Partnerships: The Key to Unlocking Technological Change in Business

The majority of businesses are not ready for technological change, despite expecting it to have a major impact on operations. A KPMG study highlights the gap between expectation and readiness, and explores the growing trend of partnerships as a solution.

_{^{Photo by Ben White on Unsplash}}

Advancing Technology: A Key Driver of Business Change

The last decade has seen technology steadily climb the business agenda, and the current wave of excitement around AI is no exception. Despite this, many firms still struggle to successfully implement digital transformations. A recent study by KPMG, ‘Transforming the Enterprise of the Future’, highlights the gap between executives’ expectations of technology and their readiness for change.

Executives expect technology to have a major impact on operations, but are less confident in their ability to adapt.

The study surveyed over 480 senior leaders and 1,600 line leaders from companies with at least $500 million in annual revenues. The findings show that while 28% of respondents believe technology has significantly changed their operating landscape over the past 12 months, only 29% feel well-prepared to keep up with this change.

‘We’re at a real inflection point in the digital revolution. Enterprises can capitalise on this to create and unlock greater value and achieve competitive advantage.’ - Tash Moore, global transformation leader at KPMG International

Rather than going it alone, many firms are now turning to partnerships to help realise their technological transformations. This approach allows them to tap into expertise and innovation without having to reinvent the wheel every time a new technology emerges. The number of firms seeking strategic partnerships has risen by 11% over the past eight years, while those seeking full partnerships have more than doubled to 28%.

Firms are increasingly turning to partnerships to drive technological change.

As Tash Moore notes, ‘Transformation is now a continuous journey. Our research underscores the importance of trust in leadership and the strategic use of partnerships in navigating this complex digital landscape.’ It’s clear that businesses must adapt quickly to stay ahead of the curve, and partnerships may be the key to unlocking success.

Effective leadership and strategic partnerships are crucial in today’s digital landscape.