As tech innovation opens endless potential, tech leaders are afraid of falling behind. This can lead to the temptation to make hurried decisions, which may prove misguided, risky and expensive.
There needs to be a balance between keeping up, and applying a strategic approach to extracting genuine value from tech. It’s essential to navigate the hype through evidence-based decisions, deliver solutions that are resilient, and when scaling new tools such as AI, to do this safely and responsibly.
This year, the KPMG global tech report 2024 – Beyond the hype: balancing speed, security and value, researched how tech execs are achieving this mix. The report harnesses insights from 2,450 tech professionals from 26 countries and 9 industries, from organisations valued at US $100 million and over.
Read the full report to find out what tech execs are thinking and planning.
With the relentless pace of change and the fear of missing out (FOMO), decision makers need to resist the hype and pursue a measured, strategic approach to investment.
Make value-driven decisions with traceability and evidence, by incorporating insights from stakeholders, customers, employees and partners, while adopting an always-on approach to performance management, to help optimize value with confidence. /p>
Data capabilities are maturing, but unlocking more value from tech requires repositioning them as a core competency for the organisation, backed up by security and governance.
Many organisations are starting to reap rewards from AI, but generating value at scale remains a challenge.
Seven tips to help gain value from tech investment
1. Resist being hypnotized by FOMO
While a desire to progress and outpace your competition is healthy, do not let this boil over and distort your judgment. Rather than blindly following the herd, anchor decisions in your organization’s strategic objectives and look for tangible primary evidence of the right path to take.
2. Be empirical about defining and delivering value
Align stakeholders around a clear definition of success that cascades into a set of tangible metrics. Adopt an “always-on” approach to performance management and continuously monitor and adjust metrics in accordance with internal and external changes. These steps can help the organization to confidently make decisions and deliver the value promised.
3. Mitigate technical debt
Embrace structured technical debt management. Establish clear remediation plans and robust architecture principles to contain and rationalize the technology landscape.
4. Harness the power of partnership
Innovation is not restricted to new technology. Explore new ways to collaborate, co-invest and share risk with your chosen partners. Use their networks to gain access to the latest technology and inventive ideas from around the globe.
5. Prioritise trust and security
Strive to ensure solutions are secure by design and embed trust and security assurance from the outset. Design, build, deploy and use AI and emerging tech solutions in a responsible and ethical manner so your organization can accelerate value with confidence.
6. Build a strong data backbone
Establish a robust data management framework that combines data, people, processes and policies to help ensure information is reliable, relevant and appropriately used. Drive a shared understanding across the organization of how to harness data more effectively to support rapid and informed decision-making.
7. Accelerate AI proficiencies through knowledge sharing
Test your workforce competence and sentiment on AI, and use this to determine the best way to bridge knowledge gaps, facilitate continuous learning and encourage cross-functional collaboration.
