In an era of accelerated digitalisation, artificial intelligence (AI) and machine learning (ML) have fast become part of the IT infrastructure of many businesses. Consequently, how these technologies are being used to derive meaningful insights from vast quantities of data is maturing rapidly. "Early on, when organisations didn't have access to the computing power and zettabytes of data that they have today, AI was only springing up in pockets," says Vaidya JR, SVP and global head of data and AI at IT transformation specialist Hexaware Technologies, "The approach then was to see what AI could do for a company, without truly identifying a well-defined problem. Data science solutions were just a shot in the dark. "Organisations were struggling to put their data to effective use, which led to limited value generated and ineffectual business results," he adds. "You can crunch any amount of data, and create numerous models; it only adds value if there is a significant impact on the business.

Artificial Intelligence/Machine Learning have become far more effective and matured in recent years, thanks to rapid advancements in artificial intelligence and cutting-edge technologies. AI/ML systems are amazing learners because they are constantly improving and becoming smarter than humans, allowing them to make predictions with little or no human intervention. With the growing adoption of AI, IDC's latest forecast on AI market's worldwide revenues, which includes software, hardware, and services are estimated to grow 16.4% year over year in 2021 to $327.5 billion. However, nothing in this world is perfect and has unintended consequences. The power of such technologies can be easily abused or exploited.

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A new report from IDC predicts that within the next three years, 46% of the worldwide GDP will be driven by products and services from digitally transformed enterprises. This means that there has to be an adjustment to a businesses' administration, and that shift will invariably end up at the CEO, a company's highest ranking executive. The new report outlines the new agenda for the CEO running the digital enterprise. This agenda is driven by new customer requirements, a need to build new capabilities, a new critical infrastructure, and a new industry ecosystem in which to compete. The implications set the tone for the C-suite.

With the digital world of data becoming the focal point of discussions and innovation, there is unparalleled hype over what it takes to be a digital enterprise in this day and age. Data sits at the center of the digital revolution, and companies that have determined the best possible way to extract meaning out of data are well on their way to glory. An organization takes its first steps into the digital world of change when it realizes and utilizes the importance of cloud based technologies like AI and IoT. These services are used to better manage data and to generate the best possible insights from it on a real-time basis. The insights generated from your data through cloud based services like IoT and AI can help improve business processes, automate tasks, design new products and manage operations in an efficient manner.

Every single digitally adept enterprise has the potential to enhance operations with the correct implementation of artificial intelligence technologies. I use the word correct because there is a significant difference between utilizing AI for its own sake versus properly embedding the technology in order to fulfill a specific set of firm objectives. In fact, a broad business implementation of AI has the potential to do more harm than good. Without a proper plan for adoption, firms can experience the detrimental consequences of resource and funding misallocation. The reverse of optimization, wasted time and ultimately negative ROI–factors that a fast-paced digital company cannot risk.

Figuring out the impact of new and emerging technologies on your business can be tough. In the next decade, emerging technologies will have a transformative impact in terms of business operations, software delivery and how you interact with your customers. For forward thinking businesses and early adopters, the commercial rewards associated with embracing the right mix of emerging technologies can be vast. That's why we've created the Waracle guide to the new digital enterprise. Once upon a time in the distant past, fax machines ruled the world and machine learning was something you did to figure out how to work the slide projector.

Constant pressure on businesses to innovate and grow in a dynamic competitive environment has made digital transformation a top priority for businesses across industries. Organizations are devoting significant time, effort, and capital to digitally transform. Some achieve significant tangible results from these efforts. In search of the factors that lead to digital transformation success, we surveyed 1,200 senior executives knowledgeable about their organizations' digital transformation efforts. The findings from the survey, coupled with our own experience, show how organizations can structure their digital transformation initiatives to help ensure that they have a positive impact--in other words, that they're doing what it takes to become more digitally mature. In the pages of this report, we discuss in detail our findings on what tends to drive successful digital transformation. Digital transformation has risen to the top of organizational agendas. In a recent survey of US and European business and technology decision-makers, some three-quarters said their company had undertaken a digital initiative.2 But effort does not necessarily translate into benefit, and many organizations continue to struggle to translate the execution of digital transformation programs into tangible impact.

This week Amazon CEO Jeff Bezos got the tech sector's attention with emerging reports of his "fascination" with the rapidly developing world of autonomous autos. "If you think about the auto industry right now, there's so many things going on with Uber-ization, electrification, the connected car -- so it's a fascinating industry," Bezos said. "It's going to be something very interesting to watch and participate in, and I'm very excited about that whole industry." Amazon has made some sizable investments to accompany that interest -- most notably in automation and electrification start-up Rivian and self-driving startup Aurora. And fascination aside, Amazon has a race for the consumer's whole paycheck to vie in with Walmart -- and there is little doubt that auto automation plays like Rivian and Aurora could put some octane, so to speak, behind that effort.

Want to take your business to the next level by utilizing technology and win in the professional services industry? This digital transformation guide will help get you there. For many businesses that have been running a tried and tested method of operation, switching it up might be the last thing on their minds. After all, if it isn't broken don't fix it right? You couldn't be further from the truth. In the ever-changing world of technology, what is relevant right now could be obsolete by the time you wake up tomorrow. For this reason you need to keep your business on its toes, and be ready to face and embrace whatever technological changes and challenges come your way. Now before we jump into specific platforms for digital transformation, and put the proverbial "cart before the horse", it's crucial for us to dig deep into digital transformation and how it is impacting your business.