North Highland Research Identifies 2024 Business Investment Priorities and Challenges
10 July 2024 - 10:00PM
Business Wire
Study of 500 business leaders finds top
investment area – technology/AI – hindered by an ineffectiveness in
connecting people and technology through processes
Technology, including AI, is the number one business investment
area this year, however transformational AI use cases – beyond
simple task automation – will require organizations to address the
process and operational concerns surrounding their technology.
These are key findings from a recent study commissioned by North
Highland, the leading change and transformation consultancy.
To identify business leaders’ key priorities as well as how
technology, people and processes are impacting their strategies and
intended business outcomes, North Highland surveyed 500 leaders
across 11 industries in the U.S. and the U.K.
Findings of the study, “The State of Connected Change 2024,”
show that processes, people/skills, and culture are the top
barriers AI adoption, while “workforce and organizational
optimization” and “building internal capability” are top areas of
concern. This insight underscores the importance of harnessing
technology and AI through organizational practices, governance, and
processes that best enable people to use it.
According to the research:
- Functional silos are preventing AI adoption and scale,
reinforcing the importance of processes and ways of working in
realizing the value of technology.
- When asked how generative AI is influencing workforce strategy,
nearly one in three leaders report “introducing new
upskilling and reskilling programs,” along with “increased reliance
on technology partners.”
- “Internal technology capabilities” topped the list of
investment priorities (43%), yet less than half of those
spending big on technology are also investing in risk management,
indicating there is an underemphasis on risk relative to the degree
of technology investment.
- AI-enabled technology may be contributing to a spirit of
optimism, with 97% of leaders predicting revenue maintenance
or growth this year.
- Revenue confidence aside, over 80% of leaders say their
organization has at least some AI-related fears.
“Our research shows that technology deployment is still
happening in silos, often being ‘turned on’ rather than owned and
adopted by a cross-functional team and embedded into the business
culture,” said Alex Bombeck, CEO of North Highland. “With AI top of
mind for leaders, overcoming these barriers and fostering
‘connected change’ must start with intentionality in how
organizations manage their people, knowledge, and data, and North
Highland is uniquely positioned to help clients navigate this
shift.”
To learn more about the business challenges and priorities
shaping organizations across 11 different industries, download the
full study here.
Research Methodology
In March 2024, North Highland commissioned a study of 500
business leaders representing:
- Director, executive management/VP, and C-suite
perspectives
- Organizations with >$1B annual revenue (or GBP equivalent)
and headquartered in the United States or United Kingdom
- Functional responsibilities ranging from Operations and IT to
HR and Finance.
The survey was conducted by trained moderators between March 5
and March 24, 2024. All claims regarding significance are at a 95
percent confidence level, using pairwise multiple comparison test
and significance test of the total mean percentage.
About North Highland
North Highland makes change happen, helping businesses transform
by putting people at the heart of every decision. Partnering
closely to design and deliver change, we turn challenges into
opportunities. Our award-winning change and transformation services
– powered by data and digital expertise – build lasting capability
at the intersection of workforce and operations.
Founded in 1992, North Highland is regularly named one of the
best places to work. We are a proud member of Cordence Worldwide, a
global network of truly connected consultancy firms with the
ability to think and deliver together. This means North Highland
has more than 3,500 experts in 50+ offices around the globe on hand
to partner with you.
For more information, visit www.northhighland.com or connect
with us on LinkedIn, Twitter/X, Instagram and Facebook.
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version on businesswire.com: https://www.businesswire.com/news/home/20240710800207/en/
Courtney James Director, Public Relations (+1) 404-850-2806
courtneylee.james@northhighland.com