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KPMG Global Tech Report 2023 Suggests AI And Cloud Can Increase Profitability

More than 2,100 technology executives were surveyed and a series of in-depth discussions were conducted

KPMG Global Tech Report 2023 Suggests AI And Cloud Can Increase Profitability
KPMG

Outlook Start-Up Desk

POSTED ON September 25, 2023 4:31 PM

KPMG International has published its ‘KPMG global tech report 2023’, that explores the technology strategies employed by organizations across the globe as they embark on the next stage of their digital transformation journeys. It also examines the opportunity presented by emerging technology to drive value and gain a competitive edge during a sustained period of unprecedented market volatility. 

According to the new report in which more than 2,100 technology executives were surveyed and a series of in-depth discussions conducted, digital transformation leaders committed to their innovation priorities, continue to realize value at pace. The largest group of respondents see technology investment driving profit or performance improvements of more than 10 per cent, up from last year’s most common rate of improvement of around 2.5 per cent. 

Almost half of respondents (48 per cent) agree that advancing their ESG priorities will be a primary innovation goal for their technology functions over the next two years; this is consistent regionally with 53 per cent in ASPAC, 46 per cent in the Americas and 47 per cent in EMA. 

Among those leading businesses where investment in technology is driving confidence and profitability most quickly, AI and machine learning are even bigger priorities. More than two thirds (68 per cent) say these technologies will be vital in helping them to achieve their short-term business goals, compared with 57 per cent of the total sample.

“The report reveals customer experience, ESG, and cybersecurity are considered key drivers for technology innovation, and the increasing focus on AI as the driving force behind digital transformation ambitions in the next few years. With a revolution of emerging technology unfolding before us, organizations should ensure their digital innovation plans are intentionally tied to their strategic commercial goals”, said Bobby Soni, Global Technology Consulting leader, KPMG International.  

Commenting on the report findings, Sachin Arora, partner and head at Lighthouse (Data, AI, and Analytics), KPMG in India said, “The ascent of AI and emerging tech is revolutionizing industries, yet it's vital to remember that diversity and ESG principles must guide this transformation. Only by inclusively navigating these innovations can we truly unlock their potential while mitigating risks."

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