AI AND THE CLOUD COULD INCREASE PROFITABILITY, SAYS THE KPMG GLOBAL TECH REPORT 2023

 AI AND THE CLOUD COULD INCREASE PROFITABILITY, SAYS THE KPMG GLOBAL TECH REPORT 2023

A poll of more than 2,100 technology executives was completed, and several in-depth interviews followed.

The "KPMG Global Tech Report 2023" by KPMG International examines the technology strategies being used by businesses around the world as they move on to the next phase of their digital transformation journeys. It also looks at the chance that developing technology offers to create value and acquire a competitive edge over the course of an extended time of unheard-of market instability. 

According to the latest analysis, which involved in-depth interviews with more than 2,100 technology professionals and a poll of over 2,100, leaders in digital transformation who are committed to their innovation priorities are continuing to see benefit quickly. The majority of respondents anticipate that investments in technology will result in gains in performance or profit of more than 10%, up from the most typical rate of growth of roughly 2.5% last year. 

In accordance with regional data from 53% in ASPAC, 46% in the Americas, and 47% in EMA, almost half of respondents (48%) concur that furthering their ESG priorities will be a primary innovation target for their IT operations during the next two years. 

AI and machine learning are even higher priorities among the top companies where technology investment is most swiftly boosting confidence and profitability. Compared to 57% of the entire sample, more than two thirds (68%) believe these technologies will be essential to assisting them in achieving their short-term business goals.

"The survey shows that customer experience, ESG, and cybersecurity are seen to be significant drivers for technological innovation, and that artificial intelligence (AI) is increasingly being emphasized as the driving force behind objectives for digital transformation in the next years. Organizations should make sure their digital innovation programs are purposefully linked to their strategic commercial goals given the rising technology revolution that is now taking place, according to Bobby Soni, global technology consulting head at KPMG International.  

"The rise of AI and emerging tech is revolutionizing industries, but it's vital for recalling that diversity and ESG principles must guide this evolution," said Sachin Arora, partner and head at Spotlight (Data, AI, and Analytics), KPMG in India, in response to the report's findings. We can only fully realize these innovations' potential and reduce risks by navigating them inclusively.