KPMG: CEOs still rely on intuition in this digital and data-driven era (The Star)

The Industrial Revolution 4.0 is upon us and business leaders around the world are seeing this technology-driven change as a momentous opportunity to be the disruptor and take their business to the next level. 

According to KPMG’s “2018 Global CEO Outlook: Growing pains” report, CEOs are excited about the sweeping changes that technology brings. At 95%, almost all CEOs see technological disruption as more of an opportunity than a threat. 

Interestingly, 70% of CEOs in Asean are actively disrupting the sector they are operating in rather than wait to be disrupted by competitors; this is markedly higher than the percentage recorded at the global level (54%).  

To win the technology race, 72% of CEOs say they are personally ready to lead a radical organisational transformation. They are embracing the likes of artificial intelligence (AI) and the Internet of Things (IoT) to reshape their businesses. In fact, 87% of CEOs believe AI and robotics technologies will create more jobs than it eliminates; in Malaysia, 80% of CEOs surveyed have already started piloting AI in a small number of processes.

This is a far cry from the past where traditional business models used to be the foundation upon which technology was later interlaced. 

Today, both technology and strategy are tightly intertwined. And the expectation is for business  leaders to realign their current workforce and provide avenues for their employees to upskill, so that they are prepared for the machine age. 

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The Star

5 December 2018

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