Tech companies have enabled organizations across industry sectors to digitally transform, so businesses can continue to operate and serve customers throughout the COVID-19 pandemic. Additionally, tech companies are themselves transforming their businesses using emerging technologies.
When polled by KPMG, tech industry leaders indicated an interest in leveraging new technologies to improve efficiencies and reduce cost. According to the most recent KPMG survey, tech industry insiders now see the utilization of emerging technologies such as artificial intelligence (AI), IoT (Internet of Things), robotic process automation, and others as transformative for increasing market share, enhancing customer loyalty, and growing their top line.
For tech companies looking to take advantage of the digital transformation benefits afforded by emerging technologies, below are three key considerations.
In a KPMG survey, tech leaders indicated their top choices among today’s emerging technologies.
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1) Invest in Your People
The shortage of skilled workers in the tech sector was a challenge before the pandemic, and it remains one now.
KPMG found that the number one limiter of digital transformation at tech companies, listed by 27% of respondents, is a lack of internal expertise and talent when it comes to understanding new technologies. The pandemic has made this clearer, with a demonstrated need for upskilling in cybersecurity, DevOps, and modern IT architecture.
New technologies must be implemented and set into process by your people, so workforce investment is critical. How are new pipelines for hiring and retention in highly skilled areas realized, while also providing employees with digital upskilling?
Think deeply about the balance between human interaction and automation and how you can utilize permanent, gig economy, and other contingent roles to fill existing gaps.
2) Merge New Technology into Your Data Strategy
Becoming a data-first organization through a holistic, enterprise-wide data strategy creates a competitive advantage.
The data imperative is the next stage of the digital transformation journey—deriving real-time insights from massive amounts of data collected during the pandemic to grow as an organization and enhance the customer experience.
Think of emerging technologies as they apply to your data strategy. Specifically:
- How can new technologies accelerate access, management, and analysis of data?
- How will you leverage data to enhance your top line and market growth?
- Are these the same goals you have for emerging technologies’ impact on your core business?
In sum, lean into the synergy of a technology strategy that complements your data strategy.
Also see: Best Data Analytics Tools
3) Reimagine Everything
New technologies aren’t just for the visible wins. Integrate emerging technologies into your core business operations, so you’re driving efficiencies on an everyday scale as much as you’re working toward growing your top line. This is about a connected enterprise, where your tech strategy is also part of your operational foundation.
To that end, align your tech investments with the wider goal of customer centricity. Your everyday business and services revolve around your customers; they’re the heart of your strategy. And when you integrate emerging tech across the board, you’ll align with industry leaders who see emerging tech as a way to create more long-term competitive advantages, like new insights, data security, and even energy efficiency in line with environmental, social, and governance (ESG) principles.
Strategic alignment around these areas will also help maximize the impact of your organization’s investments in emerging technologies.
Also see: Top AI Software
About the authors:
Mark Gibson, KPMG U.S. Technology, Media and Telecommunications Leader
Alex Holt, KPMG Global Head of Technology, Media and Telecommunications