UK businesses are struggling to keep pace with rapidly advancing technology – despite most seeing innovation as an opportunity rather than a threat.
According to KPMG’s CEO Outlook 2017, more than a third (37 per cent) of bosses felt their organisations are struggling to keep pace.
They also believe that piloting emerging technologies, attracting strategic talent and building data collection capabilities are their top worries over the next three years.
Graham Pearce, head of technology in the north at KPMG in the UK said: “With technology increasingly core to every kind of business, from retailers to healthcare providers, it is disrupting everyone.
“It is encouraging to see that UK CEOs view this disruption as more of an opportunity than a threat.
“It is essential that UK companies continue to be quick to adopt and exploit the power of disruptive technologies, in products, marketing, manufacturing and operations.”
Even though 40 per cent of the 150 CEOs surveyed expect technology innovation to cause major disruption in the coming three years, they remain optimistic about the opportunities it brings.
And over two-thirds said technology destruction is more of an opportunity than a threat.
Pearce added: “New, disruptive technological innovations are emerging at a rapid pace. Today’s hot tech breakthrough could soon be yesterday’s news.
“With so many options to choose from, it’s extremely hard to methodically scan, assess, pilot, and deploy new technologies – but it’s essential that UK Boards ensure the effect of emerging technology on business models is a regular Board room topic.
“This may also require new roles or personnel at board levels.”