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1、Executive PerspectivesThe CEO OutlookWhat Moves Industries in 2023April 2023Executive PerspectivesIntroduction to this documentIn this BCG Executive Perspectives edition,we share how industries are responding to uncertainties differentlyMultiple global challenges such as macroeconomic uncertainties,
2、inflation,changes in the labor market,etc.,create a challenging environment for companies in 2023.We surveyed 759 global C-suite executives across industries in January and February 2023 to gauge sentiment regarding their companys outlook,their biggest concerns,and how they set strategic priorities
3、in times of uncertainty.This second Executive Perspective on the survey results dives into specific concerns and 2023 action plans for different industries.We have selected a few industries to demonstrate the depth of our insights.Please dont hesitate to reach out to us if interested in learning mor
4、e about your industry.You can find the overview of the survey analysis and regional nuances in our first edition,CEO OutlookCaution,Optimism,and Navigating the Road Ahead.2Copyright 2023 by Boston Consulting Group.All rights reserved.Selected industry deep divesOverviewExecutive summary|Regardless o
5、f industry,companies should take action to build competitive advantage and resilienceNot surprisingly,cost is the number one priority across industries,with the 2nd and 3rd priorities reflecting each industrys nature.This shows that while most companies would love to pursue opportunities,they are st
6、ill focusing on defense moves due to market uncertainties.Nonetheless,while there is high focus and consistency across the defense actions planned within each industry,30%of respondents are planning for bold moves(e.g.,top line,M&A)to build competitive advantage.To win in the future,there are two cr
7、itical questions executives should ask themselves:First,where would I like to invest strategically to fuel growth?Second,how do we build an adaptable organization to ensure resilience given that it is the key deficiency identified across industries?3Copyright 2023 by Boston Consulting Group.All righ
8、ts reserved.In this section,we provide deep dives into selected industries.For others,we provide a one-page summary in the appendix.Consumer GoodsIn addition to cost,top-line actions and digital innovation are critical to drive sales and ensure profitability in times of inflation and uncertainty.Ene
9、rgyCompanies are focusing on financing innovation for the energy transition;however,energy players are missing out in talent investment,which is a critical lever for a successful energy transition.Financial InstitutionsRecent crisis highlights that there is opportunity to strengthen financial prepar
10、edness while attaining cost excellence.Industrial GoodsSupply chain is top of mind for C-suite leaders,with multiple actions to address supply chain challenges;companies need to further invest in proactive supply chain management.Technology,Media,and TelecomTalent is top of mind for executives,with
11、heavy investment in people as well as organization right-sizing;meanwhile,resilience leaders in the industry are actively investing for growth.BCG Executive PerspectivesAGENDASelected Industry Deep DivesOverview4Copyright 2023 by Boston Consulting Group.All rights reserved.Executives across industri
12、es recognize inflation as a key risk in 2023;meanwhile,each industry faces its own mix of challenges1.Top 3 global phenomena that were rated to have a negative and medium/large impact on the companys performance in 2023 2.Top 2 global phenomena that were rated to have a positive impact on the compan
13、ys performance in 2023 Source:BCG analysis based on a global C-suite survey with n=759 respondentsTop 3 risks1Top 2 opportunities2 Across industries,C-suite executives mark inflation as the phenomenon most likely to have a negative business impact in 2023 While the uncertain economic outlook,energy
14、market disruption,and labor market changes are shared among some industries,each industry faces its own key challenges But there is a shared pattern across industries to expect positive business impact from climate and sustainability and digital/AI/tech in 2023Global phenomena marked as key risks or
15、 opportunities in 2023 by industryTransport/infra./travel/logisticsInflation Labor marketUncertain economic outlook Digital/AI/tech disruption Financial institutionsChanges in consumer behaviorCyber risk Inflation Uncertain economic outlook IndustrialgoodsInflationDigital/AI/tech disruption Energy m
16、arket disruption Supply chain123Supply chainHealth careChanges in consumer behaviorLabor market Inflation 125Copyright 2023 by Boston Consulting Group.All rights reserved.Technology/media/telecomUncertain economic outlook Changes in consumer behaviorInflationLabor marketEnergyInflation Energy market
