Could tech investment overcome CEO trepidation?
It’s no secret how tough it can be to lead a business in the modern commercial era. Increasing globalisation, political uncertainty and complex markets all contribute to a challenging environment for CEOs to navigate.
However, technology may be the solution in order to handle the demands of the modern world to successfully plan and execute a strategy.
Only 35 per cent of CEOs feel very confident in their business’ ability to grow.
CEOs feeling slightly more apprehensive
The most recent annual CEO survey from PricewaterhouseCoopers (PwC) highlighted the concerns of these professionals moving into the new year. Only 35 per cent of CEOs feel very confident in their business’s ability to grow, a significant decrease from the previous year. Similarly, 60 per cent of businesses see more opportunities in the new year while 66 per cent are expecting more threats.
However, as Chairman of PwC Dennis Nally explained, technology could offer businesses a better method of measuring and analysing how effective their products or services are in the current market. Methods such as business management software can weigh up complex factors to provide a clearer direction for businesses.
Hitting the target
One way to spur excitement in technology is to look to your younger staff members. According to a recent survey of 16 and 25-year-olds around the world, the majority feel prepared to enter into a technology-focused working environment. In Australia, 77 per cent of young professionals have undergone training to learn new skills to support their career, meaning there are plenty of people ready to contribute to the strategic execution of technologies.
According to CEO and Managing Director of Infosys Vishal Sikka, this group is prepared to handle technology and could bring some much-needed drive into some companies.
“Young people around the world can see that new technologies, such as artificial intelligence and machine learning, will enable them to reimagine the possibilities of human creativity, innovation and productivity,” he stated.
Before getting too carried away with newfangled innovations, sticking to tried-and-true methods could offer significant payback for many companies. According to a January article from McKinsey & Company, it is best for businesses to makes careful selections regarding their technology. In a study of banks, there was a strong correlation between profitability and automation, analytics and general application technology, which includes business process management software.
Technology investments are something for businesses to carefully consider before leaping into head-first. However, with the right platforms, innovation or support system, these areas could help CEOs better weather uncertain times.