CEOs respond to technological transformation

The recently released PricewaterhouseCoopers (PwC) Global CEO Survey has provided interesting insight into how business leaders around the world are responding to the rapidly changing role of technology and digitalisation in the workplace. According to the report, CEOs are increasingly aware that incorporating technology into their businesses is essential for attracting and retaining customers and for profitability.

Technology and the client

CEOs are well aware of how effective technology can be for nurturing client relationships – 77 per cent of respondents in the PwC report said that digital technologies provide value through customer experience. With data from the Australian Communications and Media Authority showing that 80 per cent of adult Australians were using their mobile phones to access the internet in 2015, up from 76 per cent in 2014, it is no wonder that CEOs are most focused on tapping into this market to reach more customers.

Of the 1,322 CEOs surveyed by PwC, 81 per cent of them said that mobile technologies for customer communication are the most strategically important technology for their company. Having mobile-friendly technology for customers to interact with is now becoming more of a necessity then an extra feature.

Using technology to cut costs

In combination with the increased value technology can provide through client interaction, CEOs are also using it to cut costs and increase efficiency. According to PwC, 88 per cent of CEOs surveyed said that emerging technologies provide value by increasing operational efficiency.

Indeed, news from Australian businesses seems to support this sentiment; in September 2015, Bloomberg reported that Westpac Banking Corp. would be investing 20 per cent more annually in technology and simplification to improve efficiency and productivity. For CEOs of smaller Australian companies, efficiency software that combines multiple functions into one package can be effective in cutting costs and increasing productivity.