Dramatic shift in way businesses view emerging technologies, post-Covid-19

September 8 2020: Research  analysts KPMG have  just released a report titled – “ Enterprise Reboot - Scale digital technologies to grow and thrive in the new reality".
The  report surveyed 900 technology executives globally to explore the current and future state of emerging technologies and demonstrates a dramatic shift in how businesses are approaching emerging technology now versus just a few months ago before the onset of COVID-19.
 Key global findings:

  • Business priorities have shifted overnight – 57 per cent of executives say COVID-19 has significantly changed their organisation’s strategic priorities for emerging technologies
  • Resiliency requires a completely new playbook – 59 per cent of executives say the pandemic has created an impetus to accelerate their digital transformation initiatives
  • Spending cuts for enabling technologies are likely short term – Over the next 12 months, executives expect to increase spending across nearly all technology areas
  • The Crisis is driving clarity in technology investments – 56 per cent of executives agree that cloud migration has become an absolute necessity
  • The power of AND is greater than power of OR – 64 per cent of executives believe that the combined use of emerging technologies is much more beneficial than using any of the technologies in isolation
  • With higher investments comes more realised value – More than 80 per cent of companies are investing or planning to invest in emerging technologies

 Key findings from India:

  • Enterprises in India will spend slightly more in process automation and smarter analytics compared to the companies in rest of the world
  • Higher investments appear to be correlated with realised value
  • Respondents in India strongly believe in emerging technologies for future survival
  • Improved decision making is the top criteria for investments in emerging technologies in India
  • Process improvement is not seen as a major investment driver in India
  • 90 per cent+ of companies are investing across emerging technologies
  • Enterprises in India believe more in combined use of emerging technologies

 Says Sachin Arora, Partner and Head – Lighthouse (Analytics, AI & Big Data), KPMG in India:“ The COVID-19 pandemic has reshaped the way we work and perceive the work around us. We are seeing digital and emerging technologies adoption on steroids by organisations globally. This has helped putting customer at the center of corporate strategy. Traditional business models have struggled to survive or have been disrupted massively. The potential of technologies like cloud, analytics and AI is unequivocal. Transformation can be hard and digital ones can be harder if we aren’t bold to question the status quo. It’s a reboot/reset moment for all of us. We either ride the wave or get drowned – it’s all about the choice we make.”