According to a KPMG report, Indian CEOs are confident and optimistic about the growth prospects of the country over the next three years. This is in comparison to the global economy. More than half of the respondents believed that their organization will be totally transformed in the coming period of three years. They also believe that technology will be a prime factor impacting the growth of their organization in the next three years. Although 53% respondents mentioned that they struggle to keep pace with the technological innovations in their sector.
According to the report, based on the inputs of more than 130 Indian CEOs in navigating the highly dynamic business ecosystem, about 88% of CEOs believe in better growth opportunities for India as compared to the global economy in medium term. There has been an overall geopolitical uncertainty in the global economy and increasing instances of protectionism which have probably contributed to the dip in the confidence towards the growth prospects of the global economy.
84% CEOs mentioned that they are planning to invest a significant amount in cyber security over the next three years; however it did not appear in the top priorities for the CEO last year. The increasing number of cyber threats and the growing rate of cybercrimehave made them aware about the importance of data protection. CEOs now wish to be more strategic about their spending on the cyber security. One in every two CEOs said that they need to become smarter in tracking the impact of related investments in cyber in the organization.
In the report, CEOs have also mentioned that they feel the urgency to Disrupt and Grow, in the face of new challenges that they come across on an everyday basis. Similar to last year’s report, the majority of CEOs expect that the organization be transformed into a different entity over the next three years.
Indian CEOs focus on innovation of their products and services, adoption of new technology, changing the internal process and building a strong organization. CEOs see this as an opportunity rather than a threat. Further, majority of the CEOs are positive about the growth of the Indian economy. There is high optimism towards the Indian economy as compared to that of the global economy. The CEOs are now open to building partnerships, merge or acquire relevant competencies and collaborate with others.
Data has fast become a catalyst to provide an insight driven value, reorganize capabilities and predict future. This has helped organizations achieve strategic goals during times of uncertainty. 49% CEOs invested in data analytic tools in the last one year and 46% are planning to take a step ahead in the next three years.
There is no denial to the fact that the Indian economy is growing at a faster pace and making a mark in the global economy. The CEOs are aiming to make the most of this opportunity to make success in the business. With latest innovation in the technology and growing data analytics, it can be rightly concluded that Indian organizations will be able to reach new heights in the coming three years.