerably more than the 15% global average, which is indicative of the disparity between firms.

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