CEOs in India grappling with disruptive technologies: Report

The Chief Executive Officers (CEOs) in India are grappling with disruptive technologies, according to a report by consulting firm KPMG. The report highlights emerging and disruptive technologies such as artificial intelligence (AI), blockchain, and metaverse as primary risks and major threats to organisational growth for CEOs in India and globally. 
 
KPMG’s 2023 India CEO Outlook, also reveals that geopolitics and political uncertainty have become the leading perceived risk for senior executives this year, surpassing concerns that were ranked in the top three risks in 2022. However, despite these challenges, CEOs in India are optimistic about the growth prospects for the global economy over the next three years, with confidence levels increasing from 57% in 2022 to 69% in 2023. 
 
In terms of technology threats, the report highlights that CEOs in India and globally are prioritising investments in generative AI as a key competitive advantage for the future. 66% of CEOs in India and 70% of CEOs globally consider it a top investment priority for their organisations. 
 
The study also reveals that CEOs in India and globally recognise the potential benefits of generative AI in detecting cyber-attacks but also acknowledge the potential risks associated with its use. Nearly 77% of CEOs in India and 82% globally view generative AI as a double-edged sword, as it can both enhance cybersecurity efforts and create new vulnerabilities for adversaries to exploit. 
 
Despite these concerns, a higher number of CEOs in India (61%) compared to CEOs globally (52%) feel confident in their organisation's preparedness for potential cyber-attacks. 
 
Yezdi Nagporewalla, Chief Executive Officer of KPMG in India, stated that CEOs in India are not only facing technology challenges but also obstacles to growth on multiple fronts, including geopolitical uncertainty, politicisation, stakeholder expectations in the ESG space, and the adoption of generative AI. However, he expressed optimism about the growth prospects of the global economy and organizations in the long term. 
 
The study also found that CEOs in India are likely to reward employees who come to the office with raises, promotions, and favourable assignments. Additionally, while there is a debate about hybrid working, with strong support, especially among millennials, 54% of CEOs in India envision the working environment to be an in-office model in three years. 
 
The study concludes that leaders should have a long-term perspective that considers the concerns and desires of employees as firms continue to implement their return-to-office plans to ensure that talent is nurtured and retained.