Globally, 72 percent of CEOs believe that the next 3 years will be more critical for their industry than the last 50 years. In South Africa, 56% of CEOs agree.
56 percent of CEOs in South Africa believe that the next three years will be more critical for their industry than the previous 50.
Change will be led by technology, connected consumers and sector convergence. These three forces will upend business models, blur lines between industries and companies, and demand a new way of thinking about business. Much of what will happen is unknowable. What is impossible today will become mainstream tomorrow.
“Only those companies and industries accepting the challenge to transform themselves will be more competitive, gain efficiency and ensure the loyalty of new digital consumers,” says Ahmed Jaffer, Chairman, KPMG in South Africa. “This period will be even more challenging, as it will take place in an environment that is still characterised by significant economic, geopolitical and regulatory uncertainty.”
With the accelerated speed of change, it is increasingly difficult to have a reliable long-term, or even medium term, view. But waiting is not an option. “You can’t wait until you have a satisfying level of clarity because you might never get it,” says Jaffer.
This year the Global CEO Outlook survey included a South African viewpoint. The findings of the South African survey are based on a study of the 3 year outlook of 50 South African CEOs, from businesses of which the majority have annual revenues of up to R153,9bn and 4% having greater than R154bn in revenues.
Despite current economic and market uncertainty, Global CEOs express confidence in future growth.