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FFCTECH

CEOs need wide digital reinvention
« on: 01:07 PM, Jun 11, 2019. »



CEOs need wide digital reinvention

Chief Executive Officers have been advised to create organizational agility that will disrupt existing business models and challenge long-held market orthodoxies in the face of unparalleled environmental, economic and technological changes. The advice was contained in the Fifth KPMG International   Global CEO Outlook'. According to findings from the Outlook, two-thirds of CEOs say that agility […]


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Chief
Executive Officers have been advised to create organizational
agility that will disrupt existing business models and challenge long-held
market orthodoxies in the face of unparalleled environmental, economic and
technological changes.





The advice was contained in the Fifth KPMG International   Global
CEO Outlook'.





According
to findings from the Outlook, two-thirds of CEOs
say that agility is the new currency of business and that if they don't adapt,
their business will become irrelevant. It disclosed that





just over half of CEOs are
confident they will succeed but are realistic, with 53 percent projecting
cautious three-year growth of up to 2 percent (down from 55 percent in 2018).





As with 2018, they are also
maintaining a positive three-year growth outlook for the global economy,
although this has slightly fallen from 67 to 62 percent over the last 12
months. This confidence is also shown by their commitment to hire, with 36
percent of CEOs projecting to add more than six percent to their workforce in
the next three years.





 A successful CEO now needs to be
an agile CEO,   said Bill Thomas, Global Chairman, KPMG International.
  Succeeding in a world of volatility and uncertainty requires different
leadership skills, particularly in large, multi-national organizations. It’s no
longer a question of simply defending your position and using scale to maintain
competitive advantage. Today, CEOs need to be comfortable disrupting their
business models by forging new strategic partnerships, considering alternate
M&A strategies and increasing the skills of their workforces.  





Other findings





Climate change driving
a multi-risk operating environment





CEOs named climate change the
biggest risk to their organization’s growth, the first time in five years it
was rated a top concern compared to technological, territorial, cyber and
operational risks. But with only a small margin between each of them, it paints
a picture of a complex and ever shifting risk landscape.





The innovation
disconnect





A majority of CEOs (84 percent)
believe a   fail-fast’ culture is required in today’s marketplace, in which
lessons from failures are learned quickly, yet only 56 percent say that kind of
culture is in place in their organization. Eight out of ten CEOs (84 percent)
are looking to change the makeup of their leadership teams to disrupt the
status quo.





Cyber security to
innovation





Cyber continues to be high on the
CEO agenda, despite falling from the second highest risk last year to fourth
this year. In 2019, a larger group of CEOs (69 percent vs 55 percent in 2018)
say a robust cyber security strategy is critical to driving trust with key
stakeholders and most (71 percent) view information security as a key factor in
their broader innovation strategy.





Acquiring expertise
through M&A





For many CEOs, M&A presents the
best opportunity to upgrade digital capabilities with pace. A proactive M&A
strategy is on the agenda for 84 percent of CEOs who have a moderate or high
M&A appetite for the next three years. Driving this appetite is the ability
of M&A to transform a business model faster than organic growth.





Capital investment





When asked to prioritize between
buying new technology or developing their workforce to improve their
organization’s resilience, CEOs favored technology two to one (68 vs 32
percent).





AI experts take note





Artificial intelligence (AI) is on
the minds of CEOs, yet only 16 percent have implemented AI and automation
programs. A further 31 percent are still at the pilot stage, while 53 percent
admit to undertaking a limited AI implementation. Yet 65 percent of CEOs
believe the inclusion of AI and automation will create more jobs than it
eliminates.





Continues Thomas,   All together,
this year’s survey is telling us that we’ve entered a new era of leadership.
Agility comes from balancing a CEO’s instinct with having confidence in what
the data are telling you. Strategic decisions require data that has bias
removed. It’s no longer enough to seek   big   data, instead CEOs must use
technology to uncover quality data. Only through this, will they create the
organizational resilience to drive growth.  


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AI most talked about disruptive technology by global CEOs

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