Canadian organizations are investing more in technology solutions than their global peers and seeing impressive returns on their investments, according to the 2024 KPMG Global Tech Survey.
The survey of 150 C-suite technology executives and senior leaders from large organizations across Canada showed respondents are currently investing in or planning near-term investments in technologies such as AI and automation, edge computing, quantum computing, cybersecurity, Web 3, data and analytics, cloud computing and other solutions in the next year to support their growth ambitions – outspending their global peers.
“After years of relative underinvestment, Canadian organizations have done a major pivot and are now investing more in technology than their global peers – this is a significant leap forward. With more sustained investments like this, Canada’s productivity could finally see a meaningful boost,” says Stephanie Terrill, KPMG’s Canadian Managing Partner of Digital and Transformation.
Nearly nine in 10 (89 per cent) respondents said their technology investments were driven by successful pilot projects and proof-of-concept testing of various solutions. Among the most profitable technologies over the past two years were artificial intelligence, where more than half (56 per cent) of respondents saw a 10 per cent or more profit increase from their investments; cybersecurity (56 per cent) and data and analytics (53 per cent).
“Experimenting with different technologies not only gives business leaders the confidence to make further tech investments, it also helps build a culture of innovation, and innovative organizations are more productive and profitable,” Ms. Terrill says.
“Canada’s productivity crisis is underpinned by chronically low business investment, and our survey clearly shows that when businesses make investments in technology, they improve their productivity and profitability. Canada can advance its competitive position in the world if more businesses commit to making sustainable, long-term investments in technology.”