With all the Internet of Things technological advancements swirling about, business transformation often becomes top of mind for executives.
The problem is that while many business execs want to move their businesses forward, they don’t know where to start, although many are focusing on artificial intelligence.
In the U.S, 41% of senior leaders say their business transformation has been a waste of time, according to a new study, comprising a survey of 1,000 C-level executives and 1,000 business analysts in companies with more than 500 employees in the U.S., U.K., Germany and the Netherlands conducted by Opinion Matters for Celonis.
Many organizations have wasted significant resources on business transformation initiatives that have been poorly planned, according to the study.
The majority (63%) of business leaders in the U.S. said that front line workers are only involved in transformation initiatives because middle managers tell them which changes to make.
While many (42%) execs say they don’t know where to start when developing their transformation strategy, businesses are still jumping straight into tactics.
Almost three quarters (70%) of C-suite execs in the U.S. cite AI and machine learning and 71% cite automation as areas in which they want to maintain or increase investment.
The end game may not be known, but artificial intelligence already is part of the mix.