By Tim Zanni
Today companies across virtually every sector are positioning themselves to outpace their competition by embracing and implementing innovative technology-based business models to give them a competitive edge in the market. Yet, as one might expect, millennials and tech industry executives are not in complete alignment on which technologies will have the greatest future impact on business.
That’s the conclusion of a new KPMG report on the Top 10 technologies for business transformation. Illuminating divergent opinions between global tech industry leaders and millennials in the technology industry, the report highlights key differences about which technologies will have the biggest impact on driving business transformation and long-term value in their companies over the next three years.
While their rankings similarly show artificial intelligence, Internet of Things and robotic process automation near the top, millennials and technology leaders differed on half of their respective Top 10. Among millennials unique selections were 5G, digital payments, and mega platforms, which illustrate the fact that they grew up as Digital Natives. In contrast, industry executives include blockchain, virtual reality and On Demand platforms among the technologies unique to their Top 10 for business transformation in their companies.
Millennials’ perspectives show the influence of having grown up in a digital and mobile world. While they are high on 5G’s impact in their companies within the coming years a KPMG analysis projects that in about three years we will begin to see 5G unlock an estimated $373 billion in technology company value globally. This timing explains why tech leaders left 5G out of their ranking of the top technologies for business transformation over the next three years.
These survey results also underscore why companies should consider adopting the transformative technologies that millennials are comfortable with as they will become tomorrow’s corporate leaders and can provide fresh insight on how to leverage technologies for a competitive advantage. Millennials comprise the largest segment of the U.S. workforce and are projected to become 75 percent of the U.S. workforce by 2030, according to the U.S. Bureau of Labor Statistics and Pew Research Center. This is important because as their numbers increase, so will their influence in making purchasing decisions. In fact, 13 percent of millennials report they are already making B2B buying decisions and an additional 28 percent state they are influencing buying decisions, according to a 2017 SnapApp and Heinz Marketing study titled “The Millennials are here”.
To learn more about the findings in KPMG’s study, including benefits and challenges to adopting the top technologies and recommended next steps for companies, or to arrange an interview with Tim Zanni, please contact Mike Alva or Barbara Mednick.