Overview
Reinvention has been the lifeblood of organisations’ fortitude for decades. History presents us with numerous examples in which transformed work methods or new sources of value served as the factor that decides between an organisation that thrives or falters. Netflix’s shift from mailing DVDs to streaming services and original productions exemplifies reinvention driven by technology. Likewise, Samsung and Amazon have also successfully reinvented themselves.
PwC’s 28th Annual Global CEO Survey reveals four in ten CEOs (42%) say their company will remain viable for less than ten years if it continues in its current path, with technology being the strongest force for reinvention. Generative AI (GenAI) is expected to transform work and disrupt markets.
Looking forward, almost half of CEOs say that their biggest priorities over the next three years are integrating AI (including GenAI) into technology platforms as well as business processes and workflows. About half (49%) of CEOs expect GenAI to increase profitability in the year ahead, like expectations a year ago, 42%. However, many leaders focus too much on costs and narrow use cases, which fails to seize broader opportunities for transformation. While productivity gains are important, the real impact will come from business model reinvention or disruption.
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