Companies are using emerging technologies like IoT to drive innovation projects, according to a TIBCO report. Here’s how.
Technology is crucial for innovation in businesses, according to a TIBCO report released Thursday. Between advancements in the cloud, internet of things (IoT), artificial intelligence (AI), blockchain, machine learning, app and data integration, and predictive analytics, organizations have a lot of products and services to choose from.
The report surveyed more than 600 business professionals on their current innovation strategies. While almost all organizations are undergoing digital transformations, more than two-thirds of survey respondents have not yet reached expert status, the report found.S
To understand how businesses are using new technologies, the report identified the following five top use cases for organizations:
- Personalized customer experiences
- Real-time analytics and decision-making
- Data visualization and dashboards
- Optimized pricing and merchandising
- BI/Analytics cloud deployment
For these innovations to occur, however, executive management and IT management must be on board, the report found. CXOs are needed to drive and sponsor innovation, but teams are then able to make the innovations sustainable from there, the report added.
Some of the biggest obstacles to innovation teams face include limited time and resources (13.3%), low budget (10.66%), security concerns (10.16%), lack of new skill sets (8.73%), and user acceptance (7.01%), the report found.