CEOs in India, today, face an increasingly uncertain, volatile and complex business environment. With rising concerns over the potential slowdown in the global economy, growing territorialism and risks pertaining to climate change, CEOs in India have taken it upon themselves to safeguard their organisation from external threats to become agile and resilient.
With strong macroeconomic fundamentals, India is at the cusp of a significant transformation. To tap into emerging opportunities, CEOs in India identify that it is imperative to bring in a change from within. They realise that the future is digital, and there are no two ways about it. The digital ecosystem is bringing in a paradigm shift in the way customers interact with various businesses and vice versa. Disruptive technologies are providing CEOs in India, with powerful ways to bridge the gap between various office functions, bringing in digital transformation and significantly increasing their customer engagement.
India today is among one of the fastest growing economies in the world. This is a sentiment that is also echoed by CEOs in India, who have confidence in the Indian economy (which has only gone up in the recent years). Having said that, CEOs in India are not oblivious to the instability and turbulence in the global economy. CEOs in India have to understand and cope with an increasingly unpredictable and fast-changing array of risks. The increasing adoption of emerging or disruptive technologies has meant that organisations cannot afford to ease up, as being inactive could disrupt them out of existence altogether. As CEOs in India start to wade through these uncharted waters, they are recognising the importance of becoming part of the disruption, and being resilient and agile.
Fast-paced technological disruptions, changing customer preferences and shifting internal priorities will keep CEOs in India on their toes, thereby compelling them to institute and implement the four pillars for building an agile organisation i.e. innovation, cultural change, dynamic leadership and customer centricity. Talking of innovation, CEOs in India do recognise the need to drive enterprise agility and capitalise on disruptions. Apart from investment in innovation processes, organisations are also focusing on fostering a culture of innovation, with four in five CEOs in India (80 per cent) wanting their employees to feel empowered to innovate, without worrying about negative consequences.
To master resilience and act with agility, CEOs in India need to drive change from within. CEOs in India are increasingly realising the importance of digital transformation and the underlying technologies required to implement it. Their foremost priorities must focus upon enhancing digital capabilities (both in terms of technology and workforce) and building cyber resilience.
In this ever-changing dynamic business environment, CEOs in India have all the more responsibility to be agile and respond quickly to the fast-changing business factors impacting long-term growth.
This report has been put together basis the survey results of 125 CEOs in India who participated in a global survey. The Global CEO Survey was conducted in 11 of the world’s largest economies comprising 1,300 CEOs. From India, CEOs from 11 key industries participated in the survey, namely, asset management, automotive, banking, consumer and retail, energy, infrastructure, insurance, life sciences, manufacturing, technology and telecom.