90%of UK CEOs say that a clear digital vision is needed within organisations
In last year’s survey, UK CEOs, along with their global peers, reported that they saw technological change as both a significant disrupter and driver of business opportunities. This year 59% of UK CEOs are concerned by the speed of technological change, up from 55% last year, and one in three (33%) believe that a potential competitor to their business is emerging or could emerge from the technology industry.
This year, the responses reflect a more granular focus on the impacts of specific digital technologies, with special attention being paid to three areas: data mining and analysis (79%), cybersecurity (79%) and mobile technologies (75%). Both in creating new value for customers and shaping their operations, CEOs are fully aware of the profound impacts that digital technologies are having across all industries. In line with their counterparts around the world, most UK CEOs point to the greater operational efficiency (90%) and the enhanc.ed customer experience (82%) that digital technologies enable them to deliver. Mobile technologies, in particular, are seen as a key driver of customer engagement and experience by three-quarters of UK CEOs.
But, as ever, along with the upside there are some clear threats. Perhaps unsurprisingly, cybersecurity is accorded high priority. Those concerns are likely to rise further in light of the highly public recent attacks and the clear reputational damage that attacks can cause - an assessment that is reflected in the 75% of UK CEOs who cite brand and reputation as a key digital concern.
As they increasingly focus on the competitive differentiation and improved business performance that digital technologies can deliver, CEOs are aware of the key role that they must personally play in moving their organisations forward and getting the most out of their digital investments. Nearly nine out of ten (89%) compared with 81% of the global total believe that as CEO they have to champion the use of digital technologies within their business. The same proportion also believes that a clear vision of how digital technologies can help achieve competitive advantage is critical. And alongside the vision, they also highly rate the importance of having a well thought-through plan that includes clear measures of success as fundamental to achieving success with digital technologies.