New KPMG report reveals a 2X increase over previous year, with AI, enhanced data, and third-party support boosting value generation.
Are digital transformations turning a corner?
After years of falling short of expectations and trying to shake a nagging “most transformations fail” reputation, big-swing enterprise initiatives are having a moment, according to new research from KPMG.
The headline: 88 percent of US companies now say they are reaping performance and profitability dividends from their transformations—which is double the rate from last year’s survey. Companies are driving this momentum—and tangible results—with AI, Big Data, and an increasing reliance on leading-edge solutions providers.
Still, many companies continue to tap the brakes just a bit as they try to navigate their own transformational turn-of-the-corner. Technology innovations may be accelerating progress, but they are also coming from all directions. Indeed, 81 percent of companies say they still struggle to keep up with the tech landscape’s growing complexity and rapid pace of change.
On the whole, though, our 2024 KPMG US technology survey report found plenty of optimism among our 400 respondents, with many seeing their tech and digital investments starting to deliver in several areas. Here’s a closer look at what we learned.
The topline findings from our survey capture a number of positive trends for digital transformations broadly. Companies are getting more comfortable with innovative technologies like AI and cloud-based solutions—and how to generate impactful results from them. They’re also getting better at prioritizing, measuring, and monitoring their transformation efforts to maximize return on investment (ROI). And, to accelerate progress and close gaps in capabilities, more and more companies are using external solutions and trusted third-party providers.
Here are some of the report’s key findings at a glance:
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Amid these positive trends, though, a majority of respondents also have continuing concerns about sustaining this progress. In fact, compared to last year’s survey, our new report found that anxiety increased across all categories tracked since 2023, with heightened concerns around market competition (73 percent), trust in new technologies (70 percent), and regulatory challenges (69 percent).
Our 30-page report has expansive coverage of the state of technology across a broad range of perspectives. Here’s a closer look at three of the key areas behind some of the positive recent developments:
A 2X increase in results from digital transformations over just one year is certainly an eye-opening finding. Is it sustainable?
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As our report details, the majority of the companies we surveyed are excited about the progress, but they know there is still much work to be done. As a final takeaway, we suggest seven areas that merit ongoing consideration:
To learn much more about each of these, and to get the full report, download it now.
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