According to the most recent edition of the IBM Global C-Suite Study, 74% of business leaders believe they face existential threats to their company's current business model. Over half the respondents say they face threats from competitors using innovative technologies or approaches. These threats are typically powered by emerging technologies such as machine learning, robotic process automation (RPA) and the Internet of Things (IoT).

In short, organizations are embracing these technologies to create new business models and competitive advantage.

With the onset of COVID-19, organizations have been compelled to make huge changes to their operations and business models. These changes can be felt across finance, procurement, supply chain, manufacturing and the workforce. Companies are already earmarking funds for machine learning, RPA and IoT, and they have a growing interest in other emerging technologies.