Information Technology Foresight

The latest thinking on creating competitive advantage through information technology.

January 2018

AI Predictions: 8 insights to shape business strategy

As artificial intelligence gains traction in the business world, its rise has engendered equal amounts of excitement and fear. But like any other truly transformative technology, if AI is to reach its enormous potential, it must be harnessed to real business goals, and it must be managed safely and responsibly.

54% — of business executives say AI solutions implemented in their businesses have already increased productivity.

How best to achieve this is the topic of this month’s feature article in IT Foresight, “2018 AI predictions: 8 insights to shape business strategy.” We expect that companies that use AI to solve practical, real-world business problems, including data analytics and cybersecurity, will see the least adverse impact on employment, especially if they make a sincere effort to understand AI’s inner workings—how it makes the decisions it makes—and to make sure employees have the skills to work with it properly. To assuage concerns about AI run amok, companies must maintain an open and transparent dialogue with partners, customers, shareholders, and other stakeholders about how AI works, and how they are putting it to use.

Featured Foresights

2018 AI predictions: 8 insights to shape business strategy
PwC article
As artificial intelligence grows in importance, it is critical that companies prepare to manage it productively and responsibly. To that end, this article offers eight predictions, ranging from the major impact the technology will have on productivity, data analytics and cybersecurity, to growing efforts to understand how it works and the importance of minimizing its risks. The implications are clear: companies need to begin working with AI by applying it to practical problems, train employees in the skills needed to work with AI, and engage in wide-ranging discussions with stakeholders about its impact, not just on business but on society as a whole.
The 2017 Global Omnichannel Retail Index: Omnichannel on the march
Strategy& viewpoint
The goal of omnichannel retailing is straightforward: to give consumers a seamless, integrated shopping experience across all channels. But creating such experiences is no easy task. Judging from our 2017 study of omnichannel progress across nine retail categories in 28 countries, however, companies are making considerable progress in meeting the challenge. Overall digitization of retail operations increased 27 percent since our initial 2015 study. The U.S., U.K., Australia, and Canada, all English-speaking countries, were among the top five countries, as was China. The most mature omnichannel categories? Media products, consumer electronics and appliances, and traditional toys and games.
Why Augmented Reality Will Be the Next Revolution in Retail
s+b article
The enormous if short-lived popularity of Pokemon Go makes clear the potential of augmented reality to transform the shopping experience, and even tilt the retail playing field back in favor of brick-and-mortar stores. Stores have always let customers interact with products physically; with augmented reality, they will be able to create unique experiences that mix together the physical and the digital, improving communication, engagement, and personalization. The payoff: higher conversion rates and greater customer loyalty.

Information Technology Foresight archive

October, 2018
What do you call companies that have successfully implemented Industry 4.0 technologies, developed the requisite ecosystems and nurtured a digital culture? We call them Digital Champions.
September, 2018
The great virtue of blockchain is the essentially trustworthy nature of the technology, and the vast majority of companies are actively looking into its use.