Business leaders believe the core of digital transformation has been achieved, but progress will continue as part of ongoing “continuous reinvention,” a new report claims.
It’s no surprise that generative AI, a rapidly evolving technology making advances in large language models and computational power, is at the heart of the current wave of progress.
A new study from KPMG shows that neural networks and digital twins are increasingly being used in companies’ transformation efforts, heralding a future where technology is becoming increasingly sophisticated.
Is the digital transformation complete or will it continue forever?
KPMG found that businesses are struggling to understand and integrate technological advances, with less than a third (29%) saying their tech foundation readiness is ‘very high’, while others are juggling two (88%) or three or more (54%) transformation programmes simultaneously.
Key barriers were identified as a lack of resources, skills or expertise, stakeholder resistance to change, stakeholder and employee resistance, competing business goals and a lack of funding or an unclear business case.
However, KPMG also highlighted a number of characteristics that outperformers have in common, to help companies find the right direction.
The research finds that resilient cultures, digital maturity, partner ecosystem alignment and strong orchestration capabilities are influential factors in a company’s ability to keep pace with transformation efforts.
“Transformation today is an ongoing journey,” said Tash Moore, Global Transformation Leader at KPMG International.
“Our research underscores the importance of trust in leadership and the strategic use of partnerships in navigating this complex digital landscape.”
“Companies that effectively integrate advanced technologies and complement them with digital literacy, strong leadership and sound judgment are well positioned to thrive.”
