Canadian companies are spending more money on technology, according to KPMG survey

Canadian companies are investing more in technology solutions than their global competitors and are seeing impressive returns on their investments, the study says KPMG Global Tech Survey 2024.

The survey of 150 C-suite technology managers and senior executives at large organizations across Canada found that respondents are currently investing in or plan to make short-term investments in technologies such as AI and automation, edge computing, quantum computing, cybersecurity, Web 3, data, etc Analytics, cloud computing and other solutions next year to support their growth ambitions – while outpacing their global competitors’ spending.

“After years of relative underinvestment, Canadian companies have made a major shift and are now investing more in technology than their global competitors – that’s a significant leap forward.” With more sustained investments like this, Canada’s productivity could finally get a meaningful boost,” says Stephanie Terrill , Canadian Managing Partner for Digital and Transformation at KPMG.

Almost nine out of ten (89 percent) said their technology investments were driven by successful pilots and proof-of-concept testing of various solutions. One of the most profitable technologies of the last two years has been artificial intelligence, where more than half (56 percent) of the respondents saw a 10 percent or more increase in profits from their investments; Cybersecurity (56 percent) and data and analysis (53 percent).

“Experimenting with different technologies not only gives business leaders the confidence to make further technology investments, it also helps build a culture of innovation and innovative organizations are more productive and profitable,” says Ms. Terrill.

“Canada’s productivity crisis is underpinned by chronically low business investment, and our survey clearly shows that companies that invest in technology improve their productivity and profitability. Canada can improve its competitive position in the world if more companies commit to sustained, long-term investments in technology.”