According to a recent study by KPMG International, business leaders believe the crux of the digital transformation has been met, but progress will continue as part of ongoing ‘continuous reinvention.’
It’s no surprise that generative AI, a rapidly evolving technology showcasing advancements in large language models and compute power, is at the heart of the current wave of progress.
KPMG also noted that neural networks and digital twins are becoming increasingly prevalent in companies’ transformation efforts in a nod to a more technologically sophisticated future.
Has the digital transformation finished, or will it live on forever?
KPMG have found that businesses are struggling to keep up with understanding and incorporating technological advancements. Fewer than one-third (29%) say that their tech foundation readiness is ‘very high,’ while others are juggling two (88%) or three or more (54%) transformation programs concurrently.
A lack of resources, skills or expertise; stakeholder resistance to change; stakeholder and employee resistance; competing business goals; and a lack of funding or an unclear business case were all highlighted as key barriers.
However, KPMG also highlighted some traits shared by ‘outperformers’ in order to help companies find the right direction.
The study noted resilient cultures, digital maturity, partner ecosystem alignment and strong orchestration capabilities as influential factors in a company’s ability to keep up with transformation efforts.
“Transformation is now a continuous journey,” said Tash Moore, Global Transformation Leader at KPMG International.
“Our research underscores the importance of trust in leadership and the strategic use of partnerships in navigating this complex digital landscape.”
“Enterprises that effectively integrate advanced technologies and complement with digital literacy, strong leadership, and sound judgment are well-positioned to thrive.”
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