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Economic insecurity is fertile ground for digital innovation

Global political and economic uncertainty are creating a new breed of digital innovators, according to a survey of IT executives from 86 countries, polled by KPMG and Harvey Nash. The results of the study found that:

  • 64 per cent of companies are adapting their technology strategy because of unprecedented global political and economic uncertainty;
  • 52 per cent are investing in more nimble technology platforms to help their company innovate and adapt;
  • 79 per cent of IT leaders have seen budgets upheld or increased this year; while
  • only one in five IT leaders (21 per cent) have seen IT budgets cut.

Cloud and automation are way out of decline

The results suggest that Cloud computing has gained traction not just because it saves companies money, but because IT leaders value the reliability, agility, responsiveness, availability and product innovation of Cloud services. The report notes that “larger organisations more often see the Cloud as a means of performance enhancement to improve their agility and responsiveness.”

The survey also found that more than a third of all respondents (34 per cent) are already investing in, or are planning to invest in, digital labour, including robotic process automation and cognitive automation. This proportion increases to more than six in ten respondents at larger organisations (62 per cent).

Cyber risk rising

The results also found that:

  • 32 per cent of executives said their organization has been subject to a major cyber-attack in the past 24 months;
  • only one in five (21 per cent) say they are “very well” prepared to respond to these attacks;
  • more than half the large organisations said they have suffered a serious attack in the past two years;
  • government (44 per cent) and utilities (44 percent) sectors report the highest levels of attack

CTMfile take: For companies in some sectors that have seen a decline as a result of globalisation, maybe putting in place a digital strategy and looking at digital innovation could throw up some opportuntities?

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