CEO survey: Digital technology for customer engagement and data provides big business value

18th Annual Global CEO Survey from PricewaterhouseCoopers finds mobile technologies for customer engagement, along with data analytics, are seen as strategically important by today's business leaders

Mobile technologies for customer engagement and data analytics are the most strategically important digital areas of investment for CEOs, according to a new report.

The 18th Annual Global CEO Survey from PricewaterhouseCoopers was based on interviews with 1377 CEOs in 77 countries conducted between September and December last year. It found the majority of CEOs see digital technology investments as having created value for their business, with operational efficiency (88 per cent), data and data analytics (84 per cent) and customer experience (77 per cent) the highest ranked areas.

When asked to gauge how strategically important specific digital technologies are for their organisation, mobile technologies for customer engagement came up top for 81 per cent of CEOs, followed by data mining and analysis (80 per cent), cyber security (78 per cent), and the Internet of Things (65 per cent).

Notably, 61 per cent also ranked socially enabled business processes as a core digital technology investment area.

Business leaders clearly see themselves playing a key role in driving digital change, with 86 per cent saying the CEO’s ability to champion digital technologies was vital in ensuring the organisation gleaned value from such investments.

Other key pillars for digital success are a clear vision of how digital technologies can help achieve competitive advantage (86 per cent) and a well thought-out plan for investments, including defining measures of success (83 per cent).

The value placed on digital investments came despite the fact that 58 per cent of CEOs see technological change as a challenge for their organisation, up from 47 per cent last year.

“CEOs are concerned, too, about the ability of new entrants to exploit weaknesses in technological capabilities: 32 per cent name technology as the sector from which significant competitors are emerging – far more than those who name any other sector,” the PwC report authors stated.

The impact of digital disruption on an organisation’s competitive landscape was evident throughout the report. For example, more than half of the CEOs interviewed believed cross-sector competitors will become more common over the next three years.

In addition, 54 per cent of CEOs had entered a new industry sector, or at least considered it, in the past three years, while 56 per cent believed organisations will increasingly be competing in new sectors over the next three years.

In response to these competitive forces, PwC found CEOs are looking to collaborate with a more diverse range of partners who can provide access not only to new markets and consumers, but also new and emerging technologies and innovation to help fuel growth. Half of CEOs interviewed plan to enter into new alliances in the next 12 months, and two-thirds of these have already being partnering with customers. Examples include GE and Unilever.

The rise of partnerships between established enterprises and startups was also apparent through the report, with 44 per cent of CEOs interviewed either engaged with or considering alliances with these types of organisations. Surprisingly, half said they were also considering or had partnered with their competitors.

The PwC report also looked into CEO views on talent and resources and found diversity was a core attribute for modern businesses. Seventy-seven per cent of CEOs said they have or intended to adopt a strategy that promotes talent diversity and inclusiveness, and 81 per cent are actively looking for a broader range of skills when hiring than they did previously.

When it comes to areas of concern, over-regulation, availability of key skills, government response to fiscal deficit and debt burden, and geopolitical uncertainty came up tops. Disruptors, meanwhile, include changes in industry regulation, increase in the number of significant direct and indirect competitors, and changes in customer behaviours.

Overall, however, CEO sentiment overall was positive, with 61 per cent of CEOs seeing more opportunities today than three years ago. Thirty-nine per cent are very confident of their business growth prospects in the coming year.

Digital disruption and the role CMOs and CIOs play in helping their organisations harness digital change will be key themes explored at CMO's Executive Connections events in Melbourne and Sydney on 24 and 26 February. Join us at this free event by registering online: http://www.cmo.com.au/digital/

More on embracing digital change:

Follow CMO on Twitter: @CMOAustralia, take part in the CMO Australia conversation on LinkedIn: CMO Australia, or join us on Facebook: https://www.facebook.com/CMOAustralia

Join the CMO newsletter!

Error: Please check your email address.
Show Comments

Blog Posts

Cannes 2017: The Machines Are Here

It’s day 4 in Cannes and among the ever-growing divergent panels, presentations and workshops spanning from one end of the Croisette to the other, there has been a very real emergence of how artificial intelligence (AI) and machine learning needs to fit into the marketing ecosystem of today and tomorrow.

Aden Hepburn

Executive creative director and managing director, VML Australia

Is your content marketing missing the mark?

Does it ever seem like the content you create falls flat on its face or that the leads you’re generating aren’t worth following up?

Dan Ratner

managing director, uberbrand

​ Creating a purpose-driven brand

So you want to be a brand with purpose. But what does it actually mean to build a brand with real meaning?

Paul Chappell

Partner and managing director, Brand + Story

It is interesting. Rebrand is very good. Perhaps they should change the logo to something more modern. For example as it is - https://www...

David Hill

Grace Group undergoes first rebrand in 30 years to unify and contemporise

Read more

Hey Guys, just one small typo that changes a part of the story :“That was a really big step forward for our company because we didn’t hav...

Damian Young

Chobani tastes success with data analytics platform

Read more

This is amazing! Congratulations to Cochlear for continuing to lead innovation in every way!

Chris

How this marketing ops leader is lifting the automation ante at Cochlear

Read more

Interesting case! It seems like universities can also benefit from marketing automation. I've started using getresponse some time ago and...

Aaren

How marketing automation is helping drive CX change at Adelaide University

Read more

Always great to see and read these success stories and the growth of gamification. This story is very warming and can act as an inspirati...

James Doyle

5 tips to boost engagement with gamification from Donut King

Read more

Latest Podcast

More podcasts

Sign in