Singapore CEOs reinvent their business to keep up with the worsening economy
A PwC survey revealed that 89% of leaders in Singapore are expecting an economic growth slowdown in the next 12 months. To keep up with this challenge, most CEOs are investing in change and transformation.
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According to the survey, 31% of CEOs are concerned about inflation, and another 31% are concerned about macroeconomic volatility/
Additionally, 25% are worrying about cyber risks, and 25% worry about geopolitical conflict.
Compared to other CEOs worldwide, Singapore CEOs are more pessimistic.
The survey also found that 67% of CEOs are decreasing their operating costs, and 58% are diversifying their product and service offerings as a response to the economic climate.
Meanwhile, over a third of CEOs in Singapore believe that their company will not last in the next decade if they continue their current strategy. This is why 89% of companies are investing in automating processes and systems, and 83% are deploying technology such as the cloud, AI, and other advanced technology. Lastly, 87% are now using systems to upskill their workers in priority areas.
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