Almost 60 per cent of Oman-based chief executive officers (CEOs) are actively disrupting their sectors by making significant technological advances in order to grow their business and stay ahead of the competition.
This is according to the latest edition of KPMG’s CEO Outlook report, which shows that disruptive technology, economic territorialism and climate change are some of the biggest challenges global and local businesses may be facing today.
While more than 90% of CEOs in Oman express confidence in their own business’ growth prospects (in line with global CEOs), 68% feel confident in the global economy. Traditional business models have come under increasing pressure due to digital disruption, and CEOs are pressed to rethink their organisation’s traditional approach in order to drive new digital revenue streams.
More than half (52%) of Oman-based CEOs believe that agility is fundamental for businesses to succeed against a challenging economic backdrop, while 60% are actively transforming their leadership teams to build resilience. According to KPMG’s findings, nearly two-thirds (64%) of organizations in Oman are piloting AI in the automation of some processes— a higher proportion than global CEOs (53%). In the wake of increased technological disruption and adoption, 64% of CEOs in Oman recognize that a strong cyber strategy is critical to building trust with key stakeholders.
Nader Haffar, Chairman & CEO, KPMG Lower Gulf, said: “CEOs in Oman recognise more than ever that agility is the new currency of business and if they fail to adapt to a constantly changing world, their business will become irrelevant. Encouragingly, Oman-based CEOs are quick to adopt new technologies, like automation and AI, to drive their business forward. The next stage will be for them to build organizational resilience to manage technological disruption and maintain growth momentum.”
CEOs in Oman also recognise they should take advantage of opportunities in emerging markets such as the Indian subcontinent, China and south-east Asia, given their growing populations, the expansion of their middle classes, and steadily increasing consumption. Sixty-eight percent of Oman CEOs said their first priority for geographical expansion over the next three years is emerging markets.
“Oman-based CEOs are prepared for potential social, economic and technological headwinds but they must become disruptors of their own business, and challenge entrenched practices. If they create an environment where new ideas can be tested and change is encouraged, their organizations stand to benefit tremendously,” Haffar said.