I read an interesting piece in the Fortune CEO Daily newsletter on whether the pace of change is truly increasing. Fortune highlighted findings from Accenture’s Pulse of Change: 2024 Index, which identifies and ranks six factors of change affecting businesses—Technology, Talent, Economic, Geopolitical, Climate, and Consumer & Social.
Do you think things are moving faster? If yes, you are correct. The pace of change has risen steadily since 2019, soaring 183% in the last four years. 61% of CXOs expect the pace of technology disruption to be faster this year than last and they aren’t ready; half of those CXOs feel they won’t be able to take advantage. While 76% surveyed believe generative AI will drive the change and upside, nearly an equal number are concerned about the responsible use of AI.
In our work on Customer Advisory Boards, we speak with C-suite leaders across, financial services, technology, pharma, legal and tax, and energy among other sectors. In line with Accenture’s findings, we hear firsthand that technology is a significant cause of change and it is advancing rapidly.
In 2023, Customer Advisory Board members discussed the need for their organizations to harness technology, especially “disruptive technology” like Gen AI, to drive operational and organizational excellence at speed and scale. Leaders report that to extract maximum benefit from technology investments, organizations and boards must be educated, workforce reskilling is key, the right partnerships are imperative, and governance is needed to provide the necessary guardrails. Many executives we speak with report that their organizations are proceeding cautiously, but with purpose, shifting from thinking and experimenting to implementation.
I am excited to dive into meeting agenda discussions with Board members and hear where they are focusing for 2024, the challenges they see ahead, and the ways their organizations are preparing to move forward. For certain, this will be another year of accelerated change.