Technology poised to reshape business world by 2024 despite near-term recession fears and global talent crisis
toronto, November 24 February 2022 /CNW/ – most Canadian According to a recent global technology survey by KPMG International, the largest organizations are turning to major emerging technologies to enhance their products and services, improve operational agility and efficiency, defend market share and win new business.
Over the next two years, nearly all technology leaders surveyed (95%) across private and public sector organizations Canada The survey found that they plan to invest in Web3, the third iteration of the Internet. Some 70% plan to invest in fifth-generation wireless technology (5G) and edge computing, 67% plan to leverage quantum computing, and more than half (54%) plan to invest in the Metaverse during the same period. Six in 10 plan to invest in virtual and augmented reality technologies.
These findings support research in KPMG’s recent Global CEO Outlook, in which Canadian CEOs ranked emerging or disruptive technologies as their top priority. 2 Risks to company growth over the next three years, second only to regulatory issues.
“The race for transformation has begun,” he said Sanjay PathakPartner and Country Leader, Technology Strategy and Digital Transformation Services, KPMG Canada“At a time when digital leaders face rising costs, a potential recession and a global talent crisis, they are turning to emerging technologies to build business resilience, leverage data and analytics to enhance decision making and drive growth.
“While it may seem counterintuitive to invest in innovation on the brink of a recession, these technologies are the differentiators and will separate the digital leaders from the laggards,” he said. “We are increasingly seeing digital leaders Be well versed in emerging technologies, these new advancements will reshape the business world for years to come. But like any change, technology is only an enabler. It must be fully aligned with business purpose and strategy and risks must also be carefully assessed, planned and mitigated. ”
planned technology investment:
|
5G |
edge computing |
quantum |
FR/AR |
Network 3* |
Metaverse* |
|||||||
|
Canada |
Global |
Canada |
Global |
Canada |
Global |
Canada |
Global |
Canada |
Global |
Canada |
Global |
|
|
already invested |
4% |
6% |
6% |
5% |
4% |
5% |
— |
— |
2% |
1% |
1% |
1% |
|
Planning to invest within the next 6 months / currently evaluating |
14% |
8% |
10% |
9% |
10% |
8% |
2% |
1% |
— |
— |
— |
— |
|
Plan to invest in the next 6 months to 1 year |
twenty one% |
twenty four% |
twenty two% |
twenty three% |
twenty three% |
twenty four% |
18% |
19% |
12% |
16% |
13% |
12% |
|
Plan to invest within 1-2 years |
35% |
33% |
37% |
34% |
34% |
35% |
42% |
41% |
44% |
43% |
41% |
43% |
|
Investment plan for the next 3-5 years |
26% |
29% |
twenty four% |
28% |
28% |
27% |
38% |
38% |
39% |
37% |
42% |
40% |
|
* The remaining percentage have no plans for further investment or exploration. |
Talent wars abound
Compared with their global peers, significantly more Canadian organizations say they are behind schedule in implementing their digital transformation strategies, the survey reveals.half of technology leaders Canada (51%) say their plans have been delayed or slowed despite top management support and funding, compared to 40% globally.
This is in line with previous KPMG research, which found that many such programs have been or are about to be put on hold, not only to prepare for a potential recession in the near future, but also in response to worker burnout and a shortage of skilled talent.
Tech leaders also see talent shortages as one of the top two barriers preventing their organizations from adopting new digital technologies. Another hurdle is their organization’s risk aversion or reluctance to abandon existing procedures.
“In a downturn, the companies that usually stand out are those that focus their investments on key business priorities, build use cases for disruptive technologies, and ensure they develop the required skills internally or by building strong ecosystems or externally. partners,” said kathy pennerPartner and Country Leader, KPMG Technology Enterprise Solutions Canada“So when there’s an upturn, they’re ready to take those investments and drive excess growth.”
All respondents to the survey acknowledged that their digital transformation efforts to date have had a positive impact: increased profits and performance.
Over the past two years, a quarter (26% vs. 38% globally) reported a 6% to 10% increase in profits as a direct result of their transformation journey. Another 19% (20% globally) saw profits grow by 11% or more, and more than half (54% versus 42% globally) saw profits grow by 1-5%.
“Leaders are looking at technology and digital investments with greater scrutiny,” she said. pinner. “The need for a demonstrable return on investment and a scalable delivery model is at the top of most minds.”
Explore additional insights related to cloud, enterprise technology, and cybersecurity here.
KPMG International surveyed more than 2,200 technology executives at some of the world’s largest organizations in 15 countries, 125 of whom were from Canada Q2 2022.Nearly half (48%) of respondents are based in the U.S. Among Canadian respondents, 17% of organizations reported $20 billion and $50 billion Annual Gross Income; 10% with ownership of more than $10 billion but less than $20 billion; 26% reported between $5 billion and $10 billion; 42% were between $1 billion and $5 billion in the income. 65% of Canadian respondents work in organizations with more than 10,000 employees. More than half (54%) are public companies, 22% are private companies, and the remaining 25% are government or nonprofit organizations.
About KPMG Canada
KPMG LLP, a limited liability partnership, is a full-service audit, tax and consulting firm owned and operated by Canadians. For more than 150 years, our professionals have provided consulting, accounting, auditing and taxation services to Canadians, inspiring confidence, driving change and driving innovation.under our guidance core value Adhering to the concept of integrity, excellence, courage, unity and common creation, KPMG has more than 10,000 employees in more than 40 locations around the world Canada, serving private and public sector clients.KPMG is consistently Number one Canadian A top employer and one of the best places to work in the country.
The company is incorporated under the following laws ontario and is a member of the KPMG Global Independent Members Organization, which is part of KPMG International, a private UK company limited by guarantee. Each of KPMG is legally a separate and independent entity and describes itself as such.For more information, see home.kpmg/ca
Source KPMG
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