17、 disruption War in UkraineGeopolitical situationConsumerInflation Energy market disruption Uncertain economic outlook Digital/AI/tech disruption Climate and sustainabilityClimate and sustainabilityClimate and sustainabilityDigital/AI/tech disruption Digital/AI/tech disruption Climate and sustainabil
18、ityClimate and sustainability2023 Actions|Cost actions are the top priority across industries;meanwhile,30%of respondents are planning growth actionsActions planned in 2023 by industrySource:BCG analysis based on a global C-suite survey with n=759 respondents6Copyright 2023 by Boston Consulting Grou
19、p.All rights reserved.IndustriesIndustriesCost Cost actionsactionsTalent/Talent/peoplepeopleactionsactionsInnovationInnovationFinancialFinancialactionsactionsSupply chain/Supply chain/operations operations actionsactionsTopTop-linelineactionsactionsM&AM&AConsumerConsumer7979574647524915EnergyEnergy6
20、464365157363030Financial institutionsFinancial institutions7575675262233620Health careHealth care7272676043433525Industrial goodsIndustrial goods83028Technology/media/Technology/media/telecommunicationstelecommunications5770706033242629Transport/infrastructure/Transport/infrastructure/tra
21、vel/logisticstravel/logistics7474555338404122Highest%by industryLowest%by industry%of respondentsTaking cost actions to improve profitability is critical in times of inflation and uncertainty,to avoid being left behind by competitors.Nonetheless,to create competitiveness in the future,companies shou
22、ld ask themselves“Aside from cost,where do I want to focus in order to drive growth and win in the future?”15%-45%are planning for growth to increase competitiveness Capabilities|Ensuring adaptability within the organization is the biggest challenge across industriesResilience capability1self-assess
23、ment by industry%of respondents1.19 capabilities assessed related to:risk detection and risk management,cash and liquidity management,resilient customer base and revenues,resilient supply chain and operations,safe and modular technology,adaptable organization and people,business performance transfor
24、mation,strategy and growth under uncertainty 2.Capabilities identified by highest%of respondents as deficiencies,excluding respondents marking the capabilities as not relevant Source:BCG analysis based on a global C-suite survey with n=759 respondents7Copyright 2023 by Boston Consulting Group.All ri
25、ghts reserved.IndustriesTop 2 capabilities where C-suite leaders see gaps that need to be closed to build resilience2Consumer goodsTech function optimized for efficiency and simplificationProactive supplier risk management and supply flexibilityModular techResilient supply chainDetails on the gap to
26、 be closedCapability gaps to build resilienceEnergyAgile and empowered cross-functional teamsLean organization with efficient processes and workforceAdaptable org.Financial institutionsEmployee-centric change management approachTech function optimized for efficiency and simplificationAdaptable org.M
27、odular techHealth careEnd-to-end supply network visibility,simulation,and analyticsEmployee-centric change management approachResilient supply chainAdaptable org.Industrial goodsEnd-to-end supply network visibility,simulation,and analyticsDynamic pricingResilient revenuesResilient supply chainTechno
28、logy/media/telecomLean organization with efficient processes and workforceDynamic pricingAdaptable org.Resilient revenuesTransport/infra./travel/logisticsAgile and empowered cross-functional teamsEmployee-centric change management approachAdaptable org.BCG Executive PerspectivesAGENDASelected Indust
29、ry Deep DivesConsumer GoodsEnergyFinancial InstitutionsIndustrial GoodsTechnology/Media/TelecommunicationsOverview8Copyright 2023 by Boston Consulting Group.All rights reserved.Consumer Goods Overview|In addition to cost,top-line actions and digital innovation are critical to win in times of uncerta
30、inty9Copyright 2023 by Boston Consulting Group.All rights reserved.1.Defined as a company that has very good capabilities in at least half of the categories among 19 resilience capabilities,good capabilities in at least half of the rest,and no deficiencies.11%of consumer goods respondents are catego
31、rized as resilience leaders based on their self-assessment.Source:BCG analysis based on a global C-suite survey,consumer goods n=159 respondents(35%Asia,27%Europe,23%North America)47%49%79%Cost57%Supply chain/opsTalent/people52%TopTop-linelineFinancial46%InnovationInnovation15%M&AActions planned in
32、2023%of respondentsWhile cost is top of mind for companies,consumer goods has the highest percentage of players taking top-line actions vs.other industries(+13ppts)Among top-line actions,pricing strategy can be challenging with higher cost pressure from inflation and more price-sensitive consumers.S
