Will your company survive the next decade?

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  • Insight
  • 2 minute read
  • February 13, 2024

As CEOs work to change their companies’ business models, they are even more concerned about their long-term viability. 28% of Irish CEOs are still not confident that their companies would survive more than a decade on their current path—up from 21% last year.

Amy Ball

Amy Ball

Business Transformation Leader, PwC Ireland (Republic of)

28% of Irish CEOs say that without transformation, their business will become unviable.

In an age where CEOs increasingly foresee the possible demise of their companies within a decade if they continue on their current path, the imperative for business transformation has never been more critical.

Innovation is at the forefront of this transformation. CEOs must champion a culture that not only welcomes but seeks out innovation. This means moving beyond traditional models to embrace disruptive technologies and processes in areas like finance transformation, front office transformation, HR transformation and operations transformation in particular. The digital era demands a shift towards more agile, technology-driven business strategies that resonate with contemporary market dynamics.

Equally crucial is understanding and adapting to rapidly changing consumer behaviours. Today’s consumer landscape is a mosaic of evolving preferences and expectations, heavily influenced by digital technologies. Businesses closely monitoring these shifts and aligning their strategies will likely create a valuable competitive advantage.

And digital transformation isn’t just a buzzword; it’s a survival strategy. Integrating digital technologies into every business area, from operations to customer engagement, is essential. This digital pivot involves a fundamental change in how businesses operate and deliver value as part of the transformation journey.

Leadership in such times of change requires a nuanced approach, too. CEOs need to navigate uncertainty with a clear vision and a flexible strategy. This involves making tough decisions, fostering a culture of resilience and preparing the organisation for continuous change.

Data is the compass in this journey. Leveraging data-driven insights for strategic decision-making can uncover new opportunities, optimise operations and enhance customer experiences. CEOs who harness the power of data can steer their companies towards more informed and effective pathways.

Lastly, business model adaptability is crucial. The ability to pivot quickly in response to market changes can be the difference between thriving and merely surviving. This adaptability should be ingrained in the company’s DNA, encouraging continuous evolution and responsiveness to emerging trends and challenges.

The CEO’s role in steering their company towards a prosperous future is more dynamic than ever. It requires a blend of innovative thinking, digital savvy, strategic adaptability and data-driven decision-making. By embracing these principles, CEOs can ensure their companies are sustainable and resilient enough to create sustained outcomes.

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Contact us

Amy Ball

Amy Ball

Business Transformation Leader, PwC Ireland (Republic of)

Tel: +353 86 040 0633

Sally O'Brien

Sally O'Brien

Advisory Consulting, Director, PwC Ireland (Republic of)

Tel: +353 87 353 4421

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