A new survey by KPMG has found that 90% of Irish CEOs see disruption as a growth opportunity for their business, not a threat. KPMG
CEO Outlook for 2017, in association with
Forbes Insights, looks at CEO sentiment about the local and global economy, the opportunities provided by disruption and what CEOs are doing to ensure they have the skills to deliver in a changing world.
This year’s
CEO Outlook emphasises that disruption has become a fact of life for many chief executives. Many Irish CEOs see disruption as an opportunity to transform their business model, develop new products and services and to re-shape their businesses, the study finds.
According to Shaun Murphy, Managing Partner of KPMG, Irish CEOs are optimistic about the future of their own businesses, despite risks to the global economy. “The majority of CEOs we spoke with are optimistic about their company and its prospects, as well as both the national and global economies. They say they are taking the necessary steps for their business to be a disruptor, rather than be the disrupted.”
Optimism
The report highlights that over two thirds of Irish CEOs are highly positive about their short-term growth prospects and, although aware of the challenges posed by issues such as Brexit, are optimistic about the future. 84% of Irish CEOs are confident about Irish economic growth in the year ahead and almost three in four expect positive global economic growth.
New technology challenge
The study did find, however, that new technology will have the biggest impact on company growth over the next three years.
“The CEOs we interviewed spoke in particular of the twin challenges of ‘disrupt and grow’. In the face of the uncertainty of Brexit and the potential threat of protectionism, Irish CEOs are looking to use technology to create new opportunities and ensure that they are the disruptors, not the disrupted,” said Murphy.
Mission critical issues
A decade ago, themes such as cyber security, data and analytics, artificial intelligence and cognitive computing were niche but now are playing on the minds CEOs and the boards of their organisations.
According to the report, four in five CEOs are concerned about their capabilities around critical business issues they have not previously encountered.
Skills
In keeping with their global peers, Irish CEOs are reassessing their skills and attributes to help them lead better. More than 90% have taken a course to upskill and 70% agree that they are now “more open to new influences and new collaborations than at any time in their career.”
With continued pressure on the bottom line, Irish CEOs are focused on managing their businesses’ core strengths while transforming the way they create value, the report finds.
You can download KPMG's CEO Outlook 2017 report here.