Several interesting pieces of research were published last week. Enterprise Times covered two pieces of research. Zellis published research examining how to raise engagement and retention in manufacturing organisations. It discovered that 44% of UK&I employees plan to leave their roles within the next two years. And 33% are not feeling motivated by their job.
Utimaco released new consumer research that found a low trust level around Internet of Things (IoT) devices. ‘Circles of Trust 2023: Exploring Consumer Trust in the Digital Society‘ takes a deep look at how consumers view trust in an increasingly digital world and build off the success of last year’s research.
Altair
Altair released results from a global survey that reveals the widespread use of digital twin technology in the banking and financial industries. The banking, financial services, and insurance (BFSI) sector is among the leading adopters of digital twins. Using the technology to address challenges like security, fraud detection, behavioural prediction, and more.
According to the survey, the BFSI sector’s top three applications for digital twin technology are optimizing business processes (54%), digitally monitoring real-time behaviour (51%), and predicting future behaviour using predictive analytics (51%).
Other findings included:
- 71% of BFSI respondents said their organizations already leverage digital twin technology, trailing only the automotive and heavy equipment industries.
- Overall, BFSI respondents were the most likely industry to say they are “highly knowledgeable about digital twin technology” at 64% –14 points higher than the overall survey average (50%).
- Of BFSI respondents who said their organization currently leverages digital twin technology, 97% said the technology was “important” to their organization, and 71% of those respondents said digital twin was “very important” to their organization — tied for the highest in the survey and eight points higher than the overall average (63%).
Sam Mahalingam, Chief Technology Officer, Altair, commented, “The BFSI sector today faces a range of challenges – from new competitors to heightened consumer expectations to addressing increased regulatory demands and combatting ever-more sophisticated criminal activity. All this puts the sector under extreme pressure to deliver exceptional products and services.
“This survey’s findings underscore how quickly and broadly digital twin technology has become a critical tool in helping financial services organizations battle these challenges and prepare for the future.”
Ciphr
New research from Ciphr found significantly more employees who work unpaid hours than employees who receive overtime pay (49% compared to 23%). It looks in depth at the subject with Claire Williams, Chief People Officer at Ciphr, commenting, “If an individual thinks they are doing too many unpaid hours, then it’s vital that they address this with their employer as soon as possible.
“Doing a bit of extra work occasionally is one thing – and it is relatively common practice to work additional hours, at times, to fulfil your role – but feeling like you ‘have’ to do that extra work regularly because it is being expected of you is quite another.
“The reality is that there are upsides, as well as obvious downsides, to people working extra hours. It doesn’t always need to be perceived as a negative, and it can – and should – generate goodwill and flexibility from employers in return. Lots of people enjoy their jobs and want to do additional work. Sometimes, though, people simply want to finish what they’ve been working on that day to tick it off their to-do list.
“The issues occur when unpaid overtime is both very frequent and excessive, when employees aren’t taking enough breaks and the downtime they need, and when there’s a lack of recognition from an employer that there’s an underlying problem – usually, but not always, workload-related – that needs to be urgently addressed.
“This research serves as a good reminder on the importance of keeping track of employees’ working hours – mainly to help ensure that people are not working unreasonable hours, but also, as an organisation, that you’re not breaching Working Time Regulations or the national minimum wage rules.”
FloQast
FloQast released the results of its latest survey, “Controller’s Guidebook – When Accountants Dare to Dream”. The research found that most accountants recognize that their employers need financial transformation to drive strategic business performance. A lack of on-the-job fulfilment often gets in the way of that reality.
Accountants more fulfilled by their job are more confident in their work. Unfortunately, this ideal relationship state is still a dream for many. 58% are very confident in their work. However, that means 42% of accountants are not completely confident — alarming when taking into account the daily sensitive financials handled by accountants. Research indicates that 60% of accountants would give their fulfilment from the profession a C or lower. Only 5% of accountants would rate their fulfilment in their job as A+.
Most accountants believe they are better ways to do their job, Improving how they allocate time, how they work and how technology supports them. Mike Whitmire, CEO and Co-founder of FloQast, CPA, commented, “There is a massive opportunity to bring accounting into the 21st century by aligning accountants’ roles and responsibilities with their desires. FloQast exists because of my own desire as an accountant to add strategic value to the organization by automating basic, repetitive tasks. This dream to accomplish more still permeates the accounting industry.”
IBM
A new global study from the IBM Institute for Business Value (IBV) has found that the rise of generative AI has posed many questions. Including the shifting skills gaps and the need for new operating models.
Executives surveyed estimate that 40% of their workforce will need to reskill due to implementing AI and automation over the next three years. According to World Bank statistics, that could translate to 1.4 billion of the 3.4 billion people in the global workforce. Respondents also report that building new skills for existing employees is a top talent issue.
AI’s impact will vary across employee groups. 87% of executives surveyed believe employees are more likely to be augmented than replaced by generative AI. That number varies by function. The authors believe HR leaders can be critical in how organizations adapt to the changes driven by generative AI.
