My insights on PwC’s 27th Annual Global CEO Survey: Yashar Moradbakhti, CEO of Lingio

My insights on PwC’s 27th Annual Global CEO Survey: Yashar Moradbakhti, CEO of Lingio

According to PwC’s 27th Annual Global CEO Survey, about 60% of CEOs expect generative AI to create efficiency benefits. As CEO of AI employee training and skills development platform Lingio, I was interested in reading the survey results.

The survey findings offer a window into the evolving dynamics of the business world and the emerging role of AI in shaping the future of work. I’m here to share my own summary and insights on the survey results, so tune in as I unpack some of the key findings and what they mean for the future of business.

Skills development in the age of AI

According to the survey, within the next three years, nearly 70% of respondents anticipate generative AI will increase competition, drive changes to their business models, and require new skills from their workforce. 

Recent years have seen AI move from experimental and isolated applications to becoming a core component of strategic operational frameworks. This transition underscores a broader acceptance and integration of AI technologies, reflecting a shift from tentative exploration to widespread implementation across various business functions. 

In the survey, 58% of CEOs believe that generative Al will improve the quality of their company’s products or services within the next 12 months. As we look to the upcoming year, the expectation isn’t just an increase in the adoption of AI technologies but a significant transformation in how these tools are leveraged to improve decision-making, streamline operations, and personalise customer experiences. 

The next three years promise an even more dramatic shift, driven by the rapid advancements in generative AI capabilities. We anticipate three major transformations. First, the competitive landscape will be redefined as companies that effectively utilise AI to innovate and optimise their operations will gain a distinct advantage over those that don’t. This will necessitate a continuous investment in AI technologies and the development of strategies that leverage these tools for competitive differentiation. 

Second, the change in business models will be significant. As AI technologies evolve, they’ll enable new ways of delivering products and services, necessitating businesses to rethink their value propositions and operational structures. This transformation may involve adopting platform-based models, using data more effectively, or finding new ways to engage with customers. 

Lastly, and perhaps most crucially, the workforce will need to adapt. Already, the survey shows that 68% of CEOs believe that generative Al will increase competitive intensity in their industry. The demand for new skills will accelerate, emphasising digital literacy, data analysis, AI ethics, and strategic decision-making in an AI-augmented environment. Organisations will need to prioritise the upskilling and reskilling of their employees, ensuring they’re equipped to thrive in an AI-driven world. This means providing training in technical skills and promoting an adaptive mindset among the workforce, enabling them to navigate the ongoing changes with agility and confidence.

The imperative for ongoing business transformation

The survey also highlights a significant trend: the huge importance of continuous reinvention for businesses in the face of technological disruption and climate change threats. One of the most striking findings is the growing concern among CEOs about their companies' long-term viability. The survey reveals that 45% of CEOs believe their company won’t be operational in ten years if it stays on its current path. This is a significant increase from the previous year and underscores the urgency for businesses to adapt and evolve. 

Technological advancements, particularly in AI, are reshaping industries and altering how organisations operate. This is where the growth of technological trends like online training platforms play a pivotal role in helping businesses remain competitive with highly skilled staff. 

Efficiency and productivity in the modern workplace

Furthermore, the survey found that CEOs believed there were enormous inefficiencies across their companies’ routine activities, from decision-making meetings to emails. They perceived that roughly 40% of the time spent on these tasks was inefficient. 

However, approximately 64% of CEOs think that generative AI will increase employees' time efficiency by 5% or more. The power of generative AI is set to completely transform what we think about efficiency, revenue generation, and boosting business growth. CEOs are seeing how generative AI can be a game-changer, streamlining how we work, upping productivity, and making businesses more agile. Today, learning and development training and initiatives can be rolled out in seconds instead of days or weeks. That's the kind of speed we're talking about with AI in the workplace. 

We can use AI to quickly get the right training materials to where they're needed, tackling skill shortages head-on and building a foundation for businesses to work smarter and drive real value. This strategy doesn't just meet the workforce's needs today; it prepares us for what's coming, ensuring businesses can stay ahead of the game.

The PwC survey underscores the critical need for businesses to continually embrace reinvention, focusing on keeping up with the latest technology and sustainability standards. As Lingio’s CEO, I see this as a strong validation of our approach to using AI for employee training and skills development. 

We’re at a juncture where integrating technology in learning and development isn’t just beneficial but essential for organisations to remain competitive and durable. Lingio stands at the forefront of this transformation, empowering businesses to use AI to continuously develop their most valuable assets – their people.

Ready to invest in a more streamlined training and upskilling strategy? Try our AI Course Creator for free here.