APAC C-suite barometer: outlook 2023
Following three years of pandemic woes, the world is finally transitioning to normalcy. In Asia Pacific (APAC), the positive effects of the transition have been palpable. While there is no shortage of challenges, including inflation and high energy costs, APAC executives are confident of their growth prospects in the near future. They are proactively taking steps to tackle ongoing challenges, while building up their IT resilience in the medium term by giving priority to transforming company IT and technology.
Our research reveals:
- Optimism in the face of ongoing challenges: Despite economic instability and growing energy prices, most executives (81%) have a positive outlook for growth in 2023.
- Rising and falling energy bills: In APAC, more than three-quarters of executives (77%) believe their organisations will face higher energy costs during 2023.
- Understanding emerging technologies: The vast majority of APAC business leaders are very or quite well-versed in automation (87%) and big data (85%). At the same time, familiarity with emerging technologies is correlated to how much importance they attach to such technologies: respectively 40% and 30% deem big data and automation essential for their organisations.
- Cyber security risks: 61% of organisations feel that cyber security risks have increased over the last 12 months, the same number of C-suites believe that their organisations’ data is completely protected.
- The evolution of ESG reporting: In the APAC region, a strong majority of businesses (92%) say they are ready for ESG reporting, and over two-thirds (68%) have budgeted costs for that. Among different ESG topics, sustainability reporting (65%) and climate and carbon emissions (63%) are the most budgeted.
- Talent attraction and retention: Doing the right thing to lure the right talent is key to a company’s success. 75% of business leaders in APAC think that a good atmosphere among colleagues and both interesting and stimulating aspects of work are most important when it comes to attracting talent.
Conducted in Q4 of 2022, the Forvis Mazars APAC C-suite barometer is based on insight from more than 140 executives from 5 countries in Asia Pacific region to understand the opportunities and challenges they are facing.
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