A recently released KPMG survey has revealed that 56% of CEOs believe that the next three years will be more critical for their industries than the previous 50; with South African CEOs among those surveyed. Trevor Hoole (pictured), KPMG CEO in Southern Africa, said:
"CEOs operating in South Africa are well aware of their many challenges and they are reasonably bullish about the future of the country. Although they are confident that their industry and companies will grow over the next year, their growth expectations are modest. That said, they are grappling with a multitude of issues simultaneously. Globally many CEOs feel that they are not disrupting their industry's business models enough."
KPMG's annual Global CEO Outlook revealed that the next three years will be a time of unprecedented change and significance for businesses around the world, with moderate growth. More than 70% of surveyed CEOs agreed that regulatory changes will inhibit their growth, while 58% expressed concerned about whether their organisation is staying on top of what's next in services/products. Almost 50% said their organisation will battle to increase its market share, while 70% are concerned about the impact of global economic forces on their business.
Some 64% of South African CEOs surveyed said that they are concerned about the loyalty of their customers, while 62% see increased use of data and analytics as a way to drive process costs and efficiencies.
The CEO Outlook also confirmed that 60% of CEOs are concerned about how Millennials and their differing wants and needs will change their business. Speaking to this point Hoole said:
"The growing Millennial generation needs to be empowered and mentored to assume leadership positions because they have the potential to lead in a world of rapidly expanding technology and social change. Corporate South Africa needs leaders who are capable of leading a global, diverse and virtual workforce."
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