How can my company grow and stay relevant as new disruptors change the markets? This question leads the list of chief executive officers (CEOs) concerns (74%), according to KPMG’s ‘Global CEO Outlook 2015 – The Growth Imperative in a More Competitive Environment’. More than half of those interviewed, however, are more optimistic about growth prospects in the next three years, willing to risk more and increasingly open to transformation.
Keeping up with new technologies (72%), competitors’ ability to take business away (69%) and the relevance of products and services three years from now (66%) are also among CEOs’ top concerns and competitive challenges.
CEOs also share the belief that their business is evolving faster than ever (nearly 30% expect their companies to be significantly different three years from now) and that actions have to be taken to avoid being left behind.
Is it enough?
The competitive environment is getting tougher – no doubt about that, according to 74% of CEOs. But what can be done? Developing new growth strategies (33%), stronger client focus (30%), geographic expansion (29%) and reducing cost structures (28%) are the main strategic priorities CEOs set. Fostering innovation comes in fifth, at 27%.
So, what is being done? In fact, even if they recognise these challenges, more than 56% of the interviewees admit they haven’t adopted appropriate resources, processes and technologies to innovate. ‘Maintaining [the] status quo, while incredibly comfortable, is the most risky thing you can do in today’s world’, warns Mark A. Goodburn, global head of KPMG Advisory, in the same report.
For this survey, Forbes Insights interviewed 1,276 CEOs around the globe, from Australia, China, France, Germany, India, Italy, Japan, Spain, the UK and the US. They represent nine key industries, including banking, healthcare, insurance, automotive, technology, investment management, energy/utilities and retail/consumer markets.