The IBM Institute for Business Value has shared results of its latest C-suite Study.
It found that 68 percent of CxOs surveyed expect future competition to come from within their own industry.
When compared to the 2015 IBM IBV Global C-suite Study, only 29 percent of CxOs feared competition from likely sources.
Back then CxOs saw a need to prioritize the development of new markets and territories instead of trying to grow existing ones.
According to data from the IBV, which includes input from more than 1,800 executives around the globe, the sentiment is moving in the opposite direction.
It seems that today’s CxOs are starting to get a grip on the threat of industry convergence. Back in 2015, CxOs saw a need to prioritize investment in new markets and territories. Now, they are changing their focus to invest in new digital capabilities to drive organic growth in traditional markets.
“The business landscape is becoming more fluid, and executives need to remain well informed, well prepared and extremely agile,” said Stephen Marshall, IBM Institute for Business Value, C-suite Program Manager.
“Unlike two years ago, CxOs are moving away from urgent reactions toward more methodical, considered approaches. They are carefully defining their go-to-market strategies while reassessing with whom they go to market.”
Encouragingly, executives now expect more innovation to come from within their businesses in the near future. Compared to just 24 percent of CxOs in 2015, 44 percent of CxOs now expect innovation to come from internal sources.
