Technology companies have provided the products and services during the COVID-19 pandemic that powered digital acceleration across industries and allowed the wheels of industry to keep turning. But how are these creators managing their own technology journey to outpace their competitors and meet changing stakeholder demands?
A recent KPMG global survey explored these questions:
- What technologies are global tech companies leveraging to propel their own businesses forward?
- How will these technologies transform their business?
- What challenges are they experiencing?
Technology industry insiders revealed these as the top technologies they will be using to transform their companies over the next three years.
Artificial intelligence (AI)
Internet of Things (IoT)
Robotic process automation (RPA)
Source: KPMG Technology Industry Survey 2021, n=802. Up to three responses allowed. Partial list shown.
The pandemic has pushed businesses to evolve or perish, quickly adopt new technologies, and reinvent how they work. It appears that during this rapid reinvention, technology companies are now figuring out how to use new technologies to fuel growth and the top line.
When asked how these technologies will transform their company, leaders ranked increased market share and enhanced customer loyalty at the top. Following these, leaders plan to utilize new tech to create longer-term competitive advantages such as generating new insights, greater data security, and energy efficiency.
Lack of talent is the main inhibitor
Even before the pandemic caused demand for tech products to skyrocket, the tech industry was facing a shortage of skilled workers. This lack of skilled talent was named by the survey respondents as the top factor limiting digital transformation efforts at their companies.
Limiters of digital transformation at technology companies
Source: KPMG Technology Industry Survey 2021, n=802. Multiple responses allowed. Partial list shown.
To quickly address this skills gap, technology companies expect to tap into the contingent workforce to rapidly obtain the needed expertise.
Methods tech companies are using to modify their workforces for the adoption of new technologies
Source: KPMG Technology Industry Survey 2021, n=802.
Read the rest of the report for additional insights.