Changes they should be involved with include:
- Redesign the work, leading with the operating model
- Invest in talent as much as technology, preparing the workforce for AI and other technology disruption
- Put skills at the center of workforce strategy — for today and tomorrow
- Give jobs more meaning by putting the employee in the driver’s seat
Jill Goldstein, Managing Partner of Talent Transformation Consulting, argues, “We’re at a pivotal point in the world of work, and there’s a massive opportunity in front of HR leaders, but there are risks as well. As businesses further embrace AI, successful change will only come if organizations — by way of HR leaders — prioritize a new approach to talent and operating models where people and technology come together to boost productivity and drive business value.”
Ivanti
Ivanti announced the results of its Defending IT Talent Report as part of the Everywhere Work Series. The report reveals that a quarter of IT professionals are seriously contemplating leaving their current jobs within the next six months. Potentially costing US companies upwards of 145 billion dollars.
The Defending IT Talent Report reveals several key challenges faced by IT professionals and security experts:
- A 73% increase in workloads due to hybrid or remote working leads to 1 in 4 reporting burnout
- 23% cite loss of connection to colleagues compared to 17% of office workers
- 5 times more likely to work longer hours when working remotely
- Among the quarter considering quitting their jobs, 31% report their mental health is suffering
Jeff Abbott, CEO at Ivanti, said, “IT teams are the driving force making Everywhere Work a reality for organizations, yet they are grappling with a heavy workload. In fact, organizations continue to struggle to retain IT talent (a decades-long problem) — and it is costing them productivity gains and affecting their bottom line. Companies must embrace automation to alleviate IT workloads, ultimately fostering a destination environment that retains premier IT professionals and cultivates a competitive advantage.
“We’ve spent years digitally transforming all corners of the business, now is the time to transform the IT environments and help the people that make all of the transformation possible.”
Jitterbit
Jitterbit announced the results of its 2023 State of Automation in IT survey. “Prioritizing Integration to Drive Innovation” uncovers recent trends, organizational drivers and key challenges in automation for IT leaders.
The survey identified that 9% of companies state that business process automation is part of their technology strategy this year. With the IT department taking precedence over other departments. Automation is being driven by operational optimization and rising economic pressures. However, there are still barriers with security, data privacy, cost and complexity, all featuring highly.
Manoj Chaudhary, Chief Technology Officer at Jitterbit, commented, “The data shows a clear commitment from today’s IT leaders to leverage automation as a way to drive real change and accelerate digital transformation. With mounting pressures for efficiency and productivity gains with reduced budgets, embracing integration and automation technology helps unburden IT teams and lay the groundwork for a truly optimized and futureproofed enterprise.”
NTT DATA
Research from NTT Data highlights some concerning insights regarding customer satisfaction and trust in the retail banking industry.
- 46% of customers do not believe that their main bank or building society has their best interests at heart
- 44% do not think their main bank or building society understands their personal banking needs
- Only 30% state that their main bank or building society supports their financial goals
- Only 41% trust their main bank or building society to offer the best products and services for them
Jo Bevan-Taylor, Head of Business Consulting – Banking and Financial Markets at NTT DATA UK&I, commented, “While the research doesn’t outline a completely bleak picture, it is concerning to see the overall lack of trust and dissatisfaction customers have with their banks and building societies currently, and it highlights the work retail banks have ahead of them.
“Importantly, banks need to focus on all groups when considering how they will approach the changes they need to make, in order to ensure they aren’t ostracising vulnerable groups. Looking at some of the discrepancies between income and age groups, there are some clear differences in how customers view the products and services they receive. Retail banks need to consider the varying needs of these groups and ensure they do not alienate individuals through inaccessibility for example.
“Now that the new Consumer Duty rules are in place, banks and building societies not only need to prioritise customer satisfaction, personalised communication, and trust-building initiatives, but they will need to report on key areas too. This means it will be essential to focus on the design of the user experience, as well as building the right data analysis tools. It’s imperative that retail banks address these needs as soon as possible to ensure they increase customer trust and satisfaction while not finding themselves in breach of the rules.”
Sage
Research published by the Sage Foundation revealed that underserved entrepreneurs face three key challenges to starting and growing a business: lack of financial capital, lack of mentorship, and limited opportunities for training.
The research found that under-represented founders in South Africa are met with the following three top barriers amidst other challenges:
- People living with a disability face discrimination, lack of access to start-up capital, and lack of entrepreneurial education and skills. South Africa has about 15% of the population living with disabilities, and 8 out of these ten people are unemployed.
- The LGBTQIA+ community primarily lack access to mentorship and professional networks, and this barrier is due to negative public opinions on homosexuality. This leads to the inability to access services for fear of blackmail and violence. This discrimination also affects entrepreneurs’ access to financial support from family and friends, which is one of the preferred forms of accessing capital.
- Migrant entrepreneurs are challenged with a lack of ethnic networks, strong competition in a crowded market and a lack of access to credit. Although research into this sector is still limited, most migrant entrepreneurs are from Zimbabwe, Mozambique, and Lesotho, while there is a minority of informal entrepreneurs from India.
Cadence Willis, Vice President of Sage Foundation, said, “The barriers in the report are obstacles to both inclusive business and economic growth. The silver lining is that the solutions are interconnected — as an example, linking entrepreneurs with mentors also increases their access to funding. Businesses and government must unite to empower underserved entrepreneurs through digital training, mentorship, and financial resources.”
Salesforce
Salesforce published findings from the Salesforce Generative AI Snapshot Research Series, an ongoing study of over 4,000 full-time workers across industries. It reveals the power and perspectives on generative AI across IT, marketing, sales, and service.
Key findings include:
- 61% of desk workers use or plan to use generative AI
- 54% worry generative AI outputs are inaccurate, 59% worry the outputs are biased, and 73% believe generative AI introduces new security risks
- 86% of IT leaders expect generative AI to soon play a prominent role in their organizations
- 67% of IT leaders surveyed said they have prioritized generative AI for their business within the next 18 months
- 51% of the over 1,000 marketers Salesforce recently surveyed are already using it or are experimenting with it at work
- Only a third of salespeople said they used or planned to use generative AI
- Only 24% of customer service professionals plan to use generative AI in the future
Salesforce also noted that:
- Workers largely see the potential benefits of generative AI, with the potential for saving time spent on busy work to driving better customer experiences and increasing revenue
- Data security, accuracy, and trust in generative AI are points of concern among workers and are needed to use the technology at work successfully
- Most respondents say their employers are not offering the training they need to adopt generative AI
Clara Shih, CEO of Salesforce AI, commented, “We ask ourselves daily, what can our customers solve with AI? For example, marketing uses AI to identify audience segments and auto-generate landing page images and copy. In sales, it’s summarizing key account changes and auto-generating prospecting emails that compel customers to open and respond.
“In customer support, it’s auto-generating case summaries and knowledge articles following a successful issue resolution. And for developers, it’s auto-generating test cases, comments, and even the code itself. The business value comes from driving efficiency as well as consistently higher quality by augmenting every employee at every turn.”
Screendragon
Screendragon has published an Infographic highlighting the key findings from its recent State of Creative Operations report.
Key findings included:
- 72% of creatives work in their location of choice
- 58% feel their creative team is under-resourced
- 82% plan to invest in a new creative solution in 2023
- <50% of creative teams utilize workflow software
- 34% have a clear brand compliance workflow
- The top challenge for software buyers is finding a tool that meets their requirements
- The top barrier to software adoption is time (or lack of)
Zoho
Zoho revealed the results of the State of Enterprise Collaboration and Productivity in South Africa study, conducted by World Wide Worx.
Hyther Nizam, President of Zoho MEA, commented, “Factors like new-age hybrid work arrangements, changing employee preferences and macroeconomic conditions in South Africa have influenced technology priorities for businesses, and as a result, we’re seeing an uptake in adoption of Zoho Workplace, our unified enterprise collaboration platform, amid other offerings.
“The study substantiates this trend and further helps shed light on specific collaboration and productivity roadblocks for businesses. As CXOs increasingly turn to a unified collaboration platform to tackle organisational needs, Zoho’s offerings are well-placed to help them implement and drive change.”
The survey had a wealth of insights:
- 98% of the workers have returned to the office either fully onsite (56%) or in a hybrid (42%) mode
- Collaboration is easier for those working onsite (72%) vs hybrid workers (61%)
- 81% of employees having a unified view of tasks say it saves them a significant amount of time
- 59% of the respondents say that meetings disrupt work and hamper productivity, with the worst affected being those in middle management (70%).
Zuora
Zuora released the 2023 State of Revenue Accounting report. It revealed critical challenges that revenue accounting teams face. As well as opportunities to address the growing demands of the business, increase accuracy and streamline efficiency.
Key findings included:
- 76% of respondents report that scrutiny from auditors has increased in the past three years, and 65% report concerns about the risk of misstatement because of existing manual processes and control risks
- 63% of respondents report poor revenue processes affect their mental health. Additionally, 59% report their revenue accounting team members feel unfulfilled with their work
- 76% of revenue accounting leaders say they’ve experienced increasing pressure from the business to support new go-to-market models, products and pricing. But 68% report not having the right technology to address growing demands from the business
- Only 44% of respondents say they are highly confident in their revenue data. Bad data hygiene in upstream processes (39%) is highlighted as the top challenge revenue teams face
- 79% of revenue accounting leaders agree there’s a need for higher levels of automation. Revenue accounting leaders also estimate their team wastes more than half (53%) of their time doing manual, repetitive tasks
- 60% feel that their Enterprise Resource Planning (ERP) revenue recognition modules do not fully support business requirements, even with customization
- 67% of respondents say it’s a struggle to get buy-in from finance and accounting leadership to implement revenue automation
Emily Daigle, Vice President and General Manager of Zuora Revenue commented, “With more pressure than ever to innovate, companies are increasingly introducing complex revenue streams that leave revenue accounting teams struggling to support these business requirements.
“Zuora’s State of Revenue Accounting report shows the opportunities for teams to automate mundane tasks, reduce risk and unlock resources. Better collaboration across accounting, finance and business leadership will help companies strategically address market demand and become more customer-centric.”
