In today’s competitive market, American businesses must continuously and comprehensively transform to avoid falling behind. Recent insights from PwC’s Pulse Survey reveal that business leaders are aware of the stakes and feel equipped for necessary reinvention.
However, the survey data highlight significant concerns. While there is broad agreement on company vision, there is notable discord regarding the methods and timelines for achieving it. This misalignment poses a serious threat to corporate success.
Compounding these challenges, businesses face a more perilous environment and numerous obstacles to transformation. Despite these hurdles, there is widespread recognition of the need to redefine how value is created, delivered, and captured, with many leaders committed to overhauling their business models.
Key findings include:
Urgency for Reinvention: A significant portion of CEOs (34%) believe their industry peers will cease to exist within three years without a shift in business models.
Confidence in Talent and Capabilities: A strong majority of executives (76%) feel they have the right talent mix and capabilities for future success, though 84% acknowledge the challenge of executing changes rapidly enough to stay competitive.
Executive Alignment Issues: While 59% of executives agree on the company’s future vision, only 41% concur on the strategies to achieve it.
Progress in Reinvention: Approximately 75% of companies have initiated or completed efforts to engage new customers, develop smart products, and create value-sharing networks.
Investment Prioritization: To boost performance, executives are focusing on investing in new technologies (51%), including generative AI (51%), rather than cost-cutting measures (30%).
The risk landscape for businesses is becoming increasingly severe, with heightened concerns over cyber-attacks, economic instability, and regulatory challenges. The expense of new technology adoption is cited as the most significant obstacle, with 42% of executives identifying it as a major challenge.
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