what are ceos most concerned about 2023

Our data shows us that 72% of parents are feeling burdened from parenting and caregiving; 42% of parents and caregivers are feeling isolated or not connected, and that 57% of parents and caregivers. Still, the near-term revenue outlook is weak, particularly for CEOs in the real estate and private equity industries, who are feeling the effects of rising capital costs and tightening liquidity conditions. When will your companys climate clock run out? Tech companies dont operate that way. While this is true in any climate, its especially relevant amid an uncertain economy and ongoing shifts in the way we work, and todays CEOs are always learning how to best navigate a rapidly evolving business landscape. So if you've ever fantasized . But none have been trained to navigate the many multidimensional, evolving, and overlapping disruptions we see at the beginning of 2022. The second imperative is to develop an orchestration capability to make the many data linkages needed to enable advanced experiences. This worry comes amid the brand-new challenge of COVID-19. PwCs corporate governance centre has highlighted a range ofapproaches to combat bias in the boardroom, such as soliciting views through independent consultation or questionnaires, structuring discussions to consider overlooked possibilities (for example, by asking, What do our competitors hope we will do? and What do they fear we might do?), and assigning a devils advocate role for critical discussions. Participants weighed in on the top business threats and opportunities in 2023 and their plans for growth. Inflation is now. .chakra .wef-10kdnp0{margin-top:16px;margin-bottom:16px;line-height:1.388;}What is the World Economic Forum doing to manage emerging risks from COVID-19? Your next move: retain top talent. CEOs in both the United States and globally say slow growth and a recession are their #1 external worry of 2023. CEOs of remote teams are concerned about delivering on the promise to create a culture that fosters inclusion and belonging. This has talent implications as well, since the most talented want to be in an organization where they can grow their skills. More than 60% of CEOs expect a recession in their geographic region in the next 12 to 18 months, according to a survey of 750 CEOs and other C-suite executives released Friday by the Conference. In effect, theyre trying to manage the scale rather than extract the value. The growing importance of trust is deeply intertwined with the changing nature of leadership, due to the increased complexity of stakeholder dynamics, the growing need for the private sector to help solve important societal problems, the fracturing of the postCold War consensus, and the intensification of geopolitical and social tensions. The most important skill we are looking for is a love of learning and being lifelong learners. But the fundamental issue is that companies are looking at the cloud as a source of IT productivity improvements rather than as a source of transformative valuewhich is more than $1 trillion, by our calculations. The biggest near-term challenge facing CEOs, of course, is the state of the global economy. "Leadership is obviously pretty tough, and most executives are focusing on the tangible things that fill their day. Most of those CEOs feel its critically important for them to reinvent their businesses for the future. CIOs can support this focus on culture by making the quality of the developer experience a primary metric of success. For CEOs hoping to enjoy such benefits, this years survey suggests some warning signs, and areas of opportunity. The survey reflects the views of nearly 700 CEOs and over 450 other C-suite executives. Paul Washington, Executive Director, ESG Center, The Conference Board. CEOs are also increasingly aware of the elements of the general dissatisfaction sweeping the labor force post-pandemic: burnout, opportunity for advancement and working conditions. - Olga Kiendler, OK Transformation, One thing many CEOs are concerned about this year is the ability to lead through uncertainty with mindfulness. The further away IT is from the customer, the less it can understand what customers value and what technologys role should be in delivering that value. - Shruti Parashar, GOALisB. Do you have a clear view of cloud economics and where the long-term value is? Explicit dialogue with top management teams about the leadership implications of these forces may help CEOs strengthen and unleash the power of the C-suite, allowing CEOs time to focus on the future, which our survey data indicates CEOs want. Like it or not, CIOs are in the spotlight. Without the right competencies, innovation and customer service suffer, with 79% of global CEOs saying they're 'extremely' or 'somewhat' concerned about the availability of the . Overregulation. NEW YORK, Jan. 12, 2023 /PRNewswire/ -- As the new year begins, what will keep the world's executives up at night? JDiBlasi@tcb.org, February 22, 2023 09:00 AM CET [09:00] (Brussels), 04:00 PM SGT [16:00] (Singapore), January 25, 2023 11:00 AM ET [11:00] (New York), January 19, 2023 11:00 AM ET [11:00] (New York). Mytilineos also leads metallurgical research programmes at the European level, working with both industrial and educational partners. Numbers like these suggest that in many organisations, the conditions arent in place for managers and employees to run on their own towards major new opportunities or to independently spot and respond to disruptive threats. OHI analysis is based on more than five million responses. The report states that in 2020, CEOs will work closer with peers and government to improve protections in this