IoT and blockchain reshaping today's organisations

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For today's organisations, having access to new technologies is crucial for business success. For that reason, an increasing number of organisations are investing more and more funds into research and development. 

This is according to a new report by Barclaycard, which claims that CIOs are reshaping UK businesses to become more agile and test new technologies and solutions with ease.

In a sea of new technologies, two particular solutions stand out, Barclaycard says, and those are – Internet of Things (IoT) and blockchain.

Almost a third of CIOs (30 per cent) said their business is piloting or using IoT solutions, with more than a half (56 per cent) planning on implementing this type of project within the next five years.

Improved business intelligence and sales efforts are cited as the two main factors driving IoT growth.

On the other hand, more than a third (35 per cent) are either piloting, or already using blockchain, the technology underlying cryptocurrencies. Blockchain can be used to provide greater transparency and increased security for data.

“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,” says Keith Little, CIO, 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.

“Over the next five years, the technology transformation of UK businesses looks set to gather pace as the solutions currently at pilot stage enter mainstream use across organisations. With this in mind, it’s important that CIOs focus on building the skills and expertise of their employees as an ongoing priority.”

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