Nearly three out of four Chief Executive Officers are worried about losing their jobs in 2022, compared with 52% who felt that way last year, according to data that was released yesterday as part of a global survey of 3,000 CEOs. What is causing the anxiety in the corner office are how industries across the world are being disrupted thanks to technology and whether companies are built to adapt and thrive in markets that are evolving faster than ever.
Interestingly enough, the impact of COVID-19 was 13th on the list of things that are keeping CEOs awake at night, according to the survey, which was released by AlixPartners, a global consulting firm.
Ninety-four percent of CEOs feel their companies’ business models will have to change in the next three years for them to remain relevant, and 57% of those CEOs say their companies are not making progress fast enough. These data points should resonate throughout the accounts receivable management industry, which is looking at the dawn of a new era of debt collection thanks to Regulation F and the growing impact that technology is having on collections as evidence that new models are needed and sticking to the old way of doing business is like believing that the crew would be able to fix the hole on the Titanic.
Among the issues keeping CEOs awake at night are the impact of artificial intelligence in their sectors, new regulations and governance, and how to be responsible from an environmental perspective while still being profitable, according to the survey.
“COVID, whilst an enormous disruption in our times, is just another disruption,” said Simon Freakley, the CEO of AlixPartners, during an interview yesterday. “There are many, many disruptions hitting businesses being managed by executive teams. This is just another one.”
Freakley also noted that many companies are collecting data, but few have the tools and resources to understand and analyze it. Another interesting insight that has parallels to the ARM industry, as well.