A need to support digital transformation without creating a new and more expensive “IT legacy” is a multi-dimensional challenge that many organizations struggle to sort through and COVID-19 has further altered and compounded it. As a result, the rules of business are being redefined at an unprecedented pace; this disruption is not short-term and will have lasting systemic impacts. Organizations must adapt and transform to handle the additional challenges of today’s working climate. EY conducted a Physical Return and Work Reimagined (PRWR) survey in June 2020 revealing that COVID-19 had a transformational impact on employees and business. The responses provide a snapshot of the key trends the pandemic has brought to various industries.
This revelation has presented us with a chance as much as a challenge: a chance to segue from a growth economy to a value-based economy marked by prioritizing long-term value and the needs of organizations.
Application of advanced technologies such as artificial intelligence (AI) offers the potential to drive market differentiation and market focus, and it is immensely valuable in helping companies adapt to these trends. AI has achieved widespread adoption among large organizations and new FinTech companies across the global financial service industry.
AI for IT Operations (AIOps)
The pandemic has unequivocally silenced any remaining doubts about the necessity of digital transformation to business longevity. In fact, its impacts continue to accelerate seismic changes and dramatic investment reshaping organizations and their operations.
Organization leaders are already working on enhancing their operating models to account for these challenges by having businesses turn to technology to gain insights into the data. Because many IT-operations decisions hinge upon the ability to analyze data and recognize patterns, there is an impetus to enable operational Intelligence capabilities and the implementation of in-house or third-party AIOps tools can be useful, even when applied to narrowly focused domains.