In PwC’s latest Pulse Survey, executives reveal the urgent need for business model reinvention to stay competitive. With 34% of CEOs predicting the demise of average competitors within three years without significant change, the pressure to transform is palpable. However despite high confidence in internal talent and capabilities, significant misalignment persists on how to effectively evolve as an organization.
This survey highlights critical areas of focus, including the necessity of proactive transformations, the importance of alignment within executive teams, and the prioritization of investment in new technologies over cost-cutting measures. These insights are crucial for businesses navigating an increasingly volatile business environment.
Why it matters: For CIOs, this presents a unique opportunity to lead substantive, transformative change. As businesses prioritize investment in technology and AI, CIOs can drive innovation, enhance operational efficiency, and align technology strategies with overall business goals. Effective leadership in these areas can position CIOs as pivotal figures in their companies’ reinvention journeys.
- CEO Insights on Reinvention: A significant insight from the survey is that over a third of CEOs foresee the extinction of average competitors within three years without business model changes. This highlights the critical role CIOs must play in driving necessary transformations to keep their companies competitive.
- Confidence in Capabilities: Although 76% of executives express confidence in their talent and capabilities, a stark 84% struggle with executing changes quickly enough. This presents an opportunity for CIOs to develop agile systems and processes that support swift adaptation.
- Executive Alignment Issues: There’s a notable discrepancy where 59% of executives agree on the future vision but only 41% on the method to achieve it. CIOs can bridge this gap by ensuring alignment through clear communication and cohesive strategy development within executive teams.
- Initiated Reinvention Efforts: The survey reveals that about 75% of companies are in the process of or have completed reinvention efforts, including reaching new customer bases and creating smart products. CIOs are central to these initiatives, from deploying new technologies to enhancing customer experiences.
- Initiated Reinvention Efforts: The survey reveals that about 75% of companies are in the process of or have completed reinvention efforts, including reaching new customer bases and creating smart products. CIOs are central to these initiatives, from deploying new technologies to enhancing customer experiences.
