Few corporate leaders can deny that their traditional way of doing business is being challenged and transformed by technology – and the pace of this change is increasing each year. As mentioned previously, more than half of key decision makers ranked innovation through new technology (66%) and disruption via competitive technology (62%) as core complexities facing their businesses.

This was reflected to varying degrees by management teams within each industry (Figure 10). In short, business has been anything but usual and this theme is being shared across firms of all sizes in all industries.

In the information technology and communication (ITC) space, respondents said that innovation is the lifeblood of their businesses, a make-or-break feature that determines which enterprises rise above the rest and which ones fail. Across the remaining industries, innovation and new tech solutions are being used to meet customer demands for faster and better products and services. These include online payment platforms, advanced drugs and pharmaceuticals, and simplified financial products to manage their wealth, among many others.

In terms of disruptive forces, few within their respective industries feel they will be able to avoid such competition in the near term (Figure 11).
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