The vast majority of large enterprises are running at least two technology transformation programs, according to KPMG, underlining the rapid embracement of digitalization.
One-third of business leaders, including in financial services, believe that digital transformation is now about «continuous reinvention», according to a KPMG survey entitled «Transforming the enterprise of the future».
This is evidenced by the number of tech transformation programs underway. 88 percent of large enterprises are pursuing two or more concurrent organizational transformations while 54 percent are running three or more.
Readiness Not Very High
Despite the numerous ongoing programs, there is more to be desired in terms of outcomes. According to the survey, only 29 percent of senior business leaders believe their tech foundation readiness is «very high».
Barriers to entry limiting digital transformation include lack of resources, skills or expertise; stakeholder resistance to change; stakeholder and employee resistance; competing business goals; and a lack of funds or an unclear business case.
Financial Services Gains
Within financial services, there are significant gains to be made from leveraging technology. According to KPMG's industry research in 2023, increasing just 1 percent of non-IT senior leadership’s digital literacy in intelligence-related capabilities can increase net income by an average of 1.6 percent.
The survey was based on responses from 482 senior leaders and 1,601 line leaders globally from businesses with a minimum annual revenue of $500 million. Financial services were the third largest group for senior leaders (17 percent) and the largest group for line leaders (26 percent).
