Even though new technology and digital transformation are creating a wave but how far is the European family business ready to invest in a change for digital transformation. Do they think that digital change is going to create new revenue and get a profitable return made on their investment?
As per a survey conducted by KPMG company, conducted in mid-2017, 187 of German family members from 1000 European family business people, 63% placed great importance on data & analytics, and 41% in networked supply chains. Even though Germany is known for its modern technology, still a reluctant attitude is shown by robotics, artificial intelligence, or virtual reality. Companies have not far contributed any enumerations for such technology and hence the topic, in particular, is still questionable.
Moreover, 33% of the mid-sized companies lack the know-how, 30% show a lack of willingness, and 12% of them see no concrete need for digital transformation.
In my opinion, the survey result shows that they need to speed up to catch the growth. As technology is evolving day by day, so do human intentions and their efforts. Wasting time in making a decision may create a loophole to miss the opportunity.