The mission in financial services today is driven by the need to improve customer engagement in selling, delivering, and servicing financial products, payments, and services. Included in this mission is the need for some financial service firms to improve their “brand trust,” providing their customers with a more transparent and secure environment. While some of this will be driven by internal strategy, much of it will be dictated through regulation and guidance. Driving all this is a concept called “connected banking,” which is forcing the industry to disrupt its own business model by connecting to adjacent markets in order to expand the relationship with its customers and provide an experience that is being shaped by industries outside of financial services.
The worldwide oil and gas industry continues to face volatility from macroeconomic, geopolitical, and ecological pressures. Oil and gas companies have had to transform themselves into more agile and flexible organizations. Digital technology has enabled a path to digital transformation (DX) that companies are using to build flexible and adaptable organizations that can predict and rapidly respond to shifts in commodity prices. The larger, traditional oil and gas companies are also under threat from smaller start-ups with private investment funding that are using digital technologies like cloud, mobility, big data, and Internet of Things (IoT) to scale rapidly to market demands.
This IDC FutureScape provides the top 10 predictions that will impact stakeholders in the urban ecosystem as regional and local government agencies look to modernize and transform IT systems, operational systems, and business processes. These predictions are designed to provide the strategic context to enable government leaders — from mayors and city managers to council members, CIOs, and innovation officers — to transform their organizations through the application of technology to real business challenges. This document encapsulates the IDC Smart Cities and Communities team’s collective understanding of major urban transitions and their impact on municipalities, counties, states, and regional organizations.
In this study, the global team of IDC analysts presents the top 10 predictions around intelligent ERP (i-ERP) and associated intelligent enterprise applications. i-ERP and intelligent enterprise applications use machine learning (ML), artificial intelligence (AI), and advanced analytics built on a large, curated data set to forecast, track, learn, route, analyze, predict, report, and manage enterprise assets and business processes. Intelligent ERP and intelligent enterprise applications feature an assistive and conversational user experience and free users’ time for higher-value tasks by automating high-volume repeatable tasks and augmenting (via human-machine interaction) the performance of less frequent, more novel tasks. They are capable of processing, analyzing, and acting on massive volumes of data in real time using in-memory computing (IMC) technologies. As systems that learn, i-ERP and intelligent enterprise applications must allow for ongoing reconfiguration to enable process refinements and user experience (UX) adaption.
Technology is changing the concept of work as we know it and the technological advances anticipated over the next several years will dramatically continue to do so. This evolution is expected to have a substantial impact on an organization’s work culture, work space and workforce. Specifically, each of these organizational pillars is influenced in the following manner:
Utilities are facing challenges in their transformation journey. They need to overcome siloed initiatives by integrating and orchestrating change across the organization. They need to strengthen weak road maps, which are responsible for the transformation deadlock. They must close their talent gap and overcome their inability to scale up innovation. Finally, they need to introduce new sets of key performance indicators (KPIs). This journey is neither easy nor painless, but if they will do it right, they will deliver value to customers, employees, shareholders, and society.
The 3D printing market continues to advance with new price/performance levels achieved on an ongoing basis. The result of this market evolution is that new applications satisfied by 3D printing are either recently available or expected to be available in the near future. The end result is that 3D printing is part of a technology ecosystem that is fueling substantial digital transformation (DX) activity.
Internet of Things (IoT) remains one of the top digital transformation initiatives happening across organizations today. While much of the focus has been on digitally enabling the physical, we are seeing IoT move into its next chapter as the harmonization between human and machine begins to happen. IoT underpins the exchange of information from “things,” people, and processes. Data becomes the common denominator and it enhances our senses and business processes by providing critical visual, audio, tactile, and environmental queues that allow us to adjust, adapt, and react to changing conditions in the world around us.
These predictions provide a strategic context that will enable CIOs to lead their organizations through a period of multiplied innovation and disruption over the next 5 years. They also lay out IDC’s vision for the 10 most important shifts that will happen in IT organizations over the next 60 months and will help senior IT executives in the formation of their strategic IT plans.
Today, we see three main drivers for smart manufacturing: a renewal in perspective that places the factory at the center of business initiatives, the fact that data are going to be everywhere in the production process, and lastly, the understanding that people and machines will have to work together and not in opposition. These trends are opening a window of opportunity for companies willing to differentiate though superior factory processes.