2023-10-25 22:01:41
The KPMG Technology in the UAE report entitled “Directing the Course of the Digital Future 2023” confirmed that 89% of technology leaders in the country feel confident that current technology contributes to supporting business growth rates and enhancing organizational development. Compared to their counterparts around the world (16%).
This remarkable progress highlights the country’s pioneering position and its leadership on the global scene in the advanced technology sector and innovative technologies.
In this context; The report highlights the UAE’s keenness to optimally employ technology to achieve ambitious business goals, address challenges, and enhance environmental, social, and governance (ESG) practices.
According to the results of the report; 87% of technology leaders in the country are confident in the ability of current technology to achieve more progress on the organization’s ESG level, compared to their counterparts around the world (15%); Also, 86% of technology leaders in the country confirm the significant role that technology plays in improving levels of employee satisfaction, well-being, efficiency, and reducing costs.
Mohammed Majeed, Partner Responsible for Digitization and Innovation at KPMG Lower Gulf, said: “Digital transformation leaders in the UAE are making innovation a top priority and creating value at an accelerated rate, despite the emerging challenges resulting from uncertainty in the global economy.” The KPMG UAE Technology Report 2023 provides insights to help the country’s technology leaders achieve innovation and growth supported by technology.
He added: “The issuance of this report represents the utmost importance as it provides a global example of adopting strategic artificial intelligence, including environmental, social and governance practices as a top priority and optimal use of technology in various businesses.”
Technology leaders are keen to adopt the latest innovative technologies, in line with the country’s vision to advance the artificial intelligence index forward. According to a KPMG report, 53% of technology leaders in the country confirmed that artificial intelligence is a major factor in achieving their short-term goals.
The study also highlights participants’ other technology preferences in achieving their short-term goals, with Edge Computing (43%) and Quantum Computing (41%) emerging as highly valuable options. Furthermore; The “metaverse” virtual world (29% as stated in the report) represents an evolutionary concept rather than a competitor to innovative technologies.
Moreover, 43% of the technology leaders surveyed pointed out that artificial intelligence is one of the basic pillars that contribute to enhancing the return on investment. Two-thirds of technology leaders attribute profit growth to AI initiatives.
In this context; 84% of technology leaders in the UAE stressed the necessity of investing in Xaas technologies because of their great benefits. Compared to 21% of their counterparts around the world. XaaS, or “everything as a service,” means obtaining various resources and services over the Internet through subscriptions.
These services include infrastructure as a service (IaaS), platform as a service (PaaS), software as a service (SaaS) and others. XaaS technology helps companies effectively adapt to changing needs, rationalize expenses, and keep pace with the times through regular updates and improvements.
The report revealed that information security is a major factor in promoting digital transformation due to regulatory requirements and increasing cybersecurity concerns. In this context; More than half (56%) of technology leaders emphasized the importance of meeting customer demands for improved privacy and cybersecurity in guiding their strategies.
47% of technology leaders in the country indicated that unsophisticated data management strategies represent an obstacle to transformation, compared to the global average (34%). Moreover, 43% of survey participants highlight the limitations resulting from traditional technology, which underscores the need for innovative strategies that directly address these challenges.
In conclusion; Future generation technology leaders see the holistic evolution of the digital world as fostering innovation across all areas of business. In line with the country’s endeavors to achieve its ambitions by the year 2071, technical transformations and technological developments can reshape the future of education, healthcare, tourism, the manufacturing sector, as well as environmental, social and governance practices.
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