More than two thirds of UK CEOs view digital technology as an opportunity, rather than a threat, despite 37% admitting to struggling to keep pace with rapid technological advances, says KPMG.
KPMG’s CEO Outlook 2017 revealed that 40% of the 150 UK business leaders who were surveyed expect technology innovation to cause major disruption in the coming three years. Although they expect it to bring about new opportunities, around 37% of respondents are finding it challenging to stay on top of digital transformation. They also said that piloting emerging technologies, attracting strategic talent and building data collection capabilities are their top worries over the next three years.
“With technology increasingly core to every kind of business, from retailers to healthcare providers, it is disrupting everyone,” said Tudor Aw, UK head of technology sector at KPMG. “It is encouraging to see that UK CEOs view this disruption as more of an opportunity than a threat. It is essential that UK companies continue to be quick to adopt and exploit the power of disruptive technologies, in products, marketing, manufacturing and operations.”
Aw added: “ Today’s hot tech breakthrough could soon be yesterday’s news. With so many options to choose from, it’s extremely hard to methodically scan, assess, pilot, and deploy new technologies – but it’s essential that UK boards ensure the effect of emerging technology on business models is a regular Board room topic.”