Sam Subesinghe, head of KPMG’s management consulting practice in Scotland
According to KPMG’s CEO Outlook 2017, UK CEOs view technology disruption as an opportunity rather than a threat.
As part of the Outlook, 150 UK business leaders were asked how technology was affecting their business.
Despite 40% of the CEO cohort expecting technology innovation to cause major disruption in the coming three years, they remain optimistic about the opportunities it brings. Over two-thirds said that technology disruption is more of an opportunity than a threat.
Sam Subesinghe, head of KPMG’s management consulting practice in Scotland, said: “With technology increasingly core to every kind of business, from retailers to healthcare providers, it is disrupting everyone. It is encouraging to see that UK CEOs view this disruption as more of an opportunity than a threat.
“It is essential that UK companies continue to be quick to adopt and exploit the power of disruptive technologies, in products, marketing, manufacturing and operations.”
This is particularly significant for the UK oil and gas sector, which must position themselves to be more reactive and agile to change.
Lawrence Hunt, KPMG director and oil and gas consultancy lead in Aberdeen, said: “The UK oil and gas industry has had an incredibly tough few years resetting how it does business.
“This year has seen a real shift, as operators and supply chain alike focus on digital technologies to drive the next level of efficiency and productivity. This is aligned with other sectors, with the CIO survey showing that nearly 80% of technology budgets have been upheld or even increased this year.
“Investing in new technologies is essential for the North Sea to compete on the global stage, for both investment into new capital developments as well as our supply chain exports.”
The Outlook suggests businesses will need to consider how the shift towards digitisation will impact their culture, and will need to be considerate about engaging people from across the demographics as they immerse their employees into digital.
Whilst the oil and gas sector has always been technology driven, the exponential growth in new technology options also brings challenges in navigating the best solutions – digital is becoming increasingly central to boardroom discussions.”