EMC Leader 2020 report investigates UK CXO views on risk, innovation & technology
Despite the IMF forecasting an increase in the UK’s GDP by1.4% this year and 1.9% in 2014, it is clear from the CEOs we speak to that today’s climate is anything but comfortable. Many of us are seeing our markets disrupted by regulation, consolidation or technology, and are undergoing substantial change in order to keep or grow our market position. For the past five years, these efforts have been played out against a backdrop of zero growth and austerity.
With this in mind, this week were are launching a major report named EMC Leader 2020, which reviews the business leader’s approach to risk, innovation and technology; now and looking ahead to the future, in order to help company leaders change and grow UK businesses that meet the challenges of new entrants and overseas competitors.
The study found:
- Despite two thirds of respondents reporting widespread market disruption, analysis paralysis (a significant focus on consensus, analysis and data gathering that slows the decision making process) was an issue for 99% of large businesses’ leadership teams
- Over three quarters of CXOs (78%) think the senior management team has a conservative approach to implementing major change, with almost half (48%) expecting risk aversion to rise in the next five years
- There is limited consensus on the best approach to innovation; respondents used a variety of means including external training for individuals (40%), staff incentives (38%) and sponsors of innovation at a board-level (38%).
- There is a shortfall in CXO skills on technology. Almost all UK business leaders (91%) agreed that a better understanding of technology within the senior management team was important for future growth. Half agreed that the senior management team is rooted in the past when it comes to their grasp of technology, and yet fewer than half (47%) are building technology skills into succession planning and making it a requirement for recruitment (39%).
The report has been put together from direct insights from senior management and C-suite contributors including the European School of Management and Technology, Arup and Interserve and beyond, and research of 200 non IT C-level/director and business managers of large private and publicly-listed companies.
EMC Leader2020 uncovers key insights and approaches that can – if not provide a blueprint for success with innovation and change – at least inspire business leaders into taking a different perspective on their structures, processes and planning to ensure long-term market leadership and success.
The report concludes:
There’s no single formula for success. Instead complexity and challenge will continue to be core components of the everyday reality of business over the next decade. The leaders in a business have a responsibility to serve their organisation with the structures, processes and crucially in instilling a culture which supports change at the most fundamental level.
The full report can be found here – http://uk.emc.com/leader2020. Let us know your thoughts using #EMCLeader2020 or leave a comment on the blog below.