By 2023, 40% of enterprise intelligence initiatives will be business specific: IDC

By 2023, 40% of enterprise intelligence initiatives will be business specific, purpose built for business, shortening the data to decisions time frame by 25%, according to according to its latest report titled ‘IDC FutureScape: Worldwide Future of Intelligence 2022 Predictions – India Implications’.

IDC defines ‘Enterprise Intelligence’ as encompassing four critical elements: the ability to synthesize information, the capacity to learn from the information, the ability to apply those insights at scale, and a data-driven culture. The elements are supported by a technology platform that drives the intelligence.

The report stated that 30% of large organizations will double the use of intelligent automation in knowledge retention, dissemination, and information synthesis by 2027, filling the skills vacuum in the data to insights life cycle.

Enterprises in India are looking to invest in enterprise intelligence initiatives and projects for integrating knowledge specialists with business decision-makers to derive benefits such as improved decision-making, higher knowledge, and efficiency with the goal to drive improved financial, strategic, operational, and service level outcomes.

"The pandemic has highlighted the need to be resilient and Indian enterprises are focusing on becoming Intelligent organizations, by leveraging the power of data. Enterprises must focus on shifting from a "process-driven" mindset to a "data-driven" culture,” said Rishu Sharma, associate research director, Cloud and AI, IDC India.

The reported further stated that by 2024, 40% of large enterprises in India will be involved in intercompany intelligence sharing based on common standards, values, and goals, strengthening mutualism in ecosystem relationships by 30%.

"Data is at the heart of the DX (digital transformation) journey for any industry or vertical. Indian organizations are realizing the importance of leveraging enterprise intelligence across all domains of business operations as well as enterprise ecosystems to enhance strategic decision-making processes for delivering solutions and services that drive business value,” said Sagnik Das, senior market analyst, Cloud & AI, IDC India.