Companies in Germany are based on technology: KPMG study reveals trends

In the world of German companies, ideas for better business performance are sprouted out like mushrooms! A brand new study by KPMG shows: The transformation through technology, especially generative AI, is at the top of the list of priorities! A huge upheaval is in progress!

In a tense economic climate, many companies look around for new ways to maximize their performance. And what do you discover? More than half of the respondents (54 percent) have already relied on generative AI and other technologies in the past three years to automate their processes. Not to be missed: Plan around 35 percent to take this path as well in the coming year!

market development and strategic alliances in focus

In the creative race for customers, 59 percent of companies show that they have conquered or optimized new markets in the past three years. And the journey continues: 23 percent want to do so next year! There are also significant steps: 57 percent of companies are planning to optimize their working capital, while 40 percent want to forge new strategic alliances. A real temporary game to boost performance!

But that's not all: savings plans, as they are often pulled through in times of crisis, are an absolute taboo for the majority of companies! Less than ten percent think of investment cuts, personnel cuts or restrictions on new hires. Only one fifth of the companies are considering minimizing other operational expenses. In particular, 39 percent have promised what is impossible: they prioritize sustainable initiatives in the ESG area and do not implement any stopping measures!

competition as a driving force

because the competition doesn't sleep! According to the KPMG survey, 68 percent of managers see the intensive competition and the entry of new competitors than the main reasons why companies have to improve their performance. This is followed by tense financing conditions (49 percent) and an acute shortage of skilled workers (43 percent). These challenges are the Shadow player in the game of corporate management!

The KPMG study "Performance Impovement Strategy 2024" surveyed a total of 250 managers of German companies and provides exciting insights into the future of corporate strategies! The message is clear: staff and technological equipment are the key factors for success- in short, medium and long-term! A trend that should not be underestimated - companies have to reinvent themselves now!