British News Agency

A research conducted by Censuswide identifies artificial intelligence (52%), automation (51%), and machine learning (49%) as the core foundations of creating business value. Factors such as end-to-end integration of EAM (Enterprise Asset Management), FSM (Field Service Management), and business processes are considered significant driving forces in achieving service-centric transformation.

IFS, a global enterprise business applications company, has shared the initial results of its research evaluating the role of technology in transitioning to a service-orientated business model and its benefits. The research includes surveys conducted in France, Germany, Japan, Scandinavian countries, the United Kingdom, the United States, and the UAE with over 2,000 senior executives from industries such as Manufacturing, Service, Telecom, Energy and Natural Resources, Defense Industry, Construction, Contracting, and Engineering.

43% of the participants mention that the momentum in transforming their business models into a service-centric model remains a top priority for executives. The research also highlights a distinction of 19% among "Leaders" and 23% among "Laggards" in this transformation. Some companies delay adaptation to this change because they want a clearer understanding of its impact on the workforce, processes, and technological infrastructure.

Artificial intelligence has already brought significant transformation across various sectors. This technology assists companies in increasing operational efficiency (28%), discovering new customer segments and entering new markets (28%), enhancing customer satisfaction (27%), improving customer loyalty (26%), and achieving higher profit margins (25%). As a result, artificial intelligence is now considered a critical technology in service delivery and is integral to creating value and accelerating change for businesses.

The urgency in building artificial intelligence capabilities is particularly high in the Manufacturing and Service sectors, with a noticeable rate of 58%. Following this urgency are the Defense Industry (51%), Telecom (50%), Construction, Contracting, and Engineering (48%), Energy, Infrastructure, and Natural Resources (48%) industries. These industries prioritize innovation to drive revenue growth and increase profitability, making these strategies a key role in achieving these goals.

At the forefront of the value agenda across the organization, led by CEOs (54%) and CFOs (49%), is the enhancement of financial health and business flexibility. The concept of service-orientation stands out as a necessity for modernization through digital transformation, establishing a clear connection between board, product, service design, and prioritizing customer benefits in delivery.

While the top leadership team is clearly behind the evolution of the business, understanding the full and actionable impact of change on people and processes (22%) is vital. CHROs (Chief Human Resources Officers) are particularly aware of the potential impact and highlight the importance of using artificial intelligence and automation (50%) to manage digital transformation and improve workflows and processes.

Alex Rumble, Senior Vice President of IFS Product Marketing, Analyst Relations, and Competitive Intelligence, stated:

"Our customers often express that digital transformation is not limited to technology alone. This research clearly demonstrates how closely aligned top executives are when it comes to improving business processes and proactively preparing the organization for a transformation journey." Rumble added:

"Service-orientation fundamentally involves a customer-centric approach from product and service design to production and service delivery. This concept has been on the agenda for a long time, but technology constraints have been hindering the process." Rumble concluded by saying: "Significant advancements in service delivery and digital technologies enable companies to redesign their businesses to better meet customer needs and deliver business value. Artificial intelligence, automation, and machine learning, as powerful tools, play a crucial role in seizing these opportunities. This is an exciting period for IFS."

*Research conducted by Censuswide in June 2023, with over 2,000 senior decision-makers from Manufacturing, Service, Construction, Contracting and Engineering, Energy, Infrastructure and Natural Resources, Defense and Aerospace Industries, and Telecom companies in the United Kingdom, the United States, Germany, UAE, Japan, France, and Scandinavian countries.

About IFS

IFS provides integrated Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), and Field Service Management (FSM) solutions for companies worldwide involved in manufacturing, distribution, service, and maintenance. With over 5,500 employees and a growing ecosystem, IFS serves more than 15,000 customers, aiming to help them make the most of their resources and achieve sustainable success through digital transformation.