Technology appears to be a pivotal approach to helping enterprises improve growth and productivity. According to an EY CEO Outlook Pulse survey of 1,200 global executives, including 40 in Singapore and 300 institutional investors globally, 33% of Singapore CEOs consider an investment in technology, including AI, as a top priority over the next 12 months.
“AI and generative AI (GenAI) are among the most important emerging technologies to impact productivity and creativity. However, it will take time for companies to experiment and fully leverage the opportunities from AI and GenAI. Hence, CEOs need to consider all aspects of AI, digital as well as cybersecurity to fully exploit the potential of technology on their company’s business performance and growth,” Vikram Chakravarty, EY Asean Strategy and Transactions Leader, said.
Aside from investments in technology, CEOs in Singapore also prioritise enhancing data management and cybersecurity (33%) and investing in employees’ training and reskilling (23%)
Sustainability takes a backseat
Around 58