33、mart pricing strategy is critical during periods of inflationAAs companies face digital disruption,heightened consumer expectation,and intensified competition,innovation is playing a critical role to win in the futureResilience leaders in consumer goods1are actively investing in digital and technolo
34、gy in order to redesign the customer journey/experience to create advantagesBABTop-line Actions|Top-line actions are critical for consumer companies to drive sales and ensure profitability in times of inflation and uncertaintyFacing inflation,consumer players are actively pushing top-line measuresMc
35、Donalds enjoys a 2x growth rate vs.fast food market in 20221,2through targeted top-line actions actionsCreate buzz with marketing campaigns3,4 Collaborated with Cactus Plant Flea Market,one of the most on-trend brands in the US;setting records for digital transactions(Re-)launch popular meals5,6(Re-
36、)launched McPlant,McDonalds first plant-based burger,and McRib sandwichIncrease price by 10%y-o-y7 Raised prices in the US in response to higher energy and labor costsFocus on digital loyalty program3 Boosted customer stickiness by offering special deals in app and improved customer experience by ma
37、king food-ordering more convenient 1.“McDonalds Q4 2022 Earnings release,”McD;2.“Market size of the quick service restaurant sector in the United States from 2012 to 2021,with a forecast for 2022,”;3.“Q4&FY 2022:McDonalds Brand Is Stronger Than Ever,”McD;4.“Roses are Red,Violets are Blue,the Cardi B
38、&Offset Meal is Coming to a McDonalds Near You,”McD;5.“McPlant,”McD;6.”McRib,”McD;7.“As prices soar,consumers turn to McDonalds,”CNN.com Source:BCG analysis based on a global C-suite survey,consumer goods n=159 respondents;A Conversation with McDonalds Tariq Hassan on Brand Performance Marketing+The
39、 Future Of Consumer Empowerment,”Forbes34%49%Increase pricesTop-line actions33%Launch new products/servicesDistribute budget to high ROI marketing/sales channelsDecrease prices35%20%Create retention programs12%10Copyright 2023 by Boston Consulting Group.All rights reserved.%of respondentsX-industry
40、mean As part of our Camp McDonalds promotion from last summercustomers got to experience unique menu hacks,merch,and even weekly concerts in the app.We gave them a brand experience that happened to be through our app.Tariq Hassan,Chief Marketing and CX Officer,McDonalds USAATop-line Actions|Companie
41、s continue price increases,while consumers become more price sensitivesmart pricing strategies are keyInflation creates contradicting priorities between companies and consumersCompanies are planning for price increases to address continued inflation Consumers are becoming more price sensitiveDeployi
42、ng smart pricing strategies can lay the foundation for ongoing competitive advantage 24%70%I shop online more often to find the best priceI look for deals and promotions more oftenNet%of respondents that agree with statements%of respondentsThree pricing moves can release cost pressure while minimizi
43、ng volume decrease33%of companies plan to raise prices in 2023Source:“Recessionary Behavior Snapshot#1,”BCG.com,BCG analysis based on a global C-suite survey,consumer goods n=159 respondents11Copyright 2023 by Boston Consulting Group.All rights reserved.Make differentiated price increases across por
44、tfolio to accommodate new shapes of consumer demandOptimize pricing,packing,promotion,etc.,by integrating insights from forward-looking AI with historical data Evaluate pricing structure holistically,and proactively leverage pricing strategy as a branding methodDeaverage pricing LeverageAIReset pric
45、e structureAInnovation|Facing tech disruptions and changing consumer behavior,resilience leaders are building digital capabilities to secure advantages1.Defined as a company that has very good capabilities in at least half of the categories among 19 resilience capabilities,good capabilities in at le
46、ast half of the rest,and no deficiencies.11%of consumer goods respondents are categorized as resilience leaders based on their self-assessment.Source:“Win the Town to Win the Future in Retail,”BCG.com;BCG analysis based on a global C-suite survey,consumer goods n=159 respondents,11%of them are resil
47、ience leadersConsumer players are facing a more challenging environment todayResilience leaders1in consumer goods are investing to build digital capabilities to reinvent the customer journeyResearch/purchase journeys increasingly span across online/offline channels 12Consumers have heightened expect
48、ationsseeking personalized offers,convenience,differentiated experiences,and better service3Competition has intensified62%of global e-commerce sales are now through marketplaces12Copyright 2023 by Boston Consulting Group.All rights reserved.Actions planned for 2023 and current investment areas%of re
