While some studies are concluding that new software solutions are not going to be employed directly in managing a safe return to work as Covid-19 restrictions have eased, a new study finds long-term survival may be driving business-related investments in technology. Despite reducing funding for emerging technology in the short term as many businesses shuttered for months, the report from consultancies KPMG and HFS says spending on initiatives like RPA will rebound and increase in the next 12 months.
“This crisis isn’t affecting all industries equally, but for many of the industries facing crisis, managing the transition to a digital business model is imperative,” said Cliff Justice, KPMG global lead for Intelligent Automation and U.S. lead for Digital Capabilities. “However, doing so is made more complicated in a time where investments are critical, but cash must be preserved.”
According to Enterprise reboot, RPA and other process automation technologies are among a handful of emerging technologies that will receive increased funding over the next year. Forty-three percent of technology executives polled expect spending on automation technology to increase, compared to only 25 percent whose organizations will cut spending on automation initiatives.
The report also noted 5G, AI and blockchain, in addition to automation, as emerging technologies that could see investment rebound in 2021.
“These technologies are helping companies maintain customer and stakeholder trust, keep remote workforces connected, ensure their business is resilient and prepared for disruptions, and build a strong foundation for future product and service innovation,” Justice said.