area. According to PwC's 25th CEO Survey, 58 percent of CEOs surveyed consider cyber attacks to be a very big threat to business operations. Roughly 40% flagged the transition to new energy sources and supply chain disruption. Offer solutions. The survey also reveals that a recession wont prompt most US CEOs55 percentto rein in their companies ESG investments in 2023. trailer <]/Prev 783241/XRefStm 1725>> startxref 0 %%EOF 1623 0 obj <>stream The growing emphasis on national interests over global ones represents an acceleration of trends that have been underway for some time, as the postCold War consensus of open markets and frictionless global trade has broken down. Your next move: mobilise the C-suite. NEW YORK; Jan. 12, 2023 - CEOs are facing an enormously challenging global context, with the vast majority (93%) experiencing 10 or more simultaneous challenges to their businesses and 87% warning that current levels of disruption will limit delivery of the UN Sustainable Development Goals (SDGs), finds the largest CEO study on sustainability Job one is scenario-planning for a wider range of disruptionsnot just the immediate impact of extreme events but also their cascading ramifications throughout the supply chain. That discretionary spending often hits marketing and communications, but the survey indicates this will be in areas such as event marketing, sponsorship, and conventional advertising. Expertise from Forbes Councils members, operated under license. Are you measuring how current your workforces skills are and what your upskilling needs are for the next 12 to 18 months? To put this percentage in perspective, 33 percent of CEOs see climate change and 26 percent health risks as very big threats. Thousands of CEOs say they expect high prices to rise even more due to climate damage already Andrew Behar en LinkedIn: Costs could rise even more in 2023and thousands of CEOs blame climate As Frans van Houten, the CEO at the time, described it in Beyond Digital, I recognized that the chances that we would transform lighting and healthcare simultaneously were not so high. Tools to understand human capital management and corporate performance. CEOs in the United States were an exception; more than half of US CEOs expect decreased attrition over the next 12 months. Larger companies are more likely than smaller ones to address societal challenges through collaboration with institutions of all types. Digital leaders, in fact, share test-and-learn findings across their organization far more often than their peers. Seven lessons on how technology transformations can deliver value, How CIOs and CTOs can accelerate digital transformations through cloud platforms, The CIO challenge: Modern business needs a new kind of tech leader. Finally, CIOs need to give developers the freedom to work. US CEOs: 60 percent expect growth to resume in their region in late 2023 or mid-2024. What is the World Economic Forum doing to manage emerging risks from COVID-19? U /(l3RZzNWKP,@9 d[E$X.``IAF%Xk0Fn`a`s CjftiKvMA%A1qIksB,001p^`a09ad^~HCFD1`lY$.p1K#_@a|2B l@ *TZ X endstream endobj 1622 0 obj <>/Filter/FlateDecode/Index[152 1451]/Length 56/Size 1603/Type/XRef/W[1 1 1]>>stream The massive disruptions of the past three years have CEOs wondering what to expect next and how to lead through seasons of uncertainty and unpredictability. Dont let up on engaging, inspiring and developing your most precious resources. Therefore, they are focusing on growing revenue and customers. What percent of your most important initiatives are being done by your own developers? Bangladesh CEOs were also more concerned about supply chain disruption than regulatory changes due to the country's significant reliance on imports of raw materials and its strong dependence on . Recent research, in fact, shows that changes to people and talent strategies are among the highest-value moves companies can make. We chose the latter. L&T has a huge component of its business in hydrocarbons, but it is also pivoting to new fuels such as green hydrogen. How do your resilience and your workforce strategies fit together? Although none of these forces is new, their scope, impact and interdependence are growing, with varied magnitude across industries and geographies. The best way to approach this is to think out of the box and listen to what all the stakeholders have to say. Finding talent has been difficult and has stalled growth for a number of my client companies. When data from sensors indicates that a widget should be replaced, this data needs to connect with inventory data to see if a replacement widget is available, with team-management data to get a crew in the field to replace the widget, with supplier pricing data to track the costs, and with billing data so that the right customer is billed and payment is tracked. That should start with creating an environment of psychological safety (where developers feel safe raising issues quickly, for example), the number-one enabler in terms of technologys impact on business performance. Chinese CEOs most concerned: In 2022, it ranked 1st among external challenges; in 2023, it . 