World CxO 2024 Report
BTO Research
We are a Young, Pocket-Sized and Multinational Company built on Ideas and People
Business leaders have a unique responsibility to help their companies navigate Digital Transformation. Are they up to the challenge? What are the upcoming tech trends?
1. What is World CxO
The World CxO project aims to investigate the main digital challenges facing companies and to understand the point of view of the C-levels of the most relevant European companies. BTO publishes an annual report with key findings.
BTO ?CxO? aims to identify the technological trends that mostly influenced global companies in 2023. The trustworthiness of the arguments derives from F2F Interviews with exponents, top managers and executives of top tier companies belonging to the following industries:
2. Executive Summary
The Digital Transformation of European accelerated in 2023. This is driven by a number of factors, including the European Union’s Digital Decade Strategy and the increasing availability of digital technologies and infrastructure.
One key trend is the adoption of Artificial Intelligence (AI). AI is being used by businesses across a wide range of industries to automate tasks, improve processes, and make better decisions.
Looking ahead, the digital transformation journey is far from over. Technologies like 5G, quantum computing, and augmented reality are on the horizon, promising even more profound changes. Companies that continue to embrace innovation and agility will be well-positioned to thrive in the evolving business landscape.
In conclusion, 2023 marks a pivotal moment for European businesses as they navigate the complex terrain of digital transformation. The journey is challenging, but the rewards for those who embrace change and innovation are substantial, paving the way for a future where technology is not just a tool but a driving force for sustainable success.
3. Digital Transformation
In Europe, Digital Transformation is progressing slowly due to a number of factors. The diversity of industries, sizes, and maturity levels across the European business landscape poses a challenge to implementing standardized digital solutions tailored to each company's specific needs. In addition, entrenched traditional business models in certain industries discourage investment in Digital Transformation, citing concerns about cost, process disruption and uncertain returns.
Key Blockers to Digital Transformation include resistance to change, insufficient skills, technological complexity, limited capacity and the challenges of working with multiple large vendors. Specific factors contributing to the slow pace include the complex regulatory environment of the European Union and the reluctance of the ageing population to adopt new technologies compared to younger generations.
However, there are positive trends, such as the widespread engagement of over half of surveyed companies in Open Innovation programs. This strategic approach fosters creativity, accelerates product development, and enhances competitiveness by collaborating with external partners and integrating external technologies. Embracing open innovation enables access to new ideas and technologies, accelerating Digital Transformation.
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Research show that almost all surveyed companies have invested in Cybersecurity and Cloud computing over the past year reflects a heightened awareness and prioritization of digital resilience and efficiency. This trend aligns with the evolving business landscape, where organizations are increasingly reliant on technology and data-driven processes.
4. Business Transformation
The Digital Transformation of HR is a prominent trend in European businesses, with over two-thirds of surveyed companies expressing confidence in their level of HR Digitalization. This trend signifies an increasing recognition of the importance of digital technologies in HR processes.
Digital technologies are increasingly vital for HR due to several reasons:
Specific examples of how our interviewed are using digital technologies to transform their HR processes include:
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Contact us at [email protected] to meet our Tech Research Team.
A special thanks to the following individuals for their invaluable contributions to the creation of this report: Giuseppe Maria Vaccaro , Marco Castelli , Roberta Raimondi , Laura Varela Vernocchi , Gianluca Pozzoni , Andrea Vassallo , Gianpaolo Riva , Simone Bonali , Teodosio Sperduto , Umberto B. .
This work was inspired by the research activities of Professor Vijay Gurbaxani from the University of California, Irvine.
Navigating challenges is the essence of growth. As Seneca said, it's not that we have a short time to live, but that we waste a lot of it. Let's make every moment count! ????