CxOs See Digital Transformation Headed

Where 500 CxOs See Digital Transformation Headed In 2023

The Forbes CxO Growth Survey 3.0 surveyed over 500 global C-Suite executives and found that C-suite leaders have an insatiable appetite for cutting-edge tech moving into 2023. CIOs are focused on deploying AI/machine learning, expanding the use of IoT, and implementing augmented reality, while CMOs are mostly focused on increasing investment in cybersecurity, IoT, and AI. CFOs are prepared to invest in AI collaboration tools, and advanced workflows, while CEOs are focused on increasing budget for data and analytics and advanced workflow solutions. CHROs intend to increase expenditure on collaborative tools and improved cybersecurity solutions for the hybrid workforce.

Despite uncertainty, interest in emerging technologies is increasing. CxOs are responding to volatile factors, such as cybersecurity threats, regulations & corporate tax rates, inflation and geopolitical instability, by prioritizing cutting-edge tech. The majority of CIOs anticipate that their digital transformation initiatives will be more rapid and expansive in 2023. Nearly half (48%) of CMOs consider investing in Web 3.0 initiatives—even during difficult economic times—is important and guarantees businesses keep up with developing trends and CxOs are so optimistic that they want to invest more money and resources in artificial intelligence and Web 3.0 during the next two years. Furthermore, 45% of CMOs seek to improve cybersecurity, because they believe it is directly related to providing a positive customer experience.

When it comes to the supply chain, CFOs are not doing enough to reduce risk. Only 27% of CFOs plan to change their supply chains in the next two years. To optimize supply chains, CFOs will look to four specific areas of opportunity: transitioning to a digitized supply chain, partnering with more diverse suppliers, using data to identify inefficiencies, and repricing in order to meet higher costs.

Source: Forbes