Innovation and technology are hot topics for Canadian CEOs, with 88% seeing technology change as one of the biggest trends they expect to impact their business over the next 5 years, and 65% seeing developing an innovation ecosystem that supports growth as an organizational priority.
But despite technology and innovation being top of mind, there appears to be an undercurrent of uncertainty about where to focus their technology and innovation efforts. Over two-thirds (69%) of Canadian CEOs are concerned about the speed of technology change – an issue that can both create opportunities for organizations and hamper them from moving forward. For companies with older systems, the cost of leapfrogging to next generation technology and processes can be prohibitive – limiting long term growth.
Meanwhile, while 46% of Canadian CEOs believe that developing an innovation ecosystem to support growth should be a government priority, only 27% believe the government has been successful with its efforts so far.
Canadian CEOs need to be innovators and agents of change if they are to be successful in the rapidly evolving global economy. While the government has a role to play in terms of supporting innovations – success will hinge on the ability of companies to look forward and take action, while recognizing and managing the inherent and potentially costly risks associated with technology change. More important that implementing the latest and greatest technology is implementing the right technology to achieve a company’s strategic objectives.