KPMG in the region has recently released the 2017 Gulf Cooperation Council (GCC) CEO Outlook Survey report, which has found that a majority of GCC CEOs are more optimistic about technological disruption than their global counterparts.
· 65% GCC CEOs are more optimistic than their global counterparts about disruption
· 68% expect major disruption in their sector in the coming three years as a result of technological innovation
· 87% embracing disruption as more of an opportunity than a threat
Bahrain, October 15 2017: KPMG in the region has recently released the 2017 Gulf Cooperation Council (GCC) CEO Outlook Survey report, which has found that a majority of GCC CEOs are more optimistic about technological disruption than their global counterparts.
Instead of being disrupted by competitors, 82 percent of CEOs in the Gulf thought their own organizations were actively disrupting the sector in which they operated. 92 percent believed that they were effective at sensing market signals, while 68 percent said their company was keeping up with new technologies.
Jamal Fakhro, Managing Partner at KPMG in Bahrain said: “The 2017 GCC CEO Outlook Survey provides valuable insight on the market trends and challenges faced by CEOs in the Gulf region. With the increasing demand to deliver results, innovation and technology have become strategic priorities for organizations to
stimulate business growth in the digital era we live in.”
Nearly all GCC CEOs were confident that their organizations would grow over the next three years. Seven in ten CEOs were expecting increases of 2 to just under 5 percent growth, with a further 5 percent anticipating 5 percent growth or more.
Interestingly, although most CEOs said that they will be treating cyber security as a priority in the coming 3 years, they were not overly concerned about the threat. Most believed that such a risk prompted innovation in products and services, and all said they were prepared for a cyber event.
GCC CEOs also outlined some of the challenges to managing customer relationships in their respective industries, and these were largely centered around keeping up with a fast-changing market. The top challenge, reported by 30 percent of CEOs was the inability to target millennials who want to interact with brands in different ways.
But nine out of ten CEOs believed they were able to confidently communicate how their company created value for their customers. Seven in ten however, thought the depth of their customer insight is hampered by lack of quality customer data.
“Although the surveyed CEOs are anticipating disruption due to changing market conditions, such as the introduction of Value-added Tax (VAT), they are currently taking the necessary steps to respond successfully and create operational efficiencies. This growing confidence in their ability to adjust to a new reality is indeed, an excellent sign of maturity for the GCC region.” Fakhro added.
The 2017 GCC CEO Outlook Survey is based on over 100 face-to-face interviews of chief executives from across the Gulf states, covering a broad range of key industries. The sample reflected the Gulf region’s economy as a whole, as the majority of CEOs worked for public companies. GCC CEOs were also polled in the Global CEO Survey from among over 1,200 global CEOs.