CEOs go all-in on technology
29th CEO Survey
The majority (81%) of UK CEOs are investing in technology such as cloud, AI, data and analytics this year, with a clear focus on transformative outcomes.
To fund these investments, 40% of UK CEOs say they are reallocating capital from elsewhere to transformation projects and 47% are looking to optimise costs to free up capital. The latter point highlights a growing opportunity for leaders to deploy tech-enabled cost savings in one part of the business to fund tech-powered growth in another.
However, technology also concerns CEOs, with 50% questioning whether they’re transforming their business fast enough to keep pace with technological change, and 29% saying tech constraints are actively inhibiting business performance. Furthermore, 18% feel their business is highly or extremely exposed to significant financial loss relating to tech disruption. Cyber security risks also rank highly among CEOs’ top perceived threats.
Umang Paw, Chief Technology Officer, PwC UK, says: “Technology is central to addressing opportunity and risk. The challenge for CEOs is not whether to invest, but where to prioritise, how quickly to move, and how to remain adaptable as conditions change.
“In the near term, CEOs are rightly focused on efficiency, resilience and cost control. But the longer-term prize is growth and competitive advantage. That requires scaling AI beyond pilots and embedding it into how organisations operate and deliver value. Those who succeed will be the ones who combine disciplined execution with a clear ambition.”
50%{{50%}}
question whether they are transforming fast enough to keep pace with tech change.
52%{{52%}}
say tech investments are primarily intended to drive growth and competitive advantage.
43%{{43%}}
say tech investments are primarily aimed at delivering efficiency and cost-saving.
16%{{16%}}
of CEOs feel their business is highly or extremely exposed to significant financial loss relating to cyber threats.
96%{{96%}}
expect to improve enterprise-wide cyber security in response to geopolitical risks.
Combining workforce-ready tech with a tech-ready workforce
CEOs increasingly see human capability and technology as a combined engine for change, and organisations are still hiring. Two thirds of CEOs say recruiting key skills and capabilities is key to transforming their business. But the emphasis is shifting towards developing the people they already have, with technology often a common focus of reskilling and upskilling efforts.
Emerging technologies are helping to accelerate this shift. With AI tools becoming increasingly intuitive and accessible, organisations are able to upskill teams quickly and at scale.
Investing in reskilling and upskilling their people is cited by 61% of CEOs when asked how they are responding to the need to transform their organisations—up from 51% two years ago. This reflects a broader trend of businesses exploring the potential of their existing workforce and creating new career paths, including in response to technology opportunities and technology skills gaps.
Phillippa O’Connor, Chief People Officer, PwC UK, says: “As businesses continue to invest in technology, a major motivation is unlocking the power of their data. But their workforce is another uniquely powerful repository of information, with often untapped potential that should never be underestimated. Technologies such as AI can accelerate processes in ways humans cannot. But human understanding of the business, its customers and its industry and regulatory environment, coupled with the power of technology is a compelling proposition. CEOs who can build, motivate and maintain a workforce, where human intelligence and deep business understanding are augmented with increasingly accessible AI technologies, will move further and faster towards a future of sustainable growth.”
ChatGPT was just suddenly there and people could use it on a consumer basis, and everybody thought, ‘this is easy’. But challenges then emerged around how you use it on an organisational scale for bespoke business models.
Graham Charlton
Softcat
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PwC perspectives: Driving tech-powered change
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Read exclusive CEO interviews
01/
Avril Palmer-Lavery
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‘Take risks, gamble and hold your nerve’
On the role of strong leadership, clear communication and shutting out negativity in driving growth.
02/
Louise O’Shea
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Why CEOs are “never fully satisfied”
Why operating in a dynamic sector requires a relentless focus on innovation.
03/
Dominic Blakemore
Compass Group
“Do what only you can do”: CEOs must prioritise
On the value of carving out space to focus on growth and more entrepreneurial thinking.
04/
Russell Barnes
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“Premiumisation” is key to aggressive growth
On the power of knowing your customer and backing your investment decisions.
05/
Rain Newton-Smith
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‘Hope, confidence and optimism’ can help accelerate UK growth
Why challenging perceived obstacles will be key to creating UK economic growth.
06/
Dhara Vyas
Energy UK
Energy transition is critical to economic growth, resilience and investment
Why a cleaner, smarter energy system is critical to the UK’s resilience and investor appeal.
07/
Michael Topham
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On delivering major transformation, keeping pace with regulation and knowing when to be a fast-follower.
08/
Graham Charlton
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Businesses and government must build stronger foundations for tech success
On taking a structured approach to AI and creating a future-proof team and business.
09/
Lee Perkins
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The right senior leadership team is more important than ever
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10/
Paul Ludlow
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11/
Mary Huen
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On aligning legacy and innovation to create stronger businesses and relationships.
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