Canadian companies are investing more in technology solutions than their global counterparts and are seeing impressive returns on their investments, the study says KPMG International Global Technology Report 2024.

The survey of 150 technology managers and executives at large organizations across Canada found that respondents are currently investing in technology such as AI and automation, edge computing, quantum computing, cybersecurity, Web3, data analytics, etc. or plan to do so in the near future. Cloud computing and other solutions will be deployed over the next year to support their growth ambitions and outperform their competitors on a global scale.

“After years of relative underinvestment, Canadian companies have made a significant shift and are now investing more in technology than their foreign counterparts, which represents a major step forward. Thanks to more sustainable investments, Canada’s productivity could finally see a significant increase,” says Stephanie Terrill, Canadian Managing Partner, Digital Transformation at KPMG.

Almost nine out of ten respondents (89%) said their technology investments were driven by successful pilots and validation testing of various solutions. One of the most profitable technologies of the last two years is artificial intelligence, thanks to which more than half (56%) of respondents saw their investments increase by 10% or more, cybersecurity (56%) and data analysis (53%).

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

“Canada’s productivity crisis is driven by chronic weakness in 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 long-term, sustainable investments in technology. »