Mazars, the international audit and advisory firm, today announces the release of its new report “Are you missing the Tech Train? Global investment and implementation surrounding transformative technologies”. More than 600 C-suite executives based in six countries (China, France, Germany, India, UK and US) and working in different industries, sectors, and organisation sizes share insight on these game-changing technologies, their investment appetites, the barriers they face to technological implementation - and how to overcome them.
CHINA AND INDIA LEAD, FRANCE AND UK LAG
Familiarity: Leaders in China are the most familiar with these five key technologies (79%), followed by Germany (71%), India (69%), US (64%). France and the UK come bottom (53%, 44%.) AI is the technology most respondents feel familiar with.
Investment: Respondents in India have the greatest appetite for increasing the budgets they dedicate to these five technologies. France and UK respondents are most reluctant to increase their budgets (as below.)
Implementation: China and India are the most likely to have implemented at least one of the technologies and share the highest adoption rates for all five technologies. France and UK are the least likely to have implemented any of the technologies.
Insurance and manufacturing are the top sectors where the five technologies have already been implemented. Leaders in the public sector were least likely to have implemented any of the five - 50% of respondents working in the public sector said ‘nothing is happening’ with the five technologies.
Benefits and barriers
Cost savings (27%), business model transformation (26%) and improvements in quality (24%) are the top three expected benefits of the five technologies.
The most cited barriers globally to implementing technologies are: obtaining necessary financial resources (25%), finding talent and skills that can fully grasp and exploit the technology (23%) and market maturity (22%) - whether it’s the right time for an organisation to adopt the technology or not.
Guillaume Devaux, Partner, Head of Technology Sector at Mazars, comments: “Our findings show strong forward momentum in regard to these five game-changing technologies – with China and India leading the pack. Overall, familiarity levels are high, leaders see the impact these technologies can have, and they have plans to increase investment. But there are areas of concern and certain sectors and countries pale in comparison with others.”
Devaux adds, “Leaders who think they’re falling behind need to discover which technology will create significant competitive advantage for their organisation. They should remember that successful tech transformation journeys require broad backing - from a company’s leadership and the team at large. Leaders may set the vision - but they must work with others to realise it.”
5 LATEST TECHNOLOGIES ARE KNOWN IN POLAND BUT NOT FREQUENTLY IMPLEMENTED IN POLISH BUSINESS
Although the report „Are you missing the tech train?” does not analyse the situation in Poland, during our exchanges with the clients we have observed some trends in development of the latest technologies. They are becoming more and more important in Polish business, however we are not ready to take potential opportunities.
„Poland is not ready to adapt the latest technologies and it results from numerous barriers of development of at least 1 from 5 technologies in question. Among others, it is about the difficulties in finding workers that would fully understand and would be able to use new technologies, moreover safeguards applicable to the tools of Internet of Things (IoT) are insufficient and the technology investment rate remains very low. These could arise from inability to obtain the necessary financial resources” – comments Jarosław Bochenek, statutory auditor and Partner in Mazars Poland.
The level of digitization of Polish companies is very low and as far as it concerns the integration of digital technology and adaptation of e-commerce technologies, our country is also lagging behind other European Union countries. In contrast, compared to other European countries, Poland takes a good position concerning the use of blockchain. Although it did not reach its full potential, blockchain is increasingly used in Poland as a platform optimizing an upgrading business processes, i.e. in the area of durable medium, loyalty programs, services for company bodies, finally dematerialization of shares.
Jarosław Bochenek has a positive approach regarding the perspectives: „Slowly but efficiently, Poland realizes the projects connected with implementation of the latest technologies of everyday use in the companies. As at the present, the increase in the potential of using block technology is already noticeable, I do believe that after overcoming financial barriers, investments in new technologies will increase, and IT graduates and those specializing in artificial intelligence, also those from Poland, will have more opportunities to use their knowledge in practice. All this can contribute to a dynamic business development in a new dimension in Poland”.
Full version of the report „Are you missing the tech train?” is available on the website www.mazars.pl