Narayan AmmachchiU.S. business leaders are feeling intense pressure to embrace new technologies, with many concerned that their competitors might soon gain an edge by using digital solutions.
However, most organizations are struggling to keep up with the rapid pace of technological developments such as artificial intelligence (AI), machine learning, and automation, according to a KPMG survey.
In many organizations, executives are being pushed to make quick decisions as boards worry about falling behind competitors who may be quicker to embrace innovation.
Of the 400 U.S. executives surveyed, 73% reported feeling increased competitive pressure.
Despite this, a significant number of them are unsure if they can fully trust these new technologies. While emerging technologies can drive business growth, they also present risks such as cybersecurity threats, data privacy concerns, and potential disruptions to existing operations.
This uncertainty makes some companies hesitant to invest completely, even though they recognize the need to stay competitive.
The survey also revealed that 58% of respondents experience operational disruptions at least once a week, as they struggle to balance modernization with their current infrastructure.
“Transformation in the AI era requires a solid foundation. Leaders should invest in critical capabilities for long-term success, particularly in workforce readiness and data modernization,” said Steve Chase, Vice Chair of AI and Digital Innovation at KPMG U.S.
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