- Nine in ten of firms surveyed have strong plans to increase technology adoption in the next five years
- Improving data analytics was the most popular form of technology, with 44% of the more than 750 executives selecting it as the top benefit
- The challenges are many, with 51% firms citing security and privacy as a concern and 43% citing technology skills among employees
There is a strong link between corporate growth and technology, according to the first report in The Economist Intelligence Unit’s Tailored with Technology research programme sponsored by ANZ Bank. The report, which is focused on corporate growth, is based on a survey of more than 750 executives in eight economies: Australia, New Zealand, China, Hong Kong, India, Singapore, the United Kingdom and the United States. In the coming weeks, additional reports and articles will be published on the topics of sustainability and the macro-economy, as well as specific industries.
The link between corporate growth and technology has always existed, but it’s growing stronger, with nine in ten executives responding that they have plans to increase their adoption of new and emerging technologies. These technologies include robotics, software-defined network, and machine learning, among others. They are being used to accomplish a range of objectives, such as improving efficiency, growing internationally and reducing costs.
The most popular trend today in the survey was big data and analytics. Nearly 38% of respondents selected it as being among their top three priorities, higher than cyber security, artificial intelligence and cloud computing. Big data and analytics are being used by firms for client attraction and retention, as well as risk management and forecasting.
There are barriers to technological adoption, however. Security and privacy is chief among them, with more than 51% of respondents selecting it as one of the three biggest challenges. It was followed at 43% by technology skills among employees and at 39% technology standards and regulation. Many organisations see organisational solutions to these problems, whether it is fostering more cooperation between the chief technology officer and his c-suite counterparts or changing individual mindsets in the workforce.
Chris Clague, the editor of the report, said: “Technology receives significant coverage when it comes to corporate growth, but the Tailored with Technology series is designed to go beyond the headlines and answer questions about how firms around the world are actually using these technologies (or not). It’s clear from the survey results that executives view technology as vital, but as with many areas of corporate growth, there are often gaps between strategy and execution.
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About ANZ
ANZ is a leading regional bank that connects 33 countries, including the bank’s home markets of Australia and New Zealand, its Asia-Pacific footprint and presence in Europe, Middle East and the US. Founded in 1835, we have grown to be one of the world’s leading financial services groups, a Top 4 Corporate Bank in Asia, a Top 5 listed company on the Australian Securities Exchange, the largest bank in New Zealand and “AA-” credit rated by Standard & Poor’s, Moody’s and Fitch. ANZ is also the largest clearing bank for AUD and NZD.
Offering institutional, commercial, retail, wealth management and private banking solutions, ANZ services over 10 million customers worldwide.
