Rapid advancements in technology promise endless potential, but Australia’s tech leaders are worried about falling behind – and risk making hurried, misguided and costly decisions.
To unlock the true value of transformation, organisations need to strike a balance between keeping up and being strategic, making evidence-based decisions to adopt solutions that are resilient, safe and responsible.
To understand if and how they are achieving this balance, we surveyed technology leaders in Australia and around the world.
The KPMG global tech report 2024 examines insights from 2,450 tech professionals spanning 26 countries and 8 industries. The report shares how they’re keeping up with the pace of technology and how high performers are looking beyond the hype to balance speed, security and value.
Tapping into the pace of change is something we are focused on and excited about, all in the context of doing so in a safe and secure way.
What's top of mind for Australian CIOs?
Key global trends for tech leaders
Our 2024 survey reveals four recurring themes among CIOs and technology executives:
Identifying value amid the hype
Relentless change is cultivating a fear of missing out. Technology leaders need to resist the hype and take a measured, strategic approach to new solutions.
Optimising value through evidence-based decisions
Evidence-based, traceable and value-driven decisions require insights from stakeholders, customers, employees and partners – and take an always-on approach to performance.
Delivering resilient solutions
As data capabilities mature, they need to be repositioned as a core organisational competency, backed by security and governance.
Scaling AI with confidence
Organisations are starting to realise the rewards of AI, but generating value at scale is still a challenge.
When it comes to innovation, a dominant theme among Australian respondents is the fear of falling behind the competition. The truth, however, is more nuanced. The real leaders are those CIOs that see through the hype and find sustainable value without increasing risk or technical debt.
Strategies to maximise technology ROI
Seven ways high-performing tech leaders are accelerating value from new technology with confidence:
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1
Resist being hypnotised by FOMO
Don’t let competition distort your judgement. Rather than following the herd, base decisions on strategic objectives and tangible evidence.
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2
Be empirical about defining and delivering value
Adopt an always-on approach to performance management, regularly monitoring and adjusting metrics to align with internal and external changes.
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3
Mitigate technical debt
Embrace structured technical debt management using robust remediation plans and architecture principles to contain and rationalise the tech landscape.
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4
Harness the power of partnership
Don’t limit innovation to new technology. Collaborate, co-invest and share risk with partners, leveraging networks to access new ideas and approaches.
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5
Prioritise trust and security
From the outset, ensure solutions are secure and trust is embedded. Design and deploy AI and emerging technology responsibly and ethically.
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6
Build a strong data backbone
Build robust data management frameworks combining data, people, processes and policies. Ensure organisation-wide understanding to harness data for informed decision-making.
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7
Accelerate AI proficiencies through knowledge sharing
Test the AI competence and sentiment of your workforce, and identify ways to bridge knowledge gaps and, facilitate continuous learning and collaboration.
How are technology leaders staying ahead?
KPMG global tech report 2024
Beyond the hype: balancing speed, security and value
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