Revenue growth and expanding strategic alliances are top of mind for C-suite leaders, but their views on AI are mixed.
Nearly seven in ten (69%) board members and executives agree “somewhat” or “completely” that, despite economic and geopolitical headwinds, significant opportunities exist to increase revenues over the next two to three years, according to a new survey from global consulting firm Protiviti.
“These findings highlight the importance of exploring growth avenues while ensuring that risk-adjusted returns are considered when making capital allocation decisions,” the survey said.
Protiviti surveyed more than 1,500 board members and C-suite executives.
Leaders highlighted ecosystem expansion as key to unlocking new opportunities. Sixty-two per cent of leaders are prioritising ecosystem development, the survey said. They view developing strategic alliances and partnerships as a key enabler of success.
Through collaboration, leaders look to facilitate the sharing of ideas, technologies, and capabilities that support rapid co-innovation, expanded market reach, and operational efficiency and agility to promote revenue growth.
However, geographic expansion is viewed with more caution (52%), which may reflect uncertainty around trade policies, geopolitics, and regulatory complexities in global markets.
“Leaders should assess whether they are fully leveraging external relationships for co-innovation, data sharing, and platform integration, among other opportunities,” the survey noted.
AI receives a mixed reception
While a long-term strategic priority, AI integration is a double-edged sword for organisations.
“AI is both a transformative growth driver and a complex challenge,” the survey said, with 31% of leaders focused on integrating it into current technologies and business processes. But AI also ranks sixth among near-term global risks, as interconnected risks also climb for companies.
Cybersecurity is the top global risk and investment priority for organisations, and the risks linked to AI remain top of mind. Additionally, IT infrastructure and performance rose to fourth place among near-term risks, up from 13th place last year.
For AI, leaders said the main areas their companies have to navigate over the next two to three years are risks related to data required for AI use and cybersecurity exposure (31%), integrating AI across existing technologies and processes (31%), and equipping their workforce to realise AI’s value proposition (29%).
“AI is a critical component to unlocking efficiency, personalisation, new innovations, and the ability to scale — all drivers of new revenue streams and expansion,” the survey said.
As organisations look to balance the risks and rewards of those tools, their primary focus is not on existential threats but on organisational and operational risk.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.