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More than two-thirds of CEO respondents from the world’s largest companies say they plan to take on a major investment in data and technology over the next 12 months, while 61% plan to undertake a major transformation initiative over the same period, according to a recent study.
The global EY CEO Imperative Study 2021 surveyed 305 CEOs, 42% of whom also expect to make changes to their organisation’s risk management processes in the next three years.
The Covid-19 pandemic appears to have accelerated the longstanding desire for digital-led business transformation from important to urgent, the study concludes.
Ove Svejstrup, Associate Partner and leader of EY’s digital service offerings in the Channel Islands, said: "The past year has been trying for everyone and CEOs have had to make tough decisions by reviewing portfolios and projects to balance the long-term growth prospects against immediate shareholder expectations.
"Technology has been the common denominator for most organisations' resilience amid the pandemic.”
EY recently launched their FinTech in the Channel Islands survey to gauge the attitudes of Channel Islands business towards FinTech and related technology solutions and to analyse how Covid-19 has impacted the adoption levels of these technologies across the islands. A report of the findings will be released later this year.
“With the increased reliance on technology solutions to work remotely and stay connected, particularly over the past year, it is more important than ever before for businesses to ensure they have digital strategies and solutions implemented, which is reflected in this global survey," said Mr Svejstrup.
"Through our Channel Islands FinTech survey it will be interesting to benchmark Channel Islands businesses against the commitments being made by CEOs across the globe to increase investment in data and technology.”
Mr Svejstrup believe that the current stats show a divide between intention and action that still needs to be crossed.
“While the research highlights that CEOs are willing to transform, EY data found a clear gap between intention and execution, particularly when it comes to long-term value and ESG
"Given the sense of urgency around these issues is only increasing, CEOs will come under greater regulatory and reputational pressure to operate differently. Leaders need to follow through their public commitments with action to demonstrate they are taking the bold steps needed to drive long-term value and change.”
Pictured: Ove Svejstrup, Associate Partner and leader of EY’s digital service offerings in the Channel Islands.
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