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04 Sep 2008
Mid-market chief executives face a challenging three years as the speed of change outstrips their ability to cope with it, research has asserted.
The IBM Global CEO Study, which the vendor claims is the largest ever study of chief executives, found that mid-market companies are upbeat about growth opportunities in developing markets. 86 per cent of respondents are anticipating substantial changes in their marketplace over the next three years, including increased skill requirements and changes to the regulatory landscape. But only 57 per cent claim to have enjoyed prior success in managing such change.
Emerging economies are a key area of focus for many mid-market chief executives, with a 20 per cent increase in investment being targeted over the next three years.
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Three quarters of respondents revealed they hoped to differentiate themselves in the coming years by changing their business model.
Three key changes were singled out, including augmentation of firms' capabilities, knowledge and assets, which was cited as a target for three fifths of those questioned. Partnering extensively was targeted by 54 per cent and pursuing new markets was cited by 51 per cent.
IBM claims in the study that today's consumers are "information omnivores", 53 per cent of whom garner product information from the internet, including price and feature comparisons. One in ten consumers has sent a text message to a friend or family member while shopping to seek their input on a prospective purchase.
Corporate social responsibility (CSR) is also singled out in the study as a potentially key differentiating factor for customers over the next few years. With this in mind, mid-market companies are planning to boost their spend on CSR initiatives by more than a third during that time.
Marc Dupaquier, general manager for global midmarket at IBM general business, said: "In today's rapidly changing global marketplace, CEOs of midsize companies recognise that the most effective path to sustained business success is through innovation, skills and active partnering. It is clear that these firms are aggressively changing their business designs to expand into new markets and forge stronger relationships with a new class of informed and collaborative customer."
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