A majority of companies in India are investing in emerging technologies, according to a KPMG-HFS report titled ‘Enterprise Reboot — Scale digital technologies to grow and thrive in the new reality’.
Over 90 per cent of companies in India are investing in emerging technologies, according to the report. The investment is driven by the realised value of these technologies.
Globally, over 80 per cent of companies are investing or are planning to invest in emerging technologies. Company executives are planning to increase spending across nearly all technology areas over the next 12 months, the report said.
This change has been accelerated by the Covid-19 pandemic as 56 per cent of executives believe that cloud migration has become “an absolute necessity”.
The report is based on a survey of 900 technology executives globally.
In India, enterprises’ priority in terms of spending is more in process automation and smarter analytics compared to the companies across the globe, the report said.
“Respondents in India strongly believe in emerging technologies for future survival,” the report said. “Improved decision making is the top criteria for investments in emerging technologies in India,” it added.
Sachin Arora, Partner and Head – Lighthouse (Analytics, AI & Big Data), KPMG in India, said, “The Covid-19 pandemic has reshaped the way we work and perceive the work around us. We are seeing digital and emerging technologies adoption on steroids by organisations globally. This has helped putting customer at the center of corporate strategy. Traditional business models have struggled to survive or have been disrupted massively. The potential of technologies like cloud, analytics and AI is unequivocal. Transformation can be hard and digital ones can be harder if we aren’t bold to question the status quo. It’s a reboot/reset moment for all of us. We either ride the wave or get drowned – it’s all about the choice we make.”