The execution challenge for a new decadeJanuary 21, 2020

HLB International, the global advisory and accounting network has released its inaugural survey of business leaders. We invite you to download a copy of the report to learn what is currently top of mind for business leaders.  C-suite executives from across the globe, including Australia, participated in the survey which was sent out late last year.

Summary of key findings 
HLB found alarming levels of pessimism when they asked about the global economy, contrasted by surprising amounts of confidence in business leaders’ own ability to generate growth. Today’s risks to businesses are complex and interrelated, with economic uncertainty considered the top concern by 68% of those that were surveyed.

Main Points were:

New business models for a new decade
Business leaders across all sectors have a clear vision for ideal business models of the future. They are setting their sights on a more mobile, flexible, cloud-enabled business model fit for the future. And this reflects in their talent strategy: 81% of business leaders are exploring more flexible resourcing arrangements and 72% are trying to recruit more diverse employees with broader skill-sets. They are aware of new ways of working that will make them more agile and better suited to today’s business environment.

Preparing for new realities and an accelerated speed of change
Business leaders are keenly aware of the need to improve their agility and adaptability to remain competitive. Innovation and operational effectiveness are the top two areas CEOs are focused on strengthening. They recognise that turbulence can bring opportunities. Although only a quarter of business leaders have identified consumer acumen as an area to strengthen in their businesses, more than half is using market research to stay abreast of rapidly changing consumer behaviour. Research methods include social listening (45%), investing in improved CRM (43%) and analysing search (29%).

Harnessing new technology and scaling innovation
The digital revolution is not new and business leaders are well aware of its role in transforming the way organisations operate. Some technologies once viewed as disruptive have become important drivers of success, with AI and Cloud technologies ranking as most important. But while business leaders understand the revolutionary potential of new technologies, only 31% of respondents state that they are focused on strengthening digital capabilities. The demands of a rapidly evolving digital arena will force businesses to innovate or be left behind.

Bridging the performance gaps
If companies are to flourish in times of unprecedented change, they must be honest with themselves as to how their processes measure up again best in class. Although business leaders recognise the challenges ahead and characteristics of more agile business models of the future, it seems that they are focused on optimising – or fixing – existing processes, rather than adopting models more consistent with the demands of the contemporary economy. Across technology, innovation, operations and costumer acumen, there are gaps which need attention to maintain competitive and relevant in the 2020’s.

click here for the report also >>>The-Execution-Challenge-for-a-New-Decade-HLB-Survey-of-Business-Leaders-2020

 

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