Saudi firms 'faster than global peers 'adopting cutting-edge tech

With 80% of organisations in KSA at an advanced stage of their digital transformation strategies, the kingdom has emerged faster than its global peers in adopting cutting-edge technology, a KPMG survey said. The “Tech Survey Saudi Arabia 2022” by KPMG, a leading provider of audit, tax and advisory services in Saudi Arabia, uncovers the technology strategies businesses are using to help outsmart their competitors in a time of unprecedented global change. The report surveyed more than 2,200 executives around the world – including 51 in Saudi Arabia – and conducted a series of in-depth discussions with industry experts. The Tech Survey was launched during LEAP2023, the four-day annual tech convention held in Riyadh, with more than 100,000 tech innovators and leading experts from around the world. Investing heavily Public and private sector organisations in Saudi Arabia have been investing heavily in digital transformation. Organisations in the kingdom have set their sights high, inspired by Vision 2030 and digital transformation initiatives set out by the government. Saudi companies have quickly embraced artificial intelligence, data transformation and emerging technologies to harness technology to outperform their global counterparts. “Our latest global tech report finds a resilient, forward-looking attitude among technology professionals in the kingdom and their peers globally. Moreover, Saudi organisations also demonstrate that they are not risk adverse in adopting tech at the cutting edge, in some cases moving farther and faster than their peers,” commented Robert Ptaszynski, Head of Digital & Innovation at KPMG in Saudi Arabia. Business strategies Almost 66% of Saudi-based respondents believe their organisations are either extremely or very effective at using tech to advance their business strategies. This marks the highest confidence level in this research series, supported by a high return on investment and indicating that effective digital transformation is less of a differentiator than in previous years. 18% of the respondent have extremely effective transformation programmes that have generated at least a 11% uplift in profit or company performance. Although 41% admit that progress is slower than expected, in general, digital transformation programmes have put organisations in the kingdom in an advantageous position to embrace new technologies. Moreover, the expected timeframe for most Saudi organisations to invest in quantum computing is two years, with 70% of businesses suggesting they have advanced in their adoption of data and analytics systems. Security and compliance Almost 53% of executives in Saudi Arabia find security and compliance requirements to be the top challenge their organisation faces in their cloud journey. In comparison, 63% of organisations plan to increase investment in application security, which is 20% more than the global average. Cybersecurity teams are under pressure to keep up with evolving threats, with cultural obstacles and limited funding getting in the way of security efforts. Nonetheless, most Saudi organisations are confident of their ability to prevent or mitigate security risks. The digitalisation of customer channels and the adoption of hybrid working are the two biggest cybersecurity challenges faced by Saudi organisations, with almost half of the respondents (47%) citing the need to improve customer experience as the top driver of their cybersecurity spending. Trust and loyalty “To help ensure that tech innovations enhance customer trust and loyalty, rather than put it at risk, security should be incorporated into planning from the beginning, rather than added later as an afterthought,” stated Ptaszynski. Despite the challenges, Saudi respondents are confident in their cyber capabilities. More than 50 percent are either very or extremely confident in combatting various cyber threats, including from organised crime groups, insiders and compromised supply chains. In several threat categories, this confidence level increased to over 60%. As part of its efforts to map out the new definition of digital leadership, KPMG presents seven traits in today’s most digitally advanced organisations: tear down siloes so the voice of the employee can be heard between departments, Be part of the solution to the talent crisis, Build airtight alignment between cloud stakeholders, Ensure cyber specialists have early involvement in tech selection and staff education, Allow the voice of the customer to guide emerging-technology strategies, Be prepared to switch platform providers to enhance customer experiences and Experiment wisely. Adding value “These traits work together to optimise the output of IT, ensuring digital-transformation efforts are sustainable and continue to add value and contribute to loyalty-winning customer experiences in the long term,” said Ptaszynski. “Digital-transformation triumphs are empowering today’s businesses to face the uncertainty ahead with a confident spirit. The returns and performance improvements earned to date have branded customer-centric technology strategies as lifesaving tools in any business’ survival kit,” he concluded. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Saudi firms 'faster than global peers 'adopting cutting-edge tech

DISCOVER MORE

Apple CEO praises China's innovation, long history of cooperation on Beijing visit

U.S. and China wage war beneath the waves - over internet cables

Intel co-founder Gordon Moore, prophet of the rise of the PC, dies at 94

Sharjah Police, Etisalat Services Holding coordinate on optimal investment in IT solutions

Musk denies report on SpaceX's plans for new funding from Saudi, UAE

South African proptech leaders Flow secure $4.5mln in funding to enable the global property industry

'I was on the brink of a heart attack': How smartwatch saved UAE resident's life

UAE astronaut Sultan AlNeyadi recites inspiring poem on making world a better place

UAE exchange firm Al Ansari upsizes IPO on strong investor demand

Dubai's Emirates expands training fleet with $4.3mln aircraft order

2 African development banks invest $16bln in oil, gas projects

GCC central banks track US Fed move; hike key rates by 25bps

UAE's Presight AI to debut on Abu Dhabi Securities Exchange next week

Saudi Aramco signs deal with Samsung to localise industrial 5G communication networks

Saudi Aramco signs MoU with Samsung to localise industrial 5G

Saudi: MIS obtains $202.4mln loans from Al Rajhi Bank, SABB

ADIO-backed Access Abu Dhabi collaborates with Halcyon

Saudi Arabia ranks fourth globally in digital systems preparedness: report

LATEST VIDEO

VIDEO: LSE-listing will facilitate more funding opportunities for us, Dar Global CEO

ZAWYA COVERAGE

Will gold face more downside or upside after Fed's rate hike?

Kenya signs $250mln deal with UK to boost food production

PODCAST: IFC is ready to back governments privatisation plans with capital

UAE's Presight AI to debut on Abu Dhabi Securities Exchange next week

Biden said federal deposit insurance could be tapped further if banks fail

Deutsche Bank tumbles as jittery investors seek safer shores

Trump warns of 'death & destruction' if charged with a crime

Small U.S. banks see record drop in deposits after SVB collapse

Russia presses along Ukraine front after reports of Bakhmut slowdown

THE BRI REPORT

China is reshaping the Belt and Road Initiative ahead of a post-pandemic era

DISCOVER MORE

LATEST VIDEO

ZAWYA NEWSLETTERS

ZAWYA COVERAGE