GenAI: A game-changer for TMT organizations

The impact of GenAI on Technology, Media, and Telecom organizations is undeniable, according to a new survey conducted by KPMG. With the potential to unlock new revenue streams, boost ROI, and gain a competitive advantage, TMT leaders are taking notice.

The survey revealed that 80% of TMT leaders expect a moderate to significant increase in GenAI investments over the next three years. And they have good reason to be optimistic, as 75% expressed confidence in seeing a return on their GenAI investment within 1-3 years.

GenAI offers tangible financial benefits by enabling organizations to make data-driven decisions with greater accuracy and speed. This not only enhances operational efficiency but also helps leaders identify new revenue opportunities and optimize existing processes.

One key benefit of GenAI is its ability to augment human capabilities and increase productivity. TMT leaders reported that time saved using GenAI was redirected towards creative and innovative projects (55%) as well as strategic planning and decision making (53%). By automating repetitive tasks and streamlining workflows, organizations can free up valuable time for employees to focus on higher-value activities, leading to cost savings and empowered employees.

To maximize the potential of GenAI, 61% of TMT leaders plan to introduce it into new business functions. This requires breaking down functional siloes and fostering cross-functional collaboration. GenAI initiatives should be integrated into the overall organizational strategy to ensure an enterprise-wide transformation and sustainable long-term growth.

Implementing GenAI strategies necessitates addressing specific business challenges while staying aligned with business goals. Upskilling existing talent (76%) and hiring new talent (59%) are key steps taken by TMT leaders to close the skills gap in their workforce.

The increasing investments and confidence in ROI from TMT leaders indicate that the industry recognizes GenAI's potential to drive innovation and transformation. Setting clear goals aligned with business objectives, establishing cross-functional teams, investing in talent upskilling, and fostering a culture of innovation and adaptability are vital for successful GenAI implementation within TMT organizations.