MENLO PARK, Calif.--(BUSINESS WIRE)--New research released by The Economist Intelligence Unit (EIU), a division of The Economist Group and a leader in global business intelligence, has revealed that artificial intelligence (AI) will transform companies into the businesses of tomorrow by boosting business performance and strengthening partnerships.
- Data strategy will be a core part of corporate strategy, and companies will organize to maximize their ability to harness information.
- AI may not end up favoring one size of firm, but it will reshape small companies in particular as they seek the best way to benefit from the technology. Small firms will rely increasingly on outsourcing and partnerships to achieve noncore activities.
- The leaders of tomorrow will need to win the hearts and minds of a workforce that has access to almost as much data and analysis as senior management.
- A host of new legal and regulatory questions will make the ethics of AI deployment a key boardroom issue.
According to the report, AI will dramatically change how companies work with each other, notably in procuring services and goods, refocusing their value chains, and understanding how they share knowledge. AI will empower procurement to speed up the sourcing of professional services for legal, marketing, IT, consulting, HR, and other key functions of the company, tapping into resources and providers that were outside of their network in the past.
The findings from the EIU state that AI is set to be transformational. “AI usage is also concentrated in specific functions, notably customer-facing ones and operations; however, this is likely to be a temporary phenomenon. Eventually the technology will affect all organisational functions—particularly areas where prediction can improve performance.”
Joel Hyatt, co-founder, chairman, and CEO of Globality, agrees with the insights in this report: “AI is already changing our world at an unprecedented pace. At Globality this is something we are acutely aware of as we bring digital transformation to business sourcing — one of the few areas still largely untouched by AI.”
The AI-Enabled Organisation of the Future is available online at https://eiuperspectives.economist.com/technology-innovation/ai-enabled-organisation-future/white-paper/ai-enabled-organisation-future .-
Globality is a Menlo Park-headquartered tech company co-founded by Joel Hyatt and Lior Delgo to connect multinational companies with the world’s best service providers at the right price for every project. Through its AI-powered platform, Globality is bringing digital transformation to the sourcing industry. Globality’s AI efficiently matches companies with service providers that meet their specific needs, cutting the sourcing process from months to hours and delivering savings of 20 percent or more for companies. In January 2019, Globality raised $100 million from the SoftBank Vision Fund, bringing to $172 million the total investment it has raised since its founding over four years ago. For more information, visit Globality’s website.