Digital transformation is undoubtedly essential for organizations. This is how CEOs are utilizing evolving tech to remain related in at the moment’s tech market.
Whereas it is already been established that digital transformation is essential for enterprise survival, it’s also crucial for enterprise relevance, in keeping with KPMG’s 2019 US CEO Outlook report launched on Tuesday. With know-how inflicting digital environments to shift sooner than ever earlier than, CEOs have the selection to both embrace agility, or enable their organizations to change into out of date, the report discovered.
The report, performed by Forbes Insights, surveyed 1,300 CEOs from organizations that generate at the least $500 million in annual revenues. These CEOs signify a big selection of industries together with shopper and retail, insurance coverage, life sciences, banking, vitality, manufacturing, and know-how.
SEE: Digital transformation: An IT professional’s information (free PDF) (TechRepublic)
The bulk (68%) of US CEOs stated that agility is do-or-die for a corporation, the report discovered, however they don’t seem to be letting the concern of obsoletion hinder their progress. Virtually all (91%) of CEOs surveyed stated they’re personally main the digital transformation technique for his or her organizations, in an effort to advertise and allow agility.
“We proceed to be in a progress market that’s pushed by disruption,” S. Singh Mecker, KPMG’s US chief of alliances and partnerships, stated within the report. “Forming strategic alliances is permitting corporations, at the moment greater than ever, to shortly innovate and enter new markets the place they don’t seem to be constrained by their conventional, natural progress constructions.”
Some 81% of CEOs stated they plan on focusing on inorganic progress, specializing in strategic alliances, digital transformation, and M&A, the report discovered. Nevertheless, CEOs usually are not naive in relation to the related obstacles of digital transformation. These leaders have grown extra lifelike concerning the timeframes and returns on synthetic intelligence (AI) and different applied sciences, however they’re prepared to be affected person if it yields lasting outcomes.
Apart from agility, the report cited collaboration with third-party partnerships and upskilling as the opposite essential parts to seeing returns on tech investments. Forging strategic partnerships is vital to attaining the agility essential in a fast-paced digital setting, and workforces will need to have the correct instruments and abilities to deal with these tasks, the report added.
For extra, take a look at TechRepublic’s article on Upskilling employees within the age of digital transformation.