The majority of businesses aren't getting the most out of their technology, new research finds.
A study by tax and audit firm KPMG revealed that just 5 percent of executives say their company's business strategy and technology are totally aligned. Additionally, nearly a quarter of those surveyed are not even aware of the degree of alignment within their organization.
"Bridging the gap between an organization's business strategy and technology is critical to implementing operating models that will enable marketplace success in coming years," said Richard Hanley, KPMG's Oracle Lead Partner. "Creating greater alignment among the CFO, COO and CIO should be a priority of every organization to help ensure it is capturing the desired value from its IT investments."
Hanley said the fact that the study shows that the majority of businesses have placed a greater priority on business process management, software as a service (SaaS), predictive data and analytics systems and bring your own device over mobility initiatives to enhance client engagement, social networking and bring your own software indicates that organizations are missing opportunities to leverage mobile workforce and social collaboration tools that can improve critical business functions.
"Business process leaders and the IT functions need to have a more unified approach to changing the organization to meet emerging marketplace opportunities," Hanley said. "Our survey may indicate a lag between emerging operational opportunities that can be enabled by technology and the IT function's more immediate priorities for implementation."
The research shows that budget constraints, prioritizing business transformation with other critical initiatives and insufficient execution are the top factors holding many organizations back from improving how they do business.
"Businesses are facing a sea change in how they overcome the barriers to transform their operating models," Hanley said. "This makes the alignment of emerging technologies with strategic objectives especially important to increase the likelihood for successful transformation initiatives."
The study was based on surveys of executives across a wide range of industries who attended the Oracle OpenWorld 2013 conference in San Francisco.
Originally published on BusinessNewsDaily.