Spirited discussion around the real-world impact of digital transformation, unprecedented customer engagement and the extraordinary pace of emerging advances in intelligent automation highlighted KPMG’s 2017 Global Analyst Day in Boston.
With the theme of “Shaping the 21st Century Enterprise – for Our Clients and Ourselves,” KPMG leaders shared client experiences, demonstrated new solutions, and offered insights with more than 60 leading industry analysts from around the globe.
Prior to the event, KPMG surveyed the analysts to gauge their opinions on the relative impact of disruptive technologies. Cognitive technology, robotic process automation and Internet of Things were ranked as the top technologies that will have the greatest impact over the next three years.
“Disruption knows no boundaries and, like us, our clients need to place innovation at their core in order to succeed,” said Mike Nolan, KPMG’s vice chair of Innovation & Enterprise Solutions in the U.S. “By formulating governance and processes around innovation, companies can understand the emerging signals in the market, make smart investments, and build the right technology capabilities to successfully transform their business.”
The importance of the customer experience
In the same survey to analysts, a sharpened focus on the customer ranked as the top strategic priority for business leaders. Through sophisticated data and analytics, innovative approaches, and next generation technologies, businesses can understand their customers’ preferences better than ever before. To that end, analysts believe data and analytics deserve the most attention when it comes to technology spend.
“As we found in last year’s KPMG Global CEO study, nearly 90% of CEOs are concerned with the issue of changing customer loyalty and a large number fear their current product or services will not be relevant for their customers in just three years’ time,” said Tim Jones, Global Head of Management Consulting at KPMG. “With a large majority of CEOs concerned about their organization’s ability to keep up with new technologies, customer centricity will be a central driving force for the change, which needs to be both radical and quick.”
Turning technology vision into reality
Leaders at KPMG stressed the importance of taking a holistic approach toward digital transformation to be competitive in today’s market. Creating an operating strategy that aligns the front, middle and back office processes is considered mission critical in order to enhance a customer’s digital experience.
“From building a mobile experience for customers and employees to implementing process automation in their IT and finance functions, too many are still experimenting with small technology focused projects and not linking their business strategy with their digital strategy,” said Rick Wright, KPMG’s leader of digital transformation in the U.S. “Our clients who are having the most success in their digital transformation are those who understand and are quickly acting on digital disruption in their industry, create an outside-in approach toward customer experience, link front office experience to the middle and back office functions, and who drive culture change in their organizations.”
KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the independent U.S. member firm of KPMG International Cooperative (“KPMG International”). KPMG International’s independent member firms have 189,000 professionals, including more than 9,000 partners, in 152 countries.