What GLOBAL CEOs talked about in Q1/2023

Introduction

The First Quarter of 2023 began and ended in a jiffy. We are already 4 months into 2023 and it is essential to focus on what the Global CEOs had to talk about in the Q1/2023 since it will have a major impact on a lot of factors for the rest of the quarters of the year.

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As per an internal survey conducted at BBB (Brain Science Buying Behaviour), the Global CEOs expressed their importance to a list of things. A few topics that were the top priorities in the first quarter of 2023 are as follows –

·???????Inflation

·???????Digital Transformation

·???????AI & ChatGPT

·???????Cyber Security

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Let us try to understand why the Global CEOs gave so much emphasis on these topics through the previous quarter.

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Inflation

The primary discussion of the Global CEOs in the first quarter has revolved around Inflation causing major economic uncertainty which is highly affecting businesses and markets across the globe, not in a very positive manner. More than 55% CEOs have vented how Inflation is causing loss to their business when compared to the past half-decade. This is in turn causing a chain reaction effect on a lot of other businesses as the market works in a whole cycle. This has been one of the greatest challenges their business have been facing. The businesses are not financially stable or prepared for such economic downturn especially when the world has lately survived a global pandemic. Inflation has caused a lot of companies to downsize their employees. There have been many cases of employees resigning as the company was unable to match the salary increase demands in sulking times of inflation causing high rates in attrition. The CEOs have been discussing survival tactics and strategies to overcome these challenges faced by their business.

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Digital Transformation

The next focus point of the Global CEOs was undoubtedly on the most talked topic in the past few years since Covid19 – Digital Transformation. Businesses that have not yet started to execute digital transformation are getting outdated at an accelerating speed. CEOs from around the globe stated their immediate need to implement and adapt to digital transformation as the need of the hour for every business. CEOs are looking at digital transformation as a way to stay competitive and navigate the challenges that their business are facing due to lack of upgradation to the digital world. CEOs are finding ways to accelerate Digital Transformation at every level in their organization.

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AI & ChatGPT

What is the first thing that comes to your mind when you hear the word AI?

AI is not necessarily about killer robots, computers curing cancer or some runaway autonomous vehicles. It’s all about using computers to detect patterns and make predictions. For AI to make a visible contribution to a company’s bottom line, CEOs must ensure that the technology has been scaled across the organization, helping it infuse in core business processes, workflows and customer journeys which will aid in optimizing decision making and daily operations.

ChatGPT has been the talk of the town in the first quarter of 2023. ChatGPT has everyone not only talking about it but also to it. ChatGPT has an answer to almost anything and everything. ChatGPT is truly a remarkable progress of technology. ChatGPT has been a game changer for CEOs as it is providing the most accurate real-time insights and data analysis in a fraction of seconds. ChatGPT is a valuable tool for CEOs looking to improve their content marketing strategy as it has the ability to generate high-quality content quickly and efficiently. It can also help with personalization using data from the company’s customer database. CEOs gloabally are encouraging the use of ChatGPT in businesses to improve efficiency and productivity.

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Cyber security

It is the unsaid responsibility of the CEO along with the Board to maintain an understanding of the risks and assume ultimate accountability and responsibility for the organization’s cybersecurity activities and personnel. Governing cyber risk is a holistic process aiming to improve organizational cyber resilience. Successfully managing cyber resilience is necessary as organizations and executives face huge fines and other serious consequences. This is easier said than done. As per statistics, only 60% of the organizations have been able to successfully implement suitable cyber measures. An organization’s cybersecurity is not a one-time process or the job of a few employees, it is a factor to consider in all business decisions and operations and a practice that must be maintained by all employees. A CEO needs to ensure that this is taken care of. It is the people, not the technology, which can either be an organization’s greatest defence, or its weakest link against a cyber-attack. CEOs should increase their knowledge of core cybersecurity concepts and leverage their own leadership skills to conceptualize and manage risk in strategic terms, understanding the business impact of risk.

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Conclusion

It is worth noting that the topics discussed by the Global CEOs are not specific to Q1/2023 but are expected to be relevant throughout the year. It is high time that CEOs and other upper level management ensures that the business keeps up with growing and changing times. The importance of innovation and collaboration should be kept in mind in navigating solutions to overcome the challenges faced in Q1/2023.

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What are the factors that impacted your business in Q1 of 2023?

How well are you and your business adapting to those factors and changes?

Do you have a strategy in mind to implement these factors for smooth functioning of your business?

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Do let me know your thoughts at [email protected].

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Cheers,

Jagmohan Rishi Singh