We know digital transformation is vital to keep pace with disruption, but Australian CEOs are taking that mission to heart. In fact 68 percent say that they are personally prepared to lead their organisation through radical transformation.
The trouble is, 86 percent are overwhelmed by the time needed to deal with technological disruption, and 70 percent are struggling to cope with the pace of change. However, despite the considerable challenges involved, 96 percent still view it as an opportunity for growth.
"I would say the survey shows a mood of ‘realistic optimism’ among Australian CEOs compared to what may have been excessively optimism in previous years. But it is clear that they are trying to drive growth against strong headwinds of disruption, geopolitics, cyber threats and other strategic issues." Gary Wingrove, CEO, KPMG Australia
Technology isn’t their only challenge – they’re facing geopolitical, demographic and economic upheavals every day that are driving them to think in new ways about growing their organisations.
For example, they are looking to Artificial Intelligence (AI), with close to half piloting AI in a number of processes. In fact, most CEOs believe AI will create more jobs than it will eliminate over the next three years. This counters the regular alarmist commentary on the effect of robotics on employment patterns of the future.
They know the customer is now in control, but the good news is that CEOs in Australia (68 percent) are confident that they are meeting and possibly exceeding expectations.
Perceived threats range from cyber risk to the environment to concerns about a return to territorialism.
But in positive moves they’re looking to team up with third-parties to boost business, and have a positive sense about growth prospects for their own company and their industries.
All predict growth and increased staff numbers over the next three years, and they are pro-actively recruiting the talent and skills needed to facilitate changes, rather than waiting to see if they hit growth targets before hiring – unlike most overseas CEOs.
To find out more about the mindset of CEOs, read more in the KPMG 2018 Global CEO Outlook.
For further details download the infographic snapshot (PDF 65KB)