Technology: Strategic Business Investment

KPMG’s CEO Outlook 2022 survey reveals the insights of 1,325 global CEOs across 11 markets in their 3-year outlook on the business and economic landscapes. Moreover, it reveals the change in strategy of CEOs amidst global uncertainties such as the Russia-Ukraine war, however, it all boils down to a generally positive outlook in facing the future.

Despite all these, 71% of CEOs globally are confident in the domestic economy and national growth prospects with the majority believing that they are prepared for the looming recession and other uncertainties posed by the changing times. In response to geopolitical uncertainties, 80% of them are adjusting risk management approaches. Businesses today are eager to adapt to rapid changes within the digital landscape.

Businesses nowadays see the use of cyberspace as a strategic function, with them shifting their investments to digitalization for their brand’s growth. It also means realigning their functions to have a more purpose-driven digital experience when it comes to delivering quality services and accomplishing strategic goals.

In fact, 71% of CEOs globally have shifted to an aggressive digital investment strategy and 76% of CEOs globally see information security as a potential competitive advantage.

To fully realize the benefits of investments in technology, trainings, and programs to upskill and equip employees must be in place. While advancing digitalization is important for business growth, companies must also ensure that the people in their organizations that will use these technology platforms are comfortable and adept in using them. It is important to bridge the gap between people and technology to fully realize the advantages that these digital investments bring.

Artificial intelligence (AI) transforms businesses by freeing up its manpower to do high-value and more impactful activities. It creates efficiencies and streamlines work processes. AI tools are versatile and a wide range of platforms are already commercially available.

CEOs are also keeping in mind technology risks when it comes to digital transformation and investment amidst cybersecurity threats and geopolitical uncertainty. It can’t be overemphasized that cybersecurity is no longer just an IT issue but an overall business concern. As innovations rapidly change the digital landscape in the business industry, so do the risks and threats to data security posed by malware and hackers that also innovate their processes. Corporate leaders must invest in digital opportunities to ensure business growth, such as utilizing valuable third-party partnerships, to ensure cybersecurity and to be closer to customers.

This is a core aspect that the firm believes in; in fact, according to Jallain Marcel Manrique, Head of Technology Consulting of KPMG R.G. Manabat & Co., “Hackers don't break in, they log in. Awareness and a mindset of accepting that hacking is a possibility allows organizations to prepare for the worst-case scenario and anticipate the threat when designing business models.”

_References:

_{Technews, M. B. (2023, January 21). Equipping youths with digital skills in ph. Manila Bulletin. Retrieved January 26, 2023, from https://mb.com.ph/2023/01/21/equipping-youths-with-digital-skills-in-ph/}