49、spondentsB63%56%55%37%30%94%76%65%47%35%Innovate techCybersecurityDigital&AI(customer focus)Innovate bus.modelDigital&AI(process focus)+20ppts+20ppts+10ppts+10ppts+10ppts+10pptsIndustry averageResilience leadersInvestment focusInnovationKey to leverage customer dataBCG Executive PerspectivesAGENDASe
50、lected Industry Deep DivesConsumer GoodsEnergyFinancial InstitutionsIndustrial GoodsTechnology/Media/TelecommunicationsOverview13Copyright 2023 by Boston Consulting Group.All rights reserved.Energy|Companies are focusing on financing innovation for energy transition,but they need to invest more in t
51、alent to support the transition14Copyright 2023 by Boston Consulting Group.All rights reserved.1.In Oil and Gas,the Energy Transition Requires a People Transition,”BCG.comSource:BCG analysis based on a global C-suite survey,energy n=47 respondents(30%Asia,23%Europe,13%North America)51%Cost57%30%Fina
52、ncialFinancial64%InnovationInnovation36%Supply chain/ops36%Top-lineTalent/peopleTalent/peopleM&A30%Actions planned in 2023%of respondentsWhile cost is top of mind for companies,energy has the highest percentage of players taking financial actions vs.other industries(+12ppts)in response to a challeng
53、ing environment and to fund energy transition at the same time Meanwhile,energy players are actively investing in climate&sustainability and technology to innovate product and processAReviewing and reinventing operating models and people strategies is critical for the success of energy transition1.B
54、ut compared with other industries,energy players are taking fewer talent actions(-23ppts),posing potential risks to future successBABA15Copyright 2023 by Boston Consulting Group.All rights reserved.ALow-carbon solutions become primary growth opportunity$134 billion expected to be invested in low-car
55、bon solutions over the next 5 years by oil and gas companies1I dont want my company to disappear.We have embarked on a strategy to diversify out of a pure oil and gas business model to add an electricity one.2-Patrick Pouyanne,CEO,TotalEnergies,From an interview with Bloomberg1.How Energy Companies
56、Can Organize for the Low-Carbon Era,”BCG.com 2.“Total CEO Doubles Down on Renewables Amid a Global Energy Crisis,”Sep.2022,BSource:BCG analysis based on a global C-suite survey,energy n=47 respondentsEnergy players strengthen their cash position to fund asset-heavy sustainable transitionInvest in pr
57、oductionIncrease cash reserveOptimize payables&receivables57%57%Invest in C&S32%32%68%68%28%28%Secure future financing26%26%Invest in product/service innovation62%62%X-industry averageActions planned and investment priority for 2023,%of respondentsFinancial Actions+Innovation|Facing energy transitio
58、n,companies are strengthening their financial position to fuel technology innovation Strengthen cash positionInvest in C&S transition16Copyright 2023 by Boston Consulting Group.All rights reserved.BSource:In Oil and Gas,the Energy Transition Requires a People Transition,”BCG.com;BCG analysis based o
59、n a global C-suite survey,energy n=47 respondentsTalent/People Actions|Capability concerns regarding organization adaptability and talent investments pose risks to a successful energy transitionReviewing and reinventing operating models and people strategies are critical for successful energy transi
60、tionEstablish compelling,inclusive purposeShift focus of support functions toward evolving business needsReset organization to pursue goals collaborativelyInvest in new talent and up-skillexisting workforceUse skills-based mapping for evolving capability needsBut 30%of energy players have reported d
61、eficiencies in building an adaptable organization and in business transformationMoreover,compared with other industries,fewer players are investing in talent,posing risks to future success30%21%Enhance employee value propositionUp-/re-skill workforce%of respondentsPeople-related actions in 2023-1111
62、ppts-2121pptsvs.X-industry averageBCG Executive PerspectivesAGENDASelected Industry Deep DivesConsumer GoodsEnergyFinancial InstitutionsIndustrial GoodsTechnology/Media/TelecommunicationsOverview17Copyright 2023 by Boston Consulting Group.All rights reserved.ABFinancial Institutions Overview|Recent
63、crisis highlights theres opportunity to strengthen financial preparedness while attaining cost excellence 18Copyright 2023 by Boston Consulting Group.All rights reserved.Source:Responding to the New Reality in Banking:Containing Costs Amid High Inflation,”BCG.com;BCG analysis based on a global C-sui
64、te survey,financial institutions n=69 respondents(42%Asia,25%Europe,19%North America)58%CostCostInnovation75%58%FinancialFinancialTalent/people55%35%Top-line17%M&A13%Supply chain/opsSupply chain/opsActions planned in 2023%of respondentsRecent banking crisis shows that theres missed opportunity for p
65、reparednessless than one-third of the financial institutions were planning actions to increase their financial resilience at the beginning of 2023 North American executives have least confidence in cash and liquidity management capability(-16ppts vs.industry average)AFacing a tough environment with
