Endava: ESG & AI dominate digital priorities in 2024
As uncertainty continues to plague the tech sector, business leaders are demonstrating a preference for investment in technologies that offer immediate, near-term benefits, according to Endava's 2024 Emerging Tech Unpacked Report. The survey incorporated various data from about 700 global organisations, including Australia. It aimed to shed light on rising technology trends and the digital priorities of businesses.
The study indicated that in the trajectory towards operational efficiency, artificial intelligence (AI) and generative AI topped the list of priorities for the organisations participating in the study. AI was familiar to all but 1% of the respondents, with less than 3% dismissing its relevance to their businesses. Big data and predictive analytics were ranked as the third and fourth highest priorities among organisations. Over one-third of participants are reportedly employing both technologies, with an additional 30% in the process of doing so.
The fifth-highest priority for those studied was the Internet of Things (IoT), with 40% of respondents already integrating IoT in some capacity into their operations. This made IoT the most implemented technology in this year's study. However, the report also revealed reluctance from leaders to invest in speculative tech projects, demonstrating a trend towards favouring technologies that can bring near-term benefits.
The report highlighted the growing importance of environmental, social, and governance (ESG) matters, with 74% of respondents tagging ESG as relevant to their businesses, making it more than a fleeting trend. It appears to be a significant motivator for organisations, with enhancing customer attraction and boosting operational efficiency cited as the leading drivers. Nevertheless, despite the apparent relevance, only 17% of respondents had an ESG implementation strategy prepared.
Although nearly half of the respondents presented AI as one of their top three initiatives, with 43% doing the same for generative AI, only 17% had devised a strategy for the metaverse, despite 53% predicting its moderate or significant relevance. This pattern once again underscores the tendency for leaders to concentrate on investments in technologies that will return immediate results.
"As the global economy has faced a great deal of uncertainty in recent years, business leaders are focused on ensuring that their investments are placed in technologies which are most likely to provide near-term tangible benefits and resilience," said Endava CTO Matthew Cloke. He added that it is understandable that companies are putting considerable resources into artificial intelligence, especially generative AI, as many foresee immediate impact, with benefits expected to continue in the future.
