According to a new study by KPMG, companies in Saudi Arabia are moving at a faster pace in adopting cutting-edge technologies compared to their global counterparts. The study, released at the Leap technology exhibition in Riyadh, showed that about two-thirds of respondents in the kingdom reported their organizations being either extremely or very effective at utilizing technology to drive their business strategies. Furthermore, 80% of enterprises in Saudi Arabia have reached an advanced stage of digital transformation, as per the study.
Although 41% of the respondents admitted that their progress was slower than expected, the KPMG report highlighted that the digital transformation programs in Riyadh have put the companies in a strong position to adopt new technologies.
The report stated that both public and private sector organizations in Saudi Arabia have been investing heavily in digital transformation, inspired by Vision 2030 and government initiatives. With a goal to harness technology to outdo their global competitors, these companies have been quick to adopt artificial intelligence, data transformation, and emerging technologies.
Saudi Arabia has launched several initiatives to encourage the use of technology as it gears up for the future economy. The study by KPMG also indicated that the implementation of digital transformation over the past two years has had a positive impact on the bottom line of Saudi companies.
