Oct. 10, 2023
By Thomas Ferguson
In today's fast-paced, tech-driven world, the role of a CEO has evolved dramatically. Gone are the days when CEOs were primarily responsible for overseeing the financial aspects of a company. Instead, we are witnessing the rise of tech-minded CEOs who are not just leaders but also visionaries, strategists, and innovators in the digital realm.
Organisational evolution, and specifically the impact of technology on business reinvention, proved to be a key theme in PwC’s 26th Annual Global CEO Survey (2023), which surveyed 4,410 chief executives across 105 countries and territories. The survey found that 49% of CEOs believe that technology disrupters (e.g. advanced tech, AI, Metaverse, blockchain) will have a large or very large impact on profitability (i.e. either increase/decrease) in their industry; more than supply chain disruption, the transition to new energy sources and new entrants from adjacent industries.
Leading by Example and Embracing Technology as a Strategic Advantage
Traditionally, CEOs were expected to be experts in finance, operations, and management. While these skills remain crucial, the dynamic nature of the modern business landscape has given rise to a new breed, who possess a deep understanding of technology and its transformative power.
One of the most significant shifts brought about by tech-minded CEOs is their hands-on approach to technology adoption, recognising that it’s not just a tool; it is a strategic advantage that can drive innovation, enhance efficiency, and create new opportunities.
They lead by example, actively engaging with new digital platforms, understanding the importance of data-driven decision-making and harnessing the potential of emerging technologies like artificial intelligence and blockchain; this in turn, promotes a culture of innovation within their organisations.
Navigating the Digital Transformation Journey
Navigating the complex and ever-evolving digital landscape requires a CEO who can not only set the vision, but also guide the organisation through the process of digital transformation. Tech-minded CEOs are well-equipped to identify emerging trends, assess their impact, and make informed decisions to keep their companies ahead of the curve.
They are also attuned to the changing expectations of consumers in the digital age. They prioritise delivering seamless customer experiences by leveraging technology to personalise products and services, improve user interfaces, and enhance overall satisfaction.
Creating a Culture of Growth and Innovation
Innovation is at the heart of every tech-minded CEO's agenda. They foster a culture of continuous learning and experimentation, encouraging employees to think outside the box and explore novel solutions to business challenges.
According to the aforementioned PwC Report, CEOs want to spend more time reinventing their business. When asked how much time they would like to allocate to ‘evolving the business and its strategy to meet future demands’, against, ‘driving current operating performance’, ideally it would be a 57% / 47% split, opposed to the current allocation of 47% / 53%.
While tech-minded CEOs bring a wealth of knowledge and expertise to their roles, the rapid pace of technological advancements, cyber-security threats, and the ethical considerations of technology usage, are just a few of the hurdles they must overcome. However, these challenges also present opportunities for growth and differentiation. Tech-minded CEOs have the ability to pivot swiftly in response to market changes, adapt to new customer preferences, and identify untapped markets through technological innovation.
Conclusion
As businesses face an increasingly interconnected and digitised future, the leaders at the helm must be more than just business-savvy—they must be pioneers in the tech frontier. Tech-minded CEOs are no longer a luxury but a necessity for forward-looking companies aiming for sustained success.