With the business environment starting to stabilize and recessionary fears easing, executives are looking inward to transform and reinvent their companies. A recent PwC Pulse Survey offers that business executives are less focused on reacting to external disruptions such as the pandemic, supply chain issues, hybrid work challenges, rising interest rates, and economic uncertainty.
Key findings highlight a decrease in recession concerns (from 35% to 17%) and less pronounced business risks, with a shift towards investing in future growth, especially in technology and workforce development.
Why it matters: With a stabilized business environment, and executives now focusing inward, the next phase of transformation is within reach. CIOs, CTOs, and other technology executives must not only identify and implement the right technologies but also ensure alignment with broader business goals, workforce training, and risk management. This represents both an opportunity and a challenge to drive growth, efficiency, and innovation, and success or failure in this endeavor could be a determining factor in a company’s competitive positioning.
- Just 17% of business executives strongly agree that there will be a recession in the next six months, a drop from 35% in October 2022.
- More than a quarter of executives (27%) want to embed new technologies into their business model, and 24% are focused on new revenue streams. The biggest transformation priorities include integrating cloud, AI, and generative AI into business models over the next three to five years.
- 88% cite achieving measurable value from new technology as a challenge and 48% of executives believe their company is behind in adopting new technologies.