Enhancing the customer experience is the number-one priority for 51% of consumer products CEOs and 53% of retail CEOs, a new survey by the IBM Institute for Business Value has found.
The survey, which polled 3,000 CEOs around the world, including nearly 400 from across the retail and consumer products industries, found that most are 'laser-focused' on customer experience, with technology cited as an enabling factor in achieving business goals and profitability.
Two-fifths (40%) of consumer products CEOs said that the need to modernise technology was a high priority for their business, with 51% citing technology as the most influential external force on their operations.
The Role Of AI
Elsewhere, the survey found that both retail and consumer products industry leaders acknowledge the potential of AI in revolutionising their operations. Some 42% of retail CEOs and 59% of consumer products CEOs believe that AI and its constituent elements – including generative AI, deep learning and machine learning – will help 'deliver desired results' over the next three years.
In addition, some 71% of consumer products CEOs and 64% of retail CEOs believe they have a 'clear plan' on the role that advanced AI will play in decision-making five years from now.
"Generative AI can reduce the barriers to AI adoption and half of CEOs interviewed are actively exploring it to drive a new wave of productivity, efficiency and quality of service across industries," commented Jesus Mantas, Global Managing Partner, IBM Consulting.
"CEOs need to assess their company requirements around data privacy, intellectual property protection, security, algorithmic accountability and governance in order to plan their deployment of emerging use cases of generative AI at scale."
Data Challenges
Finally, CEOs in both retail and consumer products cited data-related challenges, including unclear data reporting across their supplier or partner network, as well as challenges in identifying meaningful insights.
However, more than four fifths (82% of consumer products CEOs, 81% of retail CEOs) have 'high confidence' in technology's ability to provide the correct insights.
To view the full study, visit ibm.co/c-suite-study-ceo.
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