There is a drastic need for business leaders and policy makers to fundamentally rethink the way they plan, invest and operate in the future.
A new PwC survey of CEOs show the majority believe the COVID-19 pandemic the shift towards remote collaboration (78%), automation (76%) and fewer people working from offices (61%), are here to stay. Overall, 61% say their business model will be more digital in the future.
Responses show digital infrastructure, flexible working and employee wellbeing will top their boardroom agendas as they reconfigure business operations to secure growth in the next 12 months and beyond. Fifty-eight percent of CEOs say ensuring supply chain safety will remain a focus, driving technology investments to enable tracking of products from production to delivery, and to ensure their suppliers and partners are resilient during crises.
“Business leaders need to simultaneously keep their company running today and fundamentally rethink their strategy for tomorrow, so they come out of the pandemic ready to reconfigure their business to thrive in a very different world,” says Bob Moritz, Global Chairman, PricewaterhouseCoopers International Limited. “And they need to do that, thinking not just about the COVID-19 acceleration of change in society and the rising expectations of their broader stakeholders, but also the other issues that are going to fundamentally reshape the future of business — from climate change to populism.”
In a challenge to decades of increased globalization, almost two in five (39%) of CEOs believe there will be a permanent shift towards “onshoring” and insourcing, and a similar share expect an enduring increase in nationalism.