24 Sep 2014

Businesses urged to adopt ‘innovation revolution’

lights_6626473SmlSummary: 3D printing, the Internet of Things (IoT) and biotechnologies are among the new technologies predicted to change the way we work and live by 2017.

The 2014 KPMG Global Technology Innovation survey has revealed the top five technologies businesses need to be aware of in the coming years. Alongside 3D printing, IoT and biotech, the study named cloud and mobile technology and AI as the technologies expected to transform organisations.

The Internet of Things refers to the predicted interconnectivity of devices across the world, eventually improving automation and resulting in an integrated cloud-like internet for all.

KPMG surveyed 768 technology business leaders to identify disruptive technologies, barriers to tech innovation adoption, and the scope of business disruption driven by emerging technologies.

Tudor Aw, KPMG’s UK Head of Technology said: “The sectors and the businesses that will enjoy greatest success will be those prepared to take a chance on something new. That’s not to say they should gamble on the next ‘big thing’ – but they shouldn’t be afraid to try.”

The study also looked at factors which organisations believed limited technological innovation. 34% cited restrictive regulatory policies, while 29% cited consumer fatigue as barriers to growth.

Survey respondents also suggested that the top barriers preventing them from commercialising technology innovation were security (27 percent), technology complexity (22 percent) and customer adoption (21 percent).

KPMG also stressed the importance of businesses becoming ‘early adopters’ in order to stay ahead of the competition: “The businesses that are quick to realise that we are only at the start of a technological innovation revolution will be those that uncover the next ‘big thing’ – and they will be the ones standing it in what is becoming an increasingly crowded marketplace.”