Technological disruption, say 91 per cent of Canadian CEOs, is more of an opportunity than a threat. Indeed, over the last few years, especially with the effects of the pandemic, many organizations have accelerated technology adoption and shifted to a digital-first strategy. Yet digital transformation is no easy task. Whether it's executive misalignment on the direction of the transformation, choosing the right technology solution, different levels of digital maturity, the war for talent, or leveraging an ecosystem of reliable vendors, multi-faceted challenges can hinder the desired results.

A successful digital transformation therefore starts with a clear business objective and is followed by defined elements of the initiative—the "building blocks"—such as your strategy, architectural approach, processes and change management programs.

Join host Anna Leon at this #DXCoffeeChat series on digital enablement as she uncovers insights from industry leaders adopting SaaS and disruptive technologies to address business priorities.

Are you ready for the metaverse?

The metaverse is an evolving concept that’s rapidly earning a spot on business leaders’ agendas. Yet, many are unclear on how their organization can fuse with the metaverse and other emerging tech in a way that aligns with their overall digital transformation efforts.

In our first DX Coffee Chat, host Anna Leon, Partner in KPMG in Canada’s Technology Strategy and Transformation practice, talked to business leaders about some of the most challenging aspects of digital transformation, with perspectives on embracing the metaverse in the Canadian business environment. Read on to explore some of the insights they shared and get the full scoop by watching the on-demand session recording.

The rise of the metaverse

The metaverse is considered the next evolution of the Internet where people will gather in virtual worlds to work and play. Investment dollars are streaming into this space, particularly in the areas of gaming, shopping and NFTs (non-fungible tokens). As a result, many business leaders are considering whether they, too, should be part of the metaverse—and if there’s a business case for doing so.

“The topic of metaverse is like meringue pie,” said Leon during the live coffee chat. “It’s sweet, it’s fluffy, but there’s not really a lot of substance in terms of the key foundational elements.” Business leaders shouldn’t dismiss it as another fad, nor should they jump all-in because it’s the newest shiny thing. “Because if it’s not metaverse today, it could be something else tomorrow,” she said. “How are we putting our organizations in the right posture and the right framework to support our people and clients, and to drive sustainable innovation?”

Here are some key takeaways from our DX Coffee Chat on how organizations are shaping their digital future:

  • The next generation is already in the metaverse. So to get ahead of the curve, you’ve got to be in the game: “If you want to engage with potential new employees and train them in that new environment, that is the place to be at this stage,” said Rob Tran, COO at Bondly Finance. To get started in the metaverse, you can crawl, walk or run. A ‘crawl’ might mean getting started with NFTs. A ‘walk’ could mean partnering with another firm that’s already in the metaverse, perhaps to sponsor or produce a one-off event. A ‘run’ could involve building out your own digital environment.
  • The metaverse offers exciting new opportunities to reach new audiences, but the return on investment is still unclear: “What excites me about it is the untapped opportunities,” said Roman Coba, VP of Technology at Federated Co-operatives Ltd. That could mean getting your messaging, products or services to audiences you’ve never been able to reach before. At the same time, “No one knows where it’ll land. No one knows what value it will bring,” he said. “It’s hard to define how much money do you put into it, how much effort do you put into it, for something you really can’t quantify the return on.” As with any aspect of digital transformation, he said it’s important to focus on defining the value that the technology will bring to the organization, not on the technology or ‘shiny’ object itself.
  • Digital transformation means adapting to customer wants and needs, which in turn can help with talent acquisition and retention: “What’s exciting for us at Kruger as a manufacturing company that’s adopting new technologies is to be able to use and monetize the data we capture from our sensors. There’s so much more out there, so much we can learn and use going forward,” said Geneviève Bertrand, Senior Vice-President of Information Technologies at Kruger Inc. For example, Kruger is using 3-D glasses to train its operators in preventative maintenance; adopting modern technologies like this is also a draw for potential new hires. “You have to adapt your company to what people want and expect,” she said. “That is part of the digital transformation.”
  • Don’t wait to adopt innovative technologies such as the metaverse. The time to start is now: There is no ‘magical’ stage of maturity that organizations need to hit in order to adopt innovation and leverage technologies like the metaverse or blockchain. “Do you need to have presence in the metaverse? Yes. But, depending on your organization’s objectives, how you are going to do it is going to be very different. The extent that you want to do it, how you want to represent yourself in that new avenue, is going to be very different,” said Kareem Sadek, Partner, Blockchain and Cryptoassets Services Co-leader at KPMG in Canada. “The time is now to start thinking through it.”

Meet your host

Anna Leon

Anna Leon is a Partner in our Technology Strategy and Digital Transformation national practice. Anna provides digital transformation services which involve developing and executing technical solutions, cloud, agile delivery and managed services to different organizations as well as in the broader public sector, including healthcare and not for profit organizations.

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