Business leaders believe the tipping point in digital transformation has been passed, but progress will continue as part of an ongoing “continuous reinvention,” a new report says.
It’s no surprise that generative AI, a rapidly evolving technology that shows advances in large language models and computing power, is at the center of the current wave of progress.
A new study from KPMG has found that neural networks and digital twins are becoming more prevalent in business transformation efforts, in a nod to a more technologically sophisticated future.
Is digital transformation over or will it last forever?
KPMG noted that companies are struggling to keep up with understanding and embracing technological advances. Less than a third (29%) say their basic technology readiness is “very high,” while others are juggling two (88%) or three or more (54%) transformation programs at the same time.
Lack of resources, skills or experience; stakeholder resistance to change; stakeholder and employee resistance; competing business objectives; and lack of funding or an unclear business case were highlighted as key barriers.
However, KPMG also highlighted some traits shared by the “best performing” companies to help them find the right direction.
The study noted that resilient cultures, digital maturity, partner ecosystem alignment, and strong orchestration capabilities are influential factors in a company’s ability to keep up with transformation efforts.
“Transformation is now a continuous journey,” said Tash Moore, Global Transformation Leader at KPMG International.
“Our research highlights the importance of trust in leadership and the strategic use of partnerships to navigate this complex digital landscape.”
“Companies that effectively integrate advanced technologies and complement them with digital literacy, strong leadership and good judgment are well positioned to thrive.”
