2020 will go down in history as one of the most challenging yet – a time of uncertainty, complexity and change. As we forge ahead into the new year, we take with us valuable lessons and renewed strength.
Based on the collective experience of our KPMG professionals, we've identified key trends in the Technology, Media, and Telecommunications sector to offer indications and insights on key trends and how the industry might prepare for our new reality ahead.
- Sector convergence opportunities: With the acceleration of new business models and the adoption of digital, we see a more pronounced effort from multinationals to compete with their digital native equivalents. The fully digital organisation has proven that operating in a more agile and agnostic fashion has created revenue models that traverse across multiple sectors. We see this sector convergence conversation being a key topic in 2021 as organisations look to capitalise on their current customer base by looking outside their organisation and working with other sectors. KPMG in Singapore is actively working with sectors such as Telecommunications, Banking, Insurance, Health, Retail and Logistics - all being part of a monetisation ecosystem and new business model. The blurring and overlap of these business models will provide more opportunities and position the traditional organisation closer to digitally-native companies who are actively winning new customers onto their platforms.
- Organisation redesign to enable data monetisation: As organisations race to be more data-driven, we are seeing a clearer acknowledgement that data will be key in how organisations design their future operating model. With emerging technology such as 5G, Internet of Things (IoT), Artificial Intelligence/Machine Learning (AI/ML), these connected ‘things’, be they in the home, office or other points of interest, will all create new ways to interact and engage. The ability for organisations to work in an agile way and design new businesses requires a more flexible workforce and organisation structure. The need to invest in more problem solvers and creatives and operationally integrate them into more traditional organisations will be critical. How the company works will be different and the skills, ways of working and how companies generate and monetise ideas quickly will be critical. Working with corporate leaders, we see opportunities to redesign the work force, and align the trends such as Environmental, Social and Corporate Governance (ESG) and Artificial Intelligence (AI) to help organisations evolve to the more lean and entrepreneurial structures that will be required to compete in the future.
- Privacy and Regulation in converged data ecosystem: We are seeing increasing emphasis on risks associated with an open data and more agile flexible business models. Moving into new ways of working and making faster decisions can also introduce significant risks for the organisation. As organisations cannot be laggards, the only option is to introduce and implement stronger, and more sophisticated risk and regulation systems to match the new ways of working. With data models, customer data sets and engagement opportunities transforming daily, and with changing Regulations and Privacy standards constantly evolving, companies need mechanisms to adequately meet these more stringent business demands. While Regulation and Privacy concerns can hold back a business, the right level of engagement can help support the business as it transforms.
Start the new year armed with key insights to tackle new opportunities. Talk to us to find out how our TMT industry specialists can help you solve the most complex business problems and improve performance in a digitally connected world.
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