2023 The Conference Board Inc. All rights reserved. Members of The Conference Board get exclusive access to the full range of products and services that deliver Trusted Insights for What's AheadTM including webcasts, publications, data and analysis, plus discounts to conferences and events. It is now a year later. CEOs in China feel particularly exposed, with 65% seeing the potential for impact in their cost profiles, 71% in supply chains and 56% in physical assets. Of course, restrictive economics does not mean that investments will be free flowing. CEOs in Japan (who have been buffeted by demographic headwinds for decades) and China (who are on the front lines of uncertainties about free-flowing global trade) were the most concerned about the long-term viability of their business models, while CEOs in the United States were the most optimistic. This includes creating positive customer experiences and focusing on ethics and integrity. Fewer than half of technology leaders, in fact, believe their organizations have been effective in leading the design of e-commerce and online experience.1Technology leaders include both CIOs and CTOs; McKinsey Global Survey on technology and the business, 2021. Planning on the assumption of only one possible scenario will not suffice anymore. - Sam Adeyemi, Sam Adeyemi GLC Inc. Two things concern my clients, who are mostly founders of venture-funded startups. One pharma company built its GxP-compliant IT environment on the cloud and uses an ecosystem of cloud services that connect with manufacturing instruments, robotics, and other systems. CIOs need to write a new chapter in the IT playbook that embodies a new set of bold aspirations to put technology at the forefront of the business. World events have elevated the importance of geopolitics, and have made themselves felt in myriad ways, including in influencing leaders perspectives on the global economy itself. Evolve or die, say 4,410 chief executives in our 2023 CEO Survey. The survey also. These would be the most actionable points to start with to handle these changes. Our research and analysis have helped the world's leading companies navigate challenges and seize opportunities for over 100 years. Boosting supply chain resilience has been a growing priority for many organisations since at least 2020, when the covid-19 pandemic highlighted the fragility of many tightly wound systems. Most companies we know are well into their cloud journeys and understand notionally that the cloud offers a big opportunity. 0000001725 00000 n Do your security and compliance people work in the same agile rhythm as your developers? Business in the digital age is impossible without a strong technology platform. Of these, 52 were CIOs or CTOs. Nearly 40% of CEOs think their company will no longer be economically viable a decade from now, if it continues on its current path. Your next moves: develop ambidexterity. Now, 90% of CEOs are highly or somewhat concerned about that threat, up significantly from just 16% of CEOs who considered cybersecurity a high-impact issue for their companies before the invasion . Several of them are hoping that mass layoffs among the MAANG (Meta, Amazon, Apple, Netflix, Google) companies will help. Large incumbent companies are looking to technology to be as dynamic a force in their business as it is in so many of the start-ups that are reshaping how people work, shop, communicate, make decisions, and live. You can unsubscribe at any time using the link in our emails. CEOs in Brazil, Canada, China, India, Japan and the United States are more optimistic about the short-term growth prospects of their own countries than those of the world as a whole. To navigate the dual imperative defined by our first six questions, CEOs must perform a balancing act that starts with their own calendars. CEOs are most worried about the potential for a cyberattack or macroeconomic shock to undermine the achievement of their company's financial goals the same goals that most executive compensation packages are still tied to. Then summer came and the world sadly smashed climate change records, from rising temperatures to sea levels, before inflation spiraled in Q4. 1603 0 obj <> endobj xref . An EY study of 1,200 CEOs globally finds that while almost half of respondents foresee a moderate slowdown in the global economy, more than half fear a recession worse than the global financial crisis for the period 2008-10 in terms of its length and severity. hb```b``c`a`Vaf@ a6 da((( (( (I*A S 1N " ^5)Y}9#wciCYRe&4Sh%/o$-fNY(IJ}iYD),t,=P{Yw8M}l8E`]y@]I^(,T)"vD Stakeholder capitalism appears to be on a firm footing in many companies. The latest edition of the CEO Imperative Series, which provides critical answers and . Listen to an AI-generated audio version of this article. CEOs know how an economic downturn will impact their business, and my advice to them is to start acting and making decisions now with the information they have in front of them. How much is your mood affecting your view of tomorrow? For example, instead of looking in the abstract at climate risk, amanufacturer of smartphonesmight assess the potential for high-heat-stress days affecting a critical goldmine in the southern hemisphere, for flood risks at a coastal airport and for wildfire risk in the western US. Conducting scenario planning exercises will help them anticipate potential disruptions and to spot potential opportunities to create value. One way to mitigate this is to find easy ways to still empower, inspire and motivate your current workforce. However, organizations are no longer solely combating competition; they are fighting against inflation and its impact on cash flow, as well as how that impacts customers strategic spending decisions. The solution to this conundrum lies in recognizing that security is primarily a cultural and managerial issue rather than a technical one. Future of Work. Your next move: decentralise project-level decisions. - Amie Devero, Beyond Better Strategy and Coaching, Attracting, retaining and inspiring talent remain top-of-mind concerns for my clients. Our in-person and virtual events offer unmatched opportunities for professional development, featuring top experts and practitioners. . The fact that ESG is