Close X
Sunday, November 24, 2024
ADVT 
National

Deloitte Study Says Few Canadian Businesses Ready For Next Wave Of Tech Change

Darpan News Desk The Canadian Press, 28 Apr, 2015 10:42 AM
    TORONTO — A new study by Deloitte has found that most Canadian companies aren't prepared for how quickly they'll be affected by major advances in technology such as robotics and artificial intelligence.
     
    The Canadian arm of the international consulting firm says only 13 per cent of the 700 companies in its study scored well, while 87 per cent were partially or completely unprepared for the magnitude and speed of change ahead.
     
    In fact more than one-third — 35 per cent — scored poorly on all four of the key criteria that Deloitte used to measure preparedness: awareness, innovation, agility and the ability to channel resources.
     
    The study's findings are consistent with other Deloitte research on Canadian productivity, said Terry Stuart, a co-author of the 42-page report released Tuesday.
     
    "Canadian companies are generally risk-adverse," Stuart said in an interview ahead of the study's publication. 
     
    "They're not investing as much as they need to in the technologies and capabilities and we're seeing that applied directly in these technology areas that we studied."
     
    The study was especially interested in how Canadian companies were responding to five types of technology with the potential to cause widespread disruption to what has become the usual manner of doing business: robotics, artificial intelligence, communications networks, manufacturing tools such as 3D printers and platforms for collaboration. 
     
    Although many of these technologies have been around for decades, they had been advancing at a relatively slow pace — which Deloitte expects will surge exponentially in the very near term.
     
    "Disruption is not going to happen in some distant future. It is happening now," the study concludes.
     
    Stuart, who is Deloitte Canada's chief innovation officer, said the majority of companies in the study weren't spending enough time thinking about the new technologies, understanding them and preparing for the implications.
     
    "There was no difference between industry segments or size of company. That was a little bit surprising to us," Stuart said.
     
    But the study did find 74 per cent of the most prepared companies had experienced revenue growth over a five-year period, much higher that among unprepared companies.
     
    The most prepared companies were also spending more on research and development over sustained periods and were more internationally focused.
     
    Stuart said the underlying causes for the Canadian caution are complex and there is a role to be played by the academic and government sectors, although the main audience for the study is business leaders.
     
    "You have to look at a variety of factors. They way that our culture has grown up, how we're educated and trained, et cetera.

    MORE National ARTICLES

    Prime Minister Modi Calls For Deeper Global Terror Response, Citing Ottawa Attack

    Prime Minister Modi Calls For Deeper Global Terror Response, Citing Ottawa Attack
    OTTAWA — India's prime minister says last October's attack on Parliament Hill was a violation of a "temple" of democracy that was felt by free countries around the world.

    Prime Minister Modi Calls For Deeper Global Terror Response, Citing Ottawa Attack

    Internal CBC Report On Former Radio Host Jian Ghomeshi Due Thursday

    TORONTO — The findings of an investigation into how the CBC handled the Jian Ghomeshi scandal are set to be released Thursday.

    Internal CBC Report On Former Radio Host Jian Ghomeshi Due Thursday

    Lost To India, Seized In Canada, Harper Returns 'Parrot Lady' Sculpture To Modi

    Lost To India, Seized In Canada, Harper Returns 'Parrot Lady' Sculpture To Modi
    The life-sized, red sandstone statue, believed to be some 900 years old, depicts a dancing woman with a parrot resting on her head. The woman is meant to be seen as a "naayika" — Hindi for heroine — while the bird is her friend or confidante.

    Lost To India, Seized In Canada, Harper Returns 'Parrot Lady' Sculpture To Modi

    Desmond Hague, Puppy-Kicking CEO, Gets $5,000 Fine And Banned For 3 Years From Owning Animals

    Desmond Hague, Puppy-Kicking CEO, Gets $5,000 Fine And Banned For 3 Years From Owning Animals
    Desmond Hague, who resigned from Centerplate Inc. last year, must pay a $5,000 fine and face a three-year ban on owning animals for kicking a puppy.

    Desmond Hague, Puppy-Kicking CEO, Gets $5,000 Fine And Banned For 3 Years From Owning Animals

    B.C. Premier Christy Clark Predicts Jim Prentice Win, Calgary Flames Loss

    Clark says she's made a friendly bet with Prentice over the winner of the Vancouver Canucks/Calgary Flames first-round playoff match.

    B.C. Premier Christy Clark Predicts Jim Prentice Win, Calgary Flames Loss

    Mississauga Man Detained In Egypt Cleared To Come Back To Canada

    Mississauga Man Detained In Egypt Cleared To Come Back To Canada
    TORONTO — The family of an ailing Mississauga, Ont., man detained in Egypt for more than a year says the father of four has been given all the documents needed to return to Canada.

    Mississauga Man Detained In Egypt Cleared To Come Back To Canada