An increasingly digital environment
KPMG's Data and Digital Transformation in the Mid Market Report 2021 explores insights from a survey of mid-market business leaders regarding digital transformation between 20 April and 30 May 2021. A total of 181 respondents completed the survey, which assesses Australian business leaders’ perceptions of, and preparedness for, digital transformation.
This was defined as the adoption of digital technology to transform services or businesses to be truly data-driven and customer-centric organisations, through data readiness, embedding digital processes, or replacing older legacy digital technology.
The impacts of COVID-19
This report is a snapshot of businesses captured at a unique time in history. COVID-19 has been the springboard for many organisations to re-evaluate their objectives and harness data to optimise service delivery – the case for digital transformation has never been more compelling. In today’s fluctuating business environments, all organisations, whether traditional or not, must think laterally, pivot and reconsider why and how they do business.
- Are organisations motivated by driving down costs or innovating to hold onto market share?
- How extensive does the transformation need to be?
- Are business leaders largely satisfied with transformation?
- Have employees adjusted to new modes of working and the ensuing impact on the organisation?
- Has the transition to a new order been communicated and understood by all stakeholders?
- Are leaders confident the transformation will be enough to be able to hold their own among disruptors and aggressive startups?
The importance of data
Digital transformation encompasses all sectors of business and industry. Key to undertaking transformation programs is the realisation that businesses are only as good as their data, and that their data is an asset. For it to be a truly valuable asset, it must be accurate, reliable, validated, relevant, timely and secure. While many mid-market businesses store large amounts of data, it is often an unused asset in the form of transactional data from connected and disconnected sources.
Artificial Intelligence (AI) adoption alone has grown 15 percent over the past year, and 62 percent of decision makers are planning to adopt it in the future. Whether it’s Internet of Things scenarios and devices or AI being used to analyse equipment safety, this report outlines what needs to be considered for successful implementation, so enterprises can flourish and reach new markets.
Eyes to the future
The time to be undertaking digital transformation is now, and organisations that hesitate will be left behind.
The good news is that there have never been greater opportunities to embark upon this new world of digital optimisation. For those who undertake the journey, the rewards will speak for themselves.
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