66、inflation,market uncertainties,and workforce challenges,financial institutions need to attain cost excellence by optimizing process and organization,and ensuring efficient procurementBBCollapse of SVB caused a global shockFinancial Actions|Banking crisis shows that theres missed opportunity for prep
67、aredness19Copyright 2023 by Boston Consulting Group.All rights reserved.Source:BCG analysis based on a global C-suite survey,financial institutions n=69 respondentsOnly 61%of financial institutions executives expected additional global shocks to happen in 2023 when surveyed at beginning of the year1
68、4%10%Increase cash reservesOptimize payables and receivables12%20%Reduce debt to mitigate interest rate exposureDecrease fixed asset intensityFewer plan for actions to increase their financial resilience against global volatility and disruptions%of respondents by actions planned in 2023AFinancial Ac
69、tions|Recent event is a wake-up call for banks to reassess and improve their risk management abilities20Copyright 2023 by Boston Consulting Group.All rights reserved.Source:Post-SVB Call to Action for the Banking Industry,”BCG.com;BCG analysis based on a global C-suite survey,financial institutions
70、n=69 respondentsNorth American executives have least confidence in cash and liquidity management capability69%Cash and liquidity management76%Risk measurement and management69%62%94%76%North AmericaEuropeAsia%of respondents stating good/very good capabilitiesRecent crisis shows that financial instit
71、utions not only face internal compliance risks but are also impacted by spillover effects from competitorsBanks should take this opportunity to stress test their risk management capabilities Banks should build balance sheet modeling,stress testing,and scenario analysis capabilities across all risk s
72、ilos Include pressure test for asset monetization assumptions in liquidity stress testing Assess concentration risk in deposit portfolios and develop understanding of the influence of key stakeholdersBanks should establish,review,and regularly exercise playbook for liquidity crisis Need to take into
73、 account the impact of social media ageACost+Ops Actions|Facing inflation,market uncertainties,and workforce challenges,financial institutions need to attain cost excellence 21Copyright 2023 by Boston Consulting Group.All rights reserved.Source:Responding to the New Reality in Banking:Containing Cos
74、ts Amid High Inflation,”BCG.com;BCG analysis based on a global C-suite survey,financial institutions n=69 respondentsLeversPlanned actions in 2023 Executives are concerned about inflation and economic developments hitting the bottom lineBanks need to further focus on cost excellence to weather a hig
75、h-inflation environmentInvest in digital/AI to optimize processesAccelerateddigitization67%Report good/very good agile capabilities58%Agile deliverymodelsActively simplify their organization structureSimplification49%Renegotiate contracts with current suppliers Efficient procurement of services9%76%
76、71%61%Uncertaineconomic outlookLabor marketchangesInflation/risinginterest rates%of respondents expecting negative impact in 2023Increase in loan-loss provisionsRise of opex costs,particularly wages%of respondentsBBCG Executive PerspectivesAGENDASelected Industry Deep DivesConsumer GoodsEnergyFinanc
77、ial InstitutionsIndustrial GoodsTechnology/Media/TelecommunicationsOverview22Copyright 2023 by Boston Consulting Group.All rights reserved.Industrial Goods Overview|Supply chain is top of mind for companies,but there are still capability gaps in proactive supply chain managementSource:BCG analysis b
78、ased on a global C-suite survey,industrial goods n=119 respondents(31%Asia,43%Europe,13%North America)23Copyright 2023 by Boston Consulting Group.All rights reserved.52%53%Innovation81%Cost28%65%Supply chain/opsSupply chain/opsTop-line56%Talent/peopleFinancial30%M&AActions planned in 2023%of respond
79、entsWhile cost is top of mind for companies,industrial goods has highest percentage of players taking supply chain actions vs.other industries(+26ppts)But most actions taken are to address current supply chain challenges.There arecapability gaps identified to proactively and systematically manage su
80、pply chain risksSector highlightsAutomotiveWhile focus on cost remains high,executives carefully shift toward growth actionsAsian companies are putting more emphasis on innovation to increase supply chain resilienceMaterials and process industriesStrongly impacted by energy crisis and inflation,C-su
81、ite leaders focus on margin protectionBABASupply Chain Actions|Companies have taken actions to address supply chain challenges but need to further invest in proactive supply chain mgmt.Source:BCG analysis based on a global C-suite survey,industrial goods n=119 respondents24Copyright 2023 by Boston C
