- It is vital in the bid to achieve desired business outcomes and Alteryx predicts transformational investments to a spike this year.
- About 58% are still prioritising investments in data reliant technologies of Artificial Intelligence (AI), Robotic Process Automation (RPA) and Analytics.
- Organisations are experimenting with new ideas, building new teams, and learning new methods such as DevOps and are reorganising and reskilling existing IT staff so that they do not miss their digital journeys.
Businesses in the Gulf countries are investing in data-driven transformative technologies to make informed business decisions for the future despite current economic challenges.
Alteryx, an analytic process automation company, revealed insights from a newly-commissioned IDC Infobrief, which stated that businesses are prioritising the adoption of new business models infused with data-driven actionable insights as digital transformation projects have been accelerated to start much sooner than planned.
The pandemic has compounded the uncertainties of oil-based economies in the region and its impact on revenues is expected to further accelerate cost optimisation initiatives and reduce IT spending across the Gulf region.
While the pandemic has paused large-scale transformational projects, it is nonetheless triggering investments in artificial intelligence (AI), robotic process automation (RPA), and analytics.
Organisations are looking to improve operational efficiency, unearth new revenue opportunities, minimise loss, maximise profit, and repurpose their workforce.
The study revealed that despite 30 per cent of organisations in the Gulf reporting revenue decreases of up to 40 per cent due to the impact of Covid-19, over half (58 per cent) are still prioritising investments in data reliant technologies of Artificial Intelligence (AI), Robotic Process Automation (RPA) and Analytics.
“Organisations across the Gulf regions have painfully realised that what has worked in past may not work in future and have understood that digital transformation demands a fundamental shift application development,” Harish Dunakhe, Research Director for Software and Cloud (META) at research firm International Data Corporation (IDC), said.
“Organisations are experimenting with new ideas, building new teams, and learning new methods such as DevOps and are reorganising and reskilling existing IT staff so that they do not miss their digital journeys,” he said.
A shift in the perception
Of those respondents who are realigning their businesses for a new normal, 46 per cent of organisations intend to create new products and services, and 43 per cent will focus on gaining a 360-degree view of the customer to create new revenue channels, more digital services to enhance customer satisfaction and ensure uncertainties don’t destabilise them in future.
“Despite the varying levels of maturity in Process Automation and Analytics across industries in the Gulf region, we are slowly starting to see a shift in the perception. The pandemic has forced organisations to adopt new models to ensure business continuity that will extend even beyond this unprecedented health crises,” Abboud Ghanem, Regional Vice-President, Middle East and Africa at Alteryx, said.
The road to recovery from here requires analytical precision and data automation, he said.
While data is important, he said its use is limited without empowering the workforce to affect business-change with data analysis.
No room for error
The study said that 53 per cent of CIOs have expedited their transformational initiatives to meet the new needs of their customers and bring in operational agility while 23 per cent of CIOs are investing in technologies such as Data Analytics that enable their organisations to better understand their customer data.
“Anyone can upskill themselves to deliver business outcomes. With continued high stakes, there is no room for error, making it imperative for businesses to be equipped with human-centred data-driven insights to make the right decisions. If workers have the right technologies that are easy to use, combined with access to the data, magic can happen,” Ghanem said.
When it comes to learning new skills, the study revealed that the overall response highlights upskilling employees as the key to delivering a better understanding of the insights derived from their data to impact business decisions.
The study showed that 84 per cent of organisations are unable to realise the relationship between their enterprise data and business decisions and 44 per cent of organisations believe that upskilling their employees and enhancing their employee engagement will empower them to contribute to digital innovation.
On an innovation level, many businesses are turning to data as the lifeblood of their AI-enabled Process Automation to become more competitive and agile. When it comes to technology spending, 33 per cent want to increase spending on AI and RPA with an aim to achieve customer happiness, operational efficiency, and business resiliency.