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Top 10 technologies for business transformation
We are pleased to announce the top 10 technologies for business transformation publication, which includes perspectives from more than 740 global leaders (76 percent C-Suite) across 12 countries working in the technology industry.
Highlights
- Internet of Things (IoT) was again ranked by industry leaders as the top driver of business transformation over the next three years.
- Robotic process automation (RPA) was the biggest gainer in this year’s survey of industry leaders. RPA improved from ninth to second place in the rankings.
- Blockchain showed the next largest jump, rising from seventh place to tied for fourth.
- Artificial intelligence maintained its strong position, placing third in this year’s survey.
- Industry leaders most frequently cited the bottom line impacts of “improved business efficiencies”, “increased profitability”, and “cost reductions” as the top benefits of adopting transformational technologies. This implies that they are uncertain about how new technologies can transform their business models to grow revenue and market share, and are instead more focused on leveraging them to take costs out of their business.
- “Unproven business case” was the top challenge cited with adopting new technologies.
Investment in technology innovation
- Tech companies are indeed investing in technologies they believe to be transformative.
- Internet of Things (IoT) is the top technology that tech companies are investing in today and plan to continue investing in three years from now.
- Forty-four percent of tech company leaders expect significant return on investment (ROI) within the first six months of implementing an innovative technology, and 71 percent expect it within the first year.
- A significant number of large tech enterprises (40%) show very conservative investment (<$10 million annually) in innovation driven by emerging technologies.
- By following a new model of dynamic investing, tech companies could achieve faster pivots on technology bets and more quickly capitalize on innovation opportunities.
Timing to achieve significant ROI on innovative technologies
Source: KPMG Technology Industry Innovation Survey, 2019
Likelihood your company will implement blockchain technology in the next three years
Source: KPMG Technology Industry Innovation Survey, 2019
Blockchain for technology companies
- 15 percent of global technology company CIOs report they have already made moderate or significant investment in blockchain technology.
- 41 percent of global technology industry leaders expect to implement blockchain technology in the next three years.
- Almost half (48 percent) believe it is likely that blockchain will change the way their company does business in the next three years.
- The greatest disruption resulting from blockchain is anticipated to take place in the area of IoT processes (tracking upgrades, product refills, warranties, etc.).
