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KPMG reveals CEOs' tech disruption concerns

Jul 25
 
Tags: KPMG LLP
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KPMG reveals CEOs' tech disruption concerns

Chief executive officers in the UK have a number of concerns to contend with at the moment, but one of the most pressing of all is disruption resulting from tech innovation, according to research by KPMG.

The professional services firm surveyed 150 UK business leaders for its CEO Outlook 2017 report, asking them about how rapid developments in technology are affecting their company.

Four out of ten respondents (40 per cent) expressed the view that ongoing progress in technology will cause major disruption over the next three years.

A similar proportion (37 per cent) raised concerns about their organisation struggling to keep up with some of the rapid advances occurring around it.

When CEOs were asked to name their top concerns for the next three years, piloting emerging technologies, attracting strategic talent and developing data collection capabilities were at the top of the list.

However, despite some uncertainty around tech innovation and what it could mean for businesses, many corporate decision-makers are optimistic about the opportunities that could open up over the years to come.

More than two-thirds of participants in the KPMG study said disruption through technology should be viewed as an opportunity rather than a threat.

Tudor Aw, head of the technology sector at KPMG, said it is "essential" that, rather than attempting to ignore or prevent change, businesses are ready to realise the potential of the latest tech innovations, whether it's in their products, marketing, manufacturing, operations or any other area.

He added: "New, disruptive technological innovations are emerging at a rapid pace. Today's hot tech breakthrough could soon be yesterday's news.

"With so many options to choose from, it's extremely hard to methodically scan, assess, pilot and deploy new technologies - but it's essential that UK boards ensure the effect of emerging technology on business models is a regular boardroom topic."

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Image: iStock/loops7

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