‘Extraordinary times’: The case for business reinvention
Added on 06 September 2023
There is no doubt that we are living through the most unstable period for many years. The impact of economic instability and climate change can be seen on the news every day. For businesses wanting to survive and thrive, these worldwide factors are compounded by phenomenal technological change, including digitization and Artificial Intelligence.
A recent survey of 4,410 CEOs across 105 countries and territories conducted by global consulting firm PwC (1) is a fascinating read. In particular, the results confirm that:
“… we are living through extraordinary times, with five broad megatrends – climate change, technological disruption, demographic shifts, a fracturing world and social instability – reshaping the business environment.”
None of these factors is new. However, the extent to which they are now interlinked is without precedent. As the report observes, “their scope, impact and interdependence are growing, with varied magnitude across industries and geographies.” (2)
The result is that businesses need to think more carefully about their futures and take steps to be more responsive to changing customer needs.
Economic success for the long-term
The survey confirms that a lot of work needs to be done to make more businesses economically viable for the long term. Nearly 40% of the CEOs interviewed think that their company will not be economically workable a decade from now if it continues on its current path. These responses to this question are highly consistent across a range of sectors: technology (41%), telecommunications (46%), healthcare (42%) and manufacturing (43%).
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