Business leaders trust innovative technologies will further help them achieve their goals, as 77 percent are actively implementing digital assistants, biometrics, and virtual reality to modernize their enterprise, a KPMG 2020 Technology Industry Innovation survey found. As many as 59 percent of businesses believe COVID-19 has affected their business model, changes that will be visible over the next three years.
Biometrics, 5G, robotics and blockchain ranked higher in immediate deployment interest than virtual reality and edge computing, but will also raise more data privacy and usage concerns. Post-COVID-19, companies may look into biometrics to ensure security protocols are met, to provide facility access to authorized personnel only, enhance employee authentication, and enable contactless ordering and payments.
According to the survey infographic, business leaders believe biometrics will have a fast return of investment, as 40 percent expect significant results within two years of initial investment. Tech companies will increase investment in biometrics, as 37 percent of respondents project a 20 percent to 39 percent increase and 16 percent expect at least a 40 percent increase.
When asked about top benefits in adopting biometrics, 23 percent expect improved business efficiencies, 21 percent estimate increased market share, and 12 percent an accelerated time to market. Time, cost and training challenges are among top concerns for organizations and their end users.
Moving forward, organizations are also looking to generating growth by using digital assistants to improve customer experience and reduce human error, and through virtual reality to improve remote work and customer interactions.