KPMG report says Canadian CEOs are harnessing disruptive technologies
The annual survey of Canadian corporate leaders also cites business digitization as a top priority and says firms are investing in leadership and strategies to help cope with uncertainties in the global market
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TORONTO—According to a new survey by professional services firm KPMG, 75 per cent of Canadian CEOs see disruption as a major opportunity for their business, not a threat.
The second annual KPMG in Canada CEO Outlook survey also finds that 86 per cent of CEOs say they are actively disrupting their sectors, and they are confident about their ability to do so successfully. 82 per cent believe their company will grow in the next three years.
“This year’s Outlook emphasizes that disruption has become a fact of life for Canadian CEOs and their businesses as they respond to heightened uncertainty,” said Elio Luongo, CEO and senior partner at KPMG in Canada.
Luongo continued, “Importantly, Canadian CEOs see disruption as an opportunity to transform their business model, develop new products and services, and reshape their business so it is even more successful than it was in the past.”
When it comes to the top priorities for Canada’s CEOs, KPMG says business digitization is today’s number one focus area, rising from sixth place last year.
Limiting brand risk rose from fourth place in 2016 to tie at first place in 2017.
Greater speed to market came in as the second-ranked top priority, while three others tied for third place – stronger client focus, talent development and becoming more data driven.
Wariness abroad: Comfort at Home
While those CEOs surveyed are embracing digital and are seemingly unafraid of disruptive technologies, they are wary about the global market.
CEO confidence in the global economic outlook has dipped to 43 per cent, from 81 per cent in KPMG’s 2016 survey.
In terms of growth opportunities in international markets, 63 per cent of CEOs are focusing on Central and South America and 24 per cent see opportunities in the U.S.
86 per cent of those surveyed are bolstering their management teams to better understand geopolitical risk and 84 per cent are spending time scenario planning for geopolitical uncertainties.
31 per cent of CEOs are focusing on growing within Canada, and confidence in our nation’s economic growth is high, 75 per cent.