Business leaders believe that we have reached a crucial point in the digital transformation journey, but the process of continuous reinvention will persist, according to a recent report. The advancement of generative AI, which includes improvements in large language models and computing power, is at the forefront of the current progress wave. A study conducted by KPMG revealed that neural networks and digital twins are increasingly being integrated into companies’ transformation efforts, signaling a move towards a more technologically advanced future.
The question arises: has the digital transformation reached its conclusion, or will it be an ongoing process? KPMG highlighted that many businesses are struggling to keep pace with the rapid technological advancements. Only a small percentage (29%) of businesses believe that their technological foundation readiness is at a ‘very high’ level. The majority of businesses are managing multiple transformation programs simultaneously, with 88% handling two programs and 54% managing three or more. Various barriers, such as a lack of resources, skills, or expertise, resistance from stakeholders and employees, conflicting business objectives, and insufficient funding or unclear business cases, were identified as hindrances to progress.
Despite these challenges, KPMG identified certain characteristics shared by ‘outperformers’ that can guide companies in the right direction. Factors such as resilient cultures, digital maturity, alignment with partner ecosystems, and strong orchestration capabilities were highlighted as key elements that contribute to a company’s ability to stay on track with transformation initiatives.
Tash Moore, the Global Transformation Leader at KPMG International, emphasized the idea that transformation is an ongoing journey. Moore highlighted the significance of trust in leadership and the strategic utilization of partnerships in navigating the complex digital landscape. Companies that successfully integrate advanced technologies with digital literacy, effective leadership, and sound decision-making are well-positioned to thrive in the evolving digital landscape.
In addition to the insights provided by KPMG, it is essential for businesses to stay informed about the latest advancements and trends in technology. Keeping abreast of industry news, expert opinions, and practical guidance can equip businesses with the knowledge and tools needed to succeed in a rapidly changing digital environment.
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