COVID-19 has caused leaders to rethink their priorities, with an emphasis on immediate challenges. The leaders surveyed in a recent KPMG-commissioned study conducted by Forrester Consulting highlight significant challenges like falling revenues, security concerns and interrupted supply chains, which have focused minds on the here and now and demand immediate action. In addressing these concerns, they are also starting to realize that the inexorable shift to digital has become today’s – rather than tomorrow’s -priority.
Source: A commissioned study conducted by Forrester Consulting on behalf of KPMG, July 2020
These findings are consistent with the 2020 Harvey Nash/KPMG CIO Survey results which show that during a three-month period (May-August 2020), technology spend grew at a greater rate than at any point in history, with technology leaders reporting a median additional spend of 5 percent to deal with the COVID-19 crisis.
When asked about their top priorities since the pandemic, respondents place a firm emphasis upon digital initiatives, with the ultimate aim of offering an enhanced customer experience. Leaders are eager to enhance their companies’ digital capabilities and create digital business models, products and services – supported by platforms.
of respondents say their digital transformation strategy was a ‘high’ or ‘top’ priority prior to the pandemic
say they’ve accelerated their digital transformation strategy since COVID-19
say they’ve increased their digital transformation budget since COVID-19
Source: A commissioned study conducted by Forrester Consulting on behalf of KPMG, July 2020
Base: 780 professionals involved with digital transformation strategy decisions
Source: A commissioned study conducted by Forrester Consulting on behalf of KPMG, July 2020
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To stay ahead in the digital age, organizations should attain the capability to connect digitally with customers, suppliers and employees. This means adopting a holistic approach to digital transformation, focusing every part of the organization on meeting customer expectations, creating business value and driving sustainable growth. Change is now a constant, and KPMG can help you respond faster to change, by breaking down internal silos and connecting your front, middle and back office.
