GCC CEOs are more op­ti­mistic about tech­no­log­i­cal dis­rup­tion than their global coun­ter­parts, says KPMG sur­vey

Muscat Daily - - BUSINESS -

Dubai, UAE - Fol­low­ing the launch of the 2017 KPMG Global CEO Out­look Sur­vey, KPMG has re­leased the GCC edi­tion of the report. The sur­vey found that a ma­jor­ity of GCC CEOs are more op­ti­mistic about tech­no­log­i­cal dis­rup­tion than their global coun­ter­parts.

In­stead of be­ing dis­rupted by com­peti­tors, eight out of ten CEOs in the Gulf thought that their or­gan­i­sa­tion was ac­tively dis­rupt­ing the sec­tor in which they op­er­ate. Also, 92 per cent be­lieved that they were ef­fec­tive at sens­ing mar­ket sig­nals, while 68 per cent said their com­pany was keep­ing up with new tech- nolo­gies.

Vi­jay Mal­ho­tra, chair­man of KPMG Lower Gulf said, “With the on­go­ing pres­sure to de­liver re­sults, GCC CEOs un­der­stand that stim­u­lat­ing in­no­va­tion is a strate­gic pri­or­ity for growth and they are in­vest­ing heav­ily in this as­pect of their busi­ness. We ex­pect that much in­vest­ment will also be made in emerg­ing tech­nolo­gies, in­creas­ing head­count, and both phys­i­cal and dig­i­tal in­fra­struc­ture over the next few years.”

Although most CEOs said that they will be treat­ing cy­ber se­cu­rity as a pri­or­ity in the com­ing three years, they were not overly con­cerned about the threat. Most be­lieved that such a risk prompted in­no­va­tion in prod­ucts and ser­vices and all said their re­spec­tive or­gan­i­sa­tions are pre- pared for an even­tual cy­ber event.

GCC CEOs also out­lined some of the chal­lenges they face while man­ag­ing cus­tomer re­la­tion­ships in their re­spec­tive in­dus­tries and these largely re­volved around keep­ing up with a fast-chang­ing mar­ket. One of the top chal­lenges, re­ported by 30 per cent of CEOs, was the dif­fi­culty they faced when tar­get­ing Mil­len­ni­als- a seg­ment known to in­ter­act with brands in dif­fer­ent ways.

Yet, nine out of ten CEOs be­lieved they were able to con­fi­dently com­mu­ni­cate how their com­pany cre­ated value for their cus­tomers. Seven in ten, how­ever, thought the depth of their cus­tomer in­sight is ham­pered by a lack of qual­ity cus­tomer data.

Vikas Papri­wal, head of mar­kets, KPMG Lower Gulf said, “The 2017 GCC CEO Out­look Sur­vey paints a con­fi­dent, op­ti­mistic pic­ture of Gulf states CEOs who are an­tic­i­pat­ing dis­rup­tion and tak­ing steps to ei­ther re­spond suc­cess­fully or to bring about the dis­rup­tion them­selves. This grow­ing con­fi­dence in their abil­ity to ad­just to a new re­al­ity and in­vest in non-oil driven sources of ex­pan­sion is in­deed an ex­cel­lent sign of ma­tu­rity for the GCC re­gion.”

Vi­jay Mal­ho­tra

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