PWC – CEO Survey, 2024

The report by PwC's 27th Annual CEO Survey highlights the growing sense of urgency among global CEOs regarding the need for business reinvention. The survey reveals that 40% of CEOs believed their companies would not be viable in the next 10 years if they continued on their current path. This has prompted many CEOs to consider the need for transformation in their approach to thrive in the future. The survey shows that while companies are taking some steps towards reinvention, CEOs are still concerned about their long-term viability. Despite being more optimistic about global economic growth, 45% of CEOs are not confident that their companies will survive more than a decade on their current trajectory. Some key findings include the intensifying impetus to reinvent due to technology, climate change, and other megatrends. CEOs who are less confident about their company's viability are more likely to have taken action for business model reinvention. Small company chief executives feel their company's viability is more threatened than their larger counterparts. CEOs also perceive significant inefficiencies in routine activities, estimating that roughly 40% of the time spent on these tasks is inefficient, resulting in a significant cost to productivity. Generative AI is seen as a potential solution to relieve some of these burdens. Additionally, CEOs are willing to make trade-offs to boost the sustainability of their businesses, accepting lower hurdle rates for climate-friendly investments. The survey also highlights the importance of resource reallocation in achieving success, with two-thirds of CEOs reporting reallocation of resources of 20% or less year to year. Given the high stakes, CEOs are aware of the urgency to change and the need to deliver sustained outcomes for stakeholders and society. The report is organized into nine sections under three themes, namely the reinvention imperative, looming existential change (climate change and technological disruption), and the reinvention playbook, which outlines essential actions for continuous reinvention.