Barclaycard has conducted a survey among CIOs that reveals 42 per cent of UK businesses have bolstered research and development into new technologies, with three-quarters adopting agile working to speed up organisational change.
The research suggests that CIOs aren’t just considering the potential of new technologies, they are actively implementing them, with three in ten piloting or using Internet of Things solutions. The role of CIOs is broadening, with 78 per cent believing they need a wider skill set than they did five years ago.
Driving this R&D effort are factors such as the need to improve business intelligence (cited by 31 per cent) and sales efforts (23 per cent) – with greater connectivity between people and devices noted as a fundamental factor in enhancing operational efficiencies.
Amongst other technology of interest to CIOs is blockchain, which 35 per cent have adopted or are piloting to provide greater transparency and increased security for data. In addition, 45 per cent are using or testing artificial intelligence (AI), with a further four in ten CIOs (43 per cent) planning to adopt AI in the next five years. One in five (20 per cent) are also using or testing quantum computing.
“While technology developments like artificial intelligence and the Internet of Things have been the subject of much discussion in recent years, our data shows this isn’t just hype,” said Keith Little, CIO of Barclaycard. “In fact, many CIOs are already well underway with testing and implementing such technologies to benefit their business. AI and machine learning, for example, are opening up new capabilities to benefit customers, such as fraud detection and customer insights.”