82、onsulting Group.All rights reserved.Defense moves:Companies are taking immediate actions in response to supply chain challengesDiversify suppliers for critical raw materialsInnovate to utilize other raw materialsRedesign production processesRenegotiate contractsUphold supplier contractsIncrease inve
83、ntory to create supply buffers53%49%21%34%29%24%of respondents by actions planned in 2023I Inventory nventory buffer buffer built in 2022 enables companies to take fewer inventory fewer inventory actions actions in 2023 Offense moves:But companies still face deficiencies in proactively managing supp
84、ly chain risks13%5%6%21%24%20%34%End-to-end supply network visibility,simulation,and analytics29%Resilience in manufacturing/productionProactive supplier risk mgmt.and supply flexibility26%Minor deficienciesLarge deficiencies%of respondentsASupply Chain Actions|Asian players are redesigning producti
85、on processes and products to structurally increase supply chain resilience70%70%57%49%49%43%30%24%Create inventory buffersUphold supplier contractsSupply chain/operationsSupply chain/operationsDiversify suppliersRenegotiatesupplier contractsRedesign production processRedesign production processInnov
86、ate productInnovate productdesign/engineeringdesign/engineering61%61%45%51%27%25%16%18%69%69%44%63%25%31%25%13%50%of Asian players are innovating to improve operational efficiency and to utilize a different set of raw materials to systematically improve supply chain resilience%of respondents Notes:A
87、sia excludes Middle East Source:BCG analysis based on a global C-suite survey,industrial goods n=119 respondents25EuropeAsiaNorth AmericaBOne of our priorities for 2023 is to redesign and reorg production processesto increase margins.-APAC CFO,leading chemical companyAPAC CFO,leading chemical compan
88、yIn 2023,were planning to focus on new technology and make structural improvements to our supply chain.-APAC CFO,leading automobile companyAPAC CFO,leading automobile companyCopyright 2023 by Boston Consulting Group.All rights reserved.Higher%vs.other regionsAutomotive|To profit tomorrow,executives
89、are shifting toward growth actions,while the focus on cost remains high1.“How to Profit in Tomorrows Automotive and Mobility Industry,”BCG.com Source:BCG analysis based on a global C-suite survey,automotive n=40 respondents90%of revenue and profit growth through 2035 will be generated by emerging se
90、gments connected to mobility disruptions1Disruptions shift revenues and profits toward emerging products and servicesKey disruptions in automotiveElectric vehicles(EV)Shared on-demand mobilityAutonomous vehicles(AV)To capture the opportunity,executives carefully shift toward growth actions,while the
91、 focus on cost remains high26Copyright 2023 by Boston Consulting Group.All rights reserved.Plan M&A for extensionRenegotiatesupplier contractsRedesign process/ops modelReduce indirect spendLaunch new products/servicesInnovate bus.model68%68%55%55%55%55%45%45%23%23%18%18%Focus on cost remains high+18
92、%growth actions vs.2022+10pptsvs.2022+10ppts+8ppts%of respondents by actionMaterials and Process Industries|Margin protection is the key focus due to the strong negative impact of inflation and the energy crisis1.Materials and process industries Source:BCG analysis based on a global C-suite survey,m
93、aterials and process industries n=55 respondents3 of 5 most energy-intensive sectors belonging to MPI1driving strong concerns around inflation and energy crisisExpectenergy crisis to have a negative impact on their business in 2023Expectinflationto have a negative impact on their business in 2023In
94、response,executives plan 5 key actions to protect their margin and invest less vs.other industrial goods playersIncrease pricesOptimize payment termsCut indirectspend49%Reduce directspendRenegotiate with suppliers51%65%36%31%Every company plans 2.3 actions on average to defend margin Actions planned
95、 for 2023,%of respondents27Copyright 2023 by Boston Consulting Group.All rights reserved.85%78%X-industry averageBCG Executive PerspectivesAGENDASelected Industry Deep DivesConsumer GoodsEnergyFinancial InstitutionsIndustrial GoodsTechnology/Media/TelecommunicationsOverview28Copyright 2023 by Boston
96、 Consulting Group.All rights reserved.Technology/Media/Telecom Overview|Talent is top of mind for executives;resilience leaders are actively investing for growth1.Technology,media,and telecom 2.Defined as a company that has very good capabilities in at least half of the categories among 19 resilienc
97、e capabilities,good capabilities in at least half of the rest,and no deficiencies.19%of TMT respondents are categorized as resilience leaders based on their self-assessment.Source:BCG analysis based on a global C-suite survey,technology/media/telecom n=136 respondents(22%Asia,29%Europe,36%North Amer