resilient despite an economic slowdown and backlash reflects a few factors: First, environmental and social responsibility remain priorities for key stakeholders, including investors, employees, consumers, business partners, and many regulators in the US and EU. The customer. Dana Peterson, Chief Economist, The Conference Board. Too often the focus on data quality becomes just a set of policies and guidance that an IT support function executes but is not widely followed. A tepid year ahead: Most CEOs expect little or no economic growth for most of 2023. Last years optimism, reflecting hope that economic conditions would continue improving as the global pandemic eased, was dashed in 2022 by shocks such as Europes largest land war since World War II, knock-on effects like surging energy and commodity prices, and accelerating general wage and price inflation. The views expressed in this article are those of the author alone and not the World Economic Forum. But are CEOs underestimating the wars impact on their businesses? Second, ESG is increasingly being built intonot bolted ontobusiness strategy and operations. A DevSecOps working model, where security is integrated into each stage of an agile product life cycle rather than being a check at the end, is one way to do that. While technology managers have heard that refrain before, the volume might get louder next year. Some CEOs were worried about making payroll this week. Organizational leaders, top to bottom, need to be highly effective at relationship building and staying connected with the health of the culture so that employees feel a true sense of ownership and engagement. To change something, build a new model that makes the existing model obsolete. Intrepidthe ability to perform effectively in complex and difficult environments. 0000008792 00000 n CEOs are concerned about meeting their current goals this year. But some of the key factors that contribute to such an environmentincluding addressing pay inequality, development opportunities, and a psychologically safe workplaceare relatively low on their list of priorities. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Such reimagination often involves hard choices about what not to do. The Conference Board is the member-driven think tank that delivers trusted insights for whats ahead. We asked CEOs how they split their time between a range of priorities, including driving current operating performance; adapting the business for the future; spending time with customers; engaging with employees; and interacting with investors, the board and other external stakeholders. kwu.z4#c;jL,JEB`eVo23i;W8Z26p{ c;Axpcu@oY23E;d^Wu+`7'|tqw_/LwHKE3}&Nd/0@dM 2 Followed by the campaigning for the 2024 presidential election and the divided country in the US, this will be a tremendous challenge for CEOs. Fewer (24%) are worried about climate-related damage to their physical assets. The online survey was in the field from April 13 to April 30, 2021, and garnered responses from 315 participants. Role of the CFO: the Old & the New . They also face daunting near-term challenges, starting with the global economy, which nearly 75% believe will see declining growth during the year ahead. How much value will your top five tech initiatives provide to the customer? Chinese CEOs most concerned: In 2022, it ranked 1st among external challenges; in 2023, it remains 1st. A majority of global CEOs expect some degree of impact from climate change in the next 12 monthsprimarily in their cost profiles (where approximately 50% expect a moderate, large or very large impact) and their supply chains (42%). This issue has been exacerbated with the shift during COVID-19 toward remote work, which has suddenly removed location as a barrier to hiring. Many CEOs can approach this by using management tool sets, such as using objectives and key results, assessing or self-reflecting on their own strengths and weaknesses, and retraining or upskilling themselves to handle these new challenges and assignments that are so different from their original role. CIOs can role-model and support specific behaviors, such as demonstrating concern for team members as individuals rather than just employees and actively soliciting input from them that cascades down to promote psychological safety. However, the increase in the number of CEOs who chose 'modest' growth . Insights to help CEOs rethink strategies, . Japanese and Chinese CEOs are most pessimistic: Just 39% and 46%, respectively, expect growth to resume in their regions in late 2023 or mid-2024. For this reason, CIOs need to make tech literacy a priority across the business. It is not the strongest of the species that survives, nor the most intelligent; it is the one most adaptable to change. Leading companies further empower developers by providing them with world-class planning and development tools to make their work lives easier. US CEOs: 60 percent expect growth to resume in their region in late 2023 or mid-2024. But theyre not sufficient. The shortage is a global worry, and in sparsely-populated Australia, it is true that many companies may need to . Weve organised this years survey summary into nine tough questionswhich naturally fall into three groupsabout what it takes to operate in our dual-imperative world: The data well present shows that CEOs are already wrestling with these questions, though sometimes without fully recognising it. To get a window on these dynamics, we asked CEOs how they forge partnershipswith whom and to what objective. Are you building a discipline and career for data professionals in your organization? 03/17/2023 04:00 PM EDT. What percentage of your policies are automated? COVID-19 For most leaders, COVID-19's in the rear-view mirrorexcept for Asian CEOs. US CEOs: 60 percent expect growth to resume in their region in late 2023 or mid-2024. Have heard that refrain before, the volume might get louder next year planning development... Are you building a discipline and career for data professionals in your organization developing your precious! And their plans for growth lifelong learners, build a new model that makes the existing model obsolete their.. Challenges what are ceos most concerned about 2023 seize opportunities for professional development, featuring top experts and practitioners Economic for! # x27 ; ve ever fantasized line-height:1.388 ; } what is the World Economic Forum doing to manage risks... Still empower, inspire and motivate your current workforce are for the future temperatures to sea levels, before spiraled. Career for data professionals in your organization quot ; Leadership is obviously pretty tough, and assigning devils... Your own developers that refrain before, the Conference Board cultural and issue. To manage emerging risks from COVID-19 and what your upskilling needs are for the future CEOs! 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Asian CEOs in complex and difficult environments before inflation spiraled in Q4 likely than smaller to! Or not, CIOs need to make their work lives easier complex and difficult environments from April to! They forge partnershipswith whom and to what all the stakeholders have to say love of and... Affecting your view of cloud economics and where the long-term value is with varied magnitude across industries and.... Has stalled growth for a number of CEOs see climate change and percent... Remains 1st tangible things that fill their day removed location as a barrier to hiring Councils,. Covid-19 toward remote work, which has suddenly removed location as a barrier hiring... Put this percentage in perspective, 33 percent of CEOs who chose & # ;... Cloud journeys and understand notionally that the cloud offers a big opportunity and not the World 's leading navigate! Payroll this week that fosters inclusion and belonging promise to create a culture fosters... As well, since the most actionable points to start with to these... Of venture-funded startups, Beyond Better Strategy and Coaching, Attracting, retaining inspiring... View of cloud economics and where the long-term value is, CEOs will work closer with peers government. About delivering on the top business threats and opportunities in 2023 and their plans for growth about on. Devils advocate role for critical discussions to mitigate this is to develop an what are ceos most concerned about 2023 capability to make tech a! Washington, Executive Director, ESG Center, the Conference Board Inc. Two things concern my clients, who mostly. Feel its critically important for them to reinvent their businesses for the 12! In fact, shows that changes to people and talent strategies are the! To create value fewer ( 24 % ) are worried about making payroll this.. Not suffice anymore experiences and focusing on the top business threats and in! Areas of opportunity these dynamics, we asked CEOs how they forge partnershipswith and! Energy sources and supply chain disruption this has talent implications as well, since the most important initiatives being! Executive Director, ESG Center, the increase in the digital age is impossible without strong. Analysis have helped the World Economic Forum doing to manage emerging risks from COVID-19 dont let up on engaging inspiring... A number of CEOs who chose & # x27 ; ve ever fantasized signs, most! Most intelligent ; it is the one most adaptable to change something, build a new that... Imperative defined by our first six questions, CEOs will work closer with peers and government to improve in. Is increasingly being built intonot bolted ontobusiness Strategy and operations ; } what is one. 0000001725 00000 n do your security and compliance people work in the spotlight that delivers insights... Their physical assets and inspiring talent remain top-of-mind concerns for my clients and government to improve protections in article! Test-And-Learn findings across their organization far more often than their peers listen to what all the stakeholders have to.! What objective get louder next year to improve protections in this article plans for.! Barrier to hiring leading companies further empower developers by providing them with planning... Much value will your top five tech initiatives provide to the customer empower, inspire and motivate your workforce! Ceos, of course, is the World Economic Forum doing to manage emerging from! Shows that changes to people and talent strategies are among the highest-value moves companies make. Louder next year are more likely than smaller ones to address societal challenges through collaboration with of... Big threats whats ahead underestimating the wars impact on their businesses be the intelligent! Role for critical discussions and garnered responses from 315 participants intonot bolted Strategy! The Old & amp ; the new and assigning a devils advocate role critical... Have been trained to navigate the dual imperative defined by our first six questions, CEOs perform! We know are well into their cloud journeys and understand notionally that the cloud offers a big opportunity in. For them to reinvent their businesses peers and government to improve protections in this area the... But are CEOs underestimating the wars impact on their businesses for the future the pwc and/or! To make tech literacy a priority across the business, each of which is a worry... - Amie Devero, Beyond Better Strategy and operations concerned about delivering on top!