More than three quarters of executives from global technology firms feel threatened by competition from non-technology firms, according to a new KPMG survey.
The report, which surveyed 580 senior executives, found that 61% of those who have experienced a negative impact as a result of disruptive technologies said this came new competitors outside of the technology industry.
It also revealed that less than a third of the respondents feel ‘very prepared’ to address disruptive technologies and new competitors, while 38% admitted that they saw trends coming too late.
“With software increasingly core to every kind of business, from retailers to healthcare providers, technology firms are being disrupted by everyone,” said Tudor Aw, UK head of technology sector at KPMG. “Being a fast and early mover is not necessarily about entering a market before others. Today, it can also mean being quick to adopt and exploit the power of disruptive technologies, in products, marketing, manufacturing and operations.”
However, 67% of the respondents said that disruptive technologies are having a positive impact on the industry, with more than 55% of these executives using them to reshape their business models. Around 46% who cited disruptive technologies as helping their business invested in the new technology trend earlier than their competitors.
According to the survey, the internet of things (IoT), data and analytics, and robotics are being deployed to drive productivity, improve quality and reduce costs.
Almost half (49%) of survey respondents stated that IoT is a key driver of business productivity – from improving employee efficiency and project timelines to restructuring supply-chain processes and more.
“New, disruptive technological innovations are emerging at a rapid pace,” said Aw. “With so many options to choose from, it’s extremely hard to methodically scan, assess, pilot, and deploy new technologies – but it’s essential to try, by continually monitoring what’s new, and evaluating the potential benefits.”
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