More than 35% of Australian CEOs believe that digital technology is a key challenge
- One in five executives cited growth as an area of concern.
10 November 2015 (Sydney) – Pronto Software, Australian technology company and provider of next generation ERP, mobile and analytics software, in conjunction with the CEO Institute, a leading organisation aimed at connecting business leaders, recently surveyed over 100 Chief Executive Officers to understand the concerns that keep them awake at night.
Lack of time, not implementing the right technology systems and the constantly changing business environment are the three core factors impacting the productivity of Australian businesses, according to the study.
The resulting whitepaper ‘Control your destiny: Challenges and solutions for Australian CEOs’ reveals five common concerns held by Australian CEOs today:
- Managing and retaining staff: A total 26 per cent of the CEOs surveyed outlined staffing as a significant challenge. This concern is not just about finding the right people; it is also about applying the right systems to support staff, and ensuring they are all satisfied, working on productive tasks they are passionate about as well as managing their expectations
- Mastering disruptive technology: Over one third of CEOs said digital technology provides both opportunities and challenges this year, with all respondents aware that companies must keep up with their clients’ and competitors’ technology uptake, while using the right digital solutions to engage their key stakeholders.
- Handling growth: One in five executives cited growth as a key driver for transformation, but also an area of concern. CEOs are all striving to work ‘smarter not harder’, however there are also apprehensions due to not being equipped to take advantage of digital-related growth opportunities.
- Adapting to change: The pace of change was a significant concern for 16 per cent of respondents, with technology being the key concern. Technology is altering the way businesses operate, from how people work to heightened demands and expectations by customers. With the influx and demand for latest technology, CEOs also noted that some employees are reluctant to embrace change.
- Boosting productivity: One in 10 CEOs expressed concern about productivity, with the main concern focussed on how they can continually do more with less, while still innovating and boosting customer satisfaction.
The whitepaper highlights concerns associated with falling behind in the digital world was prevalent, with many respondents fearing the fast-growing digital space and their inability to adapt and keep up. The growing supply of new technology, understanding and embracing digital opportunities, while improving business processes and productivity, as well as managing cultural change in conjunction with technological competition, all remain front of mind.
When responding to questions regarding workplace productivity, better use of technology was identified as a key factor for maintaining and improving both staff and customer satisfaction. The whitepaper identified that leaders can benefit through the implementation of the right technology system, which fosters fast and more informed decisions based on smart business insights.
Chad Gates, Chief Operating Officer, Pronto Software, said: “The pace of change is a significant concern for CEOs and they are dealing with substantial challenges in multiple areas. Optimistically, many CEOs see abundant growth opportunities, which they don’t want to miss because they lack the right business processes or technology systems.
“With the right technology, CEOs can move away from being too busy with time-consuming tasks that could be easily automated. Armed with a ‘single source of truth’ that cuts across their operations and draws together all internal and external data sources, they have access to business insights to enhance productivity and growth.”