98、ica)29Copyright 2023 by Boston Consulting Group.All rights reserved.Sector highlights60%70%Talent/peopleTalent/peopleInnovationInnovationM&AM&AFinancial57%33%Cost29%26%24%Top-lineSupply chain/opsActions planned in 2023%of respondentsTalent/people is top of mind for TMT1executives,with cost being onl
99、y the 3rd priorityWhile organization right-sizing is a hot topic,companies are also actively investing in talentAInvesting freed-up resources from cost-cutting activities to build competitive advantage is criticalResilience leaders2 in TMT1are taking more growth actions vs.the industry to further st
100、rengthen market position Especially in talent,innovation,and M&ABSoftware and servicesC-suite leaders should better leverage the full breadth of cost actions in addition to organization right-sizing ABBBTalent/People Actions|Companies are not only taking actions for organization right-sizing,but als
101、o actively investing in talentSource:BCG analysis based on a global C-suite survey,technology/media/telecom n=136 respondentsMass media coverage of tech firms taking actions for org.right-sizing Yes,some are right-sizing their organization shows only part of tech companies reality but more are inves
102、ting in talent and peopleInvest in talent retention/developmentEnhance employee value propositionUp-/re-skill talentsSlow down/stop hiring33%Lay off 10%of total workforce75%51%44%13%Actions/investments planned for 2023,%of respondents30Copyright 2023 by Boston Consulting Group.All rights reserved.AT
103、alent/People Actions+Innovation|Companies that have reduced costs in 2022 are now building advantages by investing the freed-up resources1.“Microsoft to cut 10,000 jobs in push to bring down cost,”FT.com;2.“Subject:Focusing on our short-and long-term opportunity,”M;3.“Microsoft Invests$10 Billion in
104、 ChatGPT Maker OpenAI,”B;4.London Stock Exchange Group;5.“LSEG and Microsoft launch 10-year strategic partnership for next-generation data and analytics and cloud infrastructure solutions;Microsoft to make equity investment in LSEG through acquisition of shares,”M;6.“Microsoft to acquire Activision
105、Blizzard to bring the joy and community of gaming to everyone,across every device,”M Source:BCG analysis based on a global C-suite survey,technology/media/telecom n=136 respondentsCost cutting in 2022 has helped to fuel investment in growth in 2023 Companies didnt take cost actions in 2022Companies
106、took cost actions in 2022Up-/re-skill workersCreate retention programsLaunch new productsInnovate business modelTotal#of growth actions in 2023Growth action in 202331%51%+20ppts+16ppts+12ppts+6ppts2%18%9%21%2.32.33.142%48%+35%Reduce costs and invest actively in future growthDecreasing costs in 2022-
107、2023Org.right-sizingReduce headcount by 10,000 while continuing to hire in strategic areas1Concentrating capital allocation in strategic areasCreate higher density across workspaces,optimize hardware product portfolio2,etc.Investing in future growthAI investment$10B investment in partnership with Ch
108、atGPT creator OpenAI3Cloud partnership10-year partnership with LSEG4to develop next-generation financial market analytics and cloud solution5,etc.Gaming M&A$68.7B acquisition planned to take over game developer Activision Blizzard631Copyright 2023 by Boston Consulting Group.All rights reserved.BCopy
109、right 2023 by Boston Consulting Group.All rights reserved.For our 2023 priorities,we want to accelerate in growth areas Data and AI are at the heart of our innovation model to offer a reinvented customer experienceWere tackling the skills challenge so that we become one of the most attractive employ
110、ers-CTO,leading telecom player 32Talent/People Actions+Innovation+M&A|Resilience leaders are investing in talent and innovation to further strengthen their competitive positionB1.Defined as a company that has very good capabilities in at least half of the categories among 19 resilience capabilities,
111、good capabilities in at least half of the rest,and no deficiencies.19%of TMT respondents are categorized as resilience leaders based on their self-assessment.2.Technology,media,and telecomSource:BCG analysis based on a global C-suite survey,technology/media/telecom n=136 respondents49%43%33%11%44%47
112、%27%62%50%23%58%54%35%0%Up/re-skill talentsSlow down hiringEnhance EVPInnovate technologyLay off 10%Innovate bus.modelM&A+13ppts+13ppts+14ppts+14pptsIndustry averageResilience leadersTalentInnovationM&AResilience leaders1in TMT2are taking more growth actions vs.the industry average to build competit
113、ive advantageActions planned in 2023,%of respondentsSoftware and Services|Software executives should better leverage the full breadth of cost actions to improve profitability1.“Spotify cuts 6%of its workforceread the memo CEO Daniel Ek sent to staff,”CNBC.comSource:BCG analysis based on a global C-s
