New research from the International Data Corporation (IDC) reveals a significant positive correlation between enterprise intelligence and better business outcomes. By investing in enterprise intelligence, organizations can achieve first-order benefits—improved decision-making, higher knowledge, and more efficiency—which in turn results in improved financial outcomes, employee outcomes, customer outcomes, and offering outcomes.
According to the firm’s newly released Future of Intelligence survey, enterprise intelligence is a key driver for growth for organizations of all sizes, across all industries and geographies. The research shows that 60 percent of organizations that scored highest in its enterprise intelligence index scale saw major improvements in decision making, compared to 1 percent of organizations with poor enterprise intelligence. Also, 47 percent of organizations that scored well in enterprise intelligence increased customer acquisition by 10 percent or more, compared with 10 percent of those with poor enterprise intelligence.
“IDC FutureScape predictions highlight key trends that will occur over the next five years,” said Chandana Gopal, research director, Future of Intelligence, in a news release. “These predictions will help guide business leaders as they strive to improve enterprise intelligence to become leaders in their markets and outpace their peers.”
The Future of Intelligence top 10 predictions impact the four pillars of enterprise intelligence:
- The ability to synthesize information
- The capacity to learn from the information
- The ability to apply those insights at scale
- A data-driven culture built on a foundation of technology that enables all of the above
By 2025, 10 percent of F500 companies will incorporate scientific methods and systematic experimentation at scale, resulting in a 50 percent increase in product development and business planning projects—outpacing peers.
By 2023, 70 percent of F1000 enterprises will be involved in intercompany intelligence sharing based on common standards, values, and goals, strengthening mutualism in ecosystem relationships by 50%.
Forty percent of the G2000 will double the use of intelligent automation in knowledge retention, dissemination, and information synthesis by 2026, filling the skills vacuum in the data to insights life cycle.
By 2026, 30 percent of organizations will use forms of behavioral economics and AI/ML-driven insights to nudge employees’ actions, leading to a 60 percent increase in desired outcomes.
A lack of meritocracy-based data culture will erode trust in management, reducing employee satisfaction and increasing turnover in two-thirds of mid-size to large enterprises by 2024, exacerbating skills gaps.
By 2023, 60 percent of enterprise intelligence initiatives will be business specific, purpose built for business, shortening the data-to-decisions time frame by 30 percent, driving higher agility and resiliency.
By 2024, 30 percent of the G2000 will leverage post-pandemic automation initiatives, with the role of the middle manager evolving to that of a visionary, curator, and connector, driving collective intelligence.
By 2025, to reduce reputational risks, 40 percent of G2000 companies will be forced to redesign their approaches to algorithmic decision making, providing better human oversight and explainability.
By 2026, advances in computing will enable 10 percent of previously unsurmountable problems faced by F100 organizations to be solved by super-exponential advances in complex analytics.
By 2025, three-fourths of large enterprises will face blind spots due to a lack of intelligent knowledge networks and the harmonization they provide between localized and centralized intelligence.