In an increasingly digital-driven world, technology has created a new dynamic between business and customers bringing huge benefits for both.\u00a0 However on the flip side 69% of CEOs say it is harder to gain and keep people\u2019s trust in this environment and 87% believe risks from use of social media could have a negative impact on the level of trust in their industry. \u00a091% of CEOs also agree data privacy and ethics issues could impact people\u2019s trust in their organisations in the next five years.
\nThose are some of the outcomes from PwC\u2019s 20th\u00a0annual survey of CEOs’ confidence worldwide. The study has been presented today at the Davos Summit by Bob Moritz (elected as Global Chairman of PricewaterhouseCoopers International Network since July 2016).<\/p>\n
CEOs say that technology is now inseparable from business\u2019 reputation, skills and recruitment, competition and growth. Furthermore, almost a quarter of respondents believe technology will completely reshape competition in their industry over the next five years (23%), but they also can foresee the risks.<\/p>\n
After several high-profile technology and security issues for big companies, CEOs unsurprisingly identify cyber security, data privacy breaches and IT disruptions as the top three technology threats\u00a0to stakeholder trust.<\/p>\n
Twenty years ago, trust wasn\u2019t high on the business radar for CEOs. 15 years ago only 12% of CEOs thought public trust in companies had greatly declined. This year, 58% worry that a lack of trust in business will harm their company\u2019s growth, up from 37% in 2013.<\/p>\n
\u201cCEOs expect it to become harder to sustain trust in the digital era. But competitive advantage will go to those with the greatest capacity to turn technology into their strength when coupled with the ability to connect with their stakeholders in an on-going relationship grounded in trust,\u201d added Bob Moritz.<\/p>\n
The issue technology and trust is just one among many other surveyed in PWC’s research.<\/p>\n
Image over the headline.-<\/strong>\u00a0\u00a9 PWC<\/span><\/p>\n Related external links<\/span>:<\/strong><\/span><\/p>\n