114、uite survey,software and services n=36 respondentsWhile profitability is a priority few leverage the full breadth of cost actionsWhile we have made great progress in improving speed in the last few years,we havent focused as much on improving efficiency.And in a challenging economic environment,effi
115、ciency takes on greater importance.-Daniel Ek,CEO,Spotify136%33%33%14%14%11%Redesign processes/ops modelSlow down/stop hiringLay off 10%of total workforceOptimize payment termsSimplify org.structureCut indirect spend(e.g.,cloud services)Executives are taking 45%fewer cost actions vs.global average.a
116、nd often focus only on organization-related optimization+11ppts-19ppts-29ppts-12ppts+3ppts-14pptsDelta to X-industry mean Cost actions taken by software companies,%of respondents33Copyright 2023 by Boston Consulting Group.All rights reserved.To learn more on how to navigate uncertainty in 2023,explo
117、re BCGs recent resilience insights or reach out directly to the Central Resilience Team Ryoji KimuraGlobal LeaderCorporate Finance&StrategyKimura.RyojiBCG.comTokyoTokyoAlexander RoosGlobal Co-LeaderCenter for CFO ExcellenceRoos.AlexanderBCG.comBerlinBerlinDaniel Feldkamp Managing Director&PartnerFel
118、dkamp.DanielBCG.comMunichMunich23For any questions,reach out to BCGs Central Resilience TeamJessica ApothekerManaging Director&PartnerApotheker.JessicaBCG.comParisParis34Copyright 2023 by Boston Consulting Group.All rights reserved.Gideon WalterManaging Director&Senior PartnerWalter.GideonBCG.comNew
119、 JerseyNew JerseyUnderstand how C-suite leaders across industries approach 2023,orThe CEO OutlookCaution,Optimism,and Navigating the Road AheadThis first edition of the CEO Outlook provides an overview with regional nuances and shows how resilience leaders create competitive advantagedive into speci
120、fic actions to navigate your company through uncertaintyHow to Win Market Share in a DownturnPreparing Your Supply Chain for ResilienceBuilding Resilience Through Competitive Cost PositionFor more insights,explore BCGs Business Resilience pageClick hereClick hereClick hereClick here35Copyright 2022
121、by Boston Consulting Group.All rights reserved.AppendixHealth Care Overview|Resilience leaders are shifting from crisis management to business innovation1.Defined as a company that has very good capabilities in at least half of the categories among 19 resilience capabilities,good capabilities in at
122、least half of the rest,and no deficiencies.13%of health carerespondents are categorized as resilience leaders based on their self-assessment.Source:BCG analysis based on a global C-suite survey,health care n=81 respondents(26%Asia,15%Europe,46%North America)Talent/people67%72%Cost60%InnovationInnova
123、tion43%FinancialSupply chain/opsSupply chain/ops40%35%Top-line25%M&AActions planned in 2023%of respondentsA AB B36Copyright 2023 by Boston Consulting Group.All rights reserved.AIn a more optimistic outlook for 2023,health care has the highest percentage of players taking innovation actions vs.cross
124、industries average(+6ppts)Resilience leaders1in health care spearhead the shift as 89%pursue innovation and only 44%take cost actionsWith pandemic easing,health care companies are seeing less supply chain pressure,leading to only 40%taking supply chain actions in 2023 But more than 1/4 of health car
125、e players have reported deficiencies in supply chain,particularly around E2E supply chain visibility,posing risks to future pandemic preparedness BInfrastructure/Transportation/Logistics Overview|Investing in talent,digital,and climate&sustainability is critical for future success37Copyright 2023 by
126、 Boston Consulting Group.All rights reserved.Talent/peopleTalent/people39%InnovationInnovation51%79%FinancialCost23%54%38%Top-line43%Supply chain/opsM&AActions planned in 2023%of respondents37Copyright 2023 by Boston Consulting Group.All rights reserved.Faced with rising consumer demands for digital
127、,sustainable solutions,executives continue to focus on innovation.In 2022 and 2023,50%of respondents report taking innovation actionsCompanies that fund top-line growth in sustainability with digital efficiency enhancements will be best equipped to build a competitive advantageABABLabor shortages ca
128、used by demographic changes and a lack of diversity drive companies to prioritize talent after cost actions.54%of respondents take talent/people actions to attract skilled employees and stay competitive Talent actions are backed with investments74%mark talent retention/development as significant inv
129、estment areaSource:BCG analysis based on a global C-suite survey,infrastructure/transportation/logistics n=61 respondents(28%Asia,41%Europe,20%North America)38The services and materials provided by Boston Consulting Group(BCG)are subject to BCGs Standard Terms(a copy of which is available upon reque
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