Newly released research of 1,200 CEOs uncovers significant trends. CEOs are feeling more optimistic, almost half have invested in AI and 2/3 are planning strategic alliances š”. Let's take a look.
These insights stem from EY's Global CEO Outlook Pulse survey conducted in July 2023, which delved into a range of top of mind questions ā from AI to recession forecasts to growth strategies.
Here's what stood out for me:
ā ļø The recession outlook is gradually getting brighter
CEO cautious optimism is on the rise with 47% of them now feeling more optimistic about their financial performance in the next 12 month than they did in January.
The biggest share (37%) now views their market in a moderate and temporary downturn, compared to 6 months ago when only 10% held this view. The the largest group expected the downturn to be severe and persistent.
š AI adoption is already substantial
AI adoption is approaching half of companies, which is striking, given the AI tech explosion only kicked off late last year
A notable 43% of CEOs are already integrating AI-driven changes into their capital allocation process, while another 45% have not made significant capital investments yet but plan to do so in the next 12 months.
A significant 65% of CEOs believe AI is a positive force, boosting business efficiency and therefore creating positive outcomes for all.
š¤Partnerships may be taking center stage, but patience is required.
When it comes to capital allocation, only 25% of CEOs are investing in organic growth today.
The largest group (29%) is holding a cash reserve for future opportunities or challenges.
Of those investing in growth, 13% are focused on building ecosystems and partnerships.
š However, when asked about the next 12 months, 63% aim to establish joint ventures or strategic alliances with third parties. This proportion is higher than other investment transactions leaders plan to pursue in the next 12 months, including M&A.
As the economic outlook improves, so too do the expectations for partnerships. It appears they're set to take the spotlight soon.
Do these CEO insights resonate or if you're seeing different trends in your growth strategy?
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