The Economic Times
News story by Namrata Singh
A majority of Indian CEOs believe that their organization will be completely transformed in next three years timeframe, according to KPMG’s CEO Outlook report this year.
MUMBAI: A majority of Indian CEOs believe that their organization will be completely transformed in next three years timeframe, according to KPMG’s CEO Outlook report this year, which is based on the inputs of over 130 Indian CEOS in navigating an increasingly complex and highly dynamic business ecosystem.
According to the report, CEOs believe that technology will be one of the top two factors impacting growth of their organization in next 3 years. Yet, 53 per cent CEOs are struggling to keep pace with the rate of technological innovation in their sector.
With data fast becoming a catalyst to derive insight-driven value, predict future, 49 per cent CEOs invested significantly in data analytics tools in the last 1 year. On the other hand, 46 per cent are planning a further step up in next 3 years.
While last year, cyber security did not appear in the top five priorities for India CEOs, this year, a whopping 89 per cent CEOs believe that cyber risk management is now a key responsibility for them.
Arun Kumar, Chairman and CEO, KPMG in India, said: “In this year findings, Indian CEOs have mentioned that in the face of new challenges and uncertainties, they are now feeling urgency to Disrupt and Grow. Similar to last year, more than half the CEOs expect that organisation to be transformed into a significantly different entity over the next three years. They continue to focus on innovating their products and services, changing internal processes, adopting new technologies and building a resilient organisation. Most CEOs see this disruption as an opportunity, rather than a threat. Majority of the CEOs are upbeat about the growth of the Indian economy. Optimism about India’s growth is higher than that for the global economy. The CEOs are now willing to build partnerships, collaborate with others and merge or acquire to gain relevant competencies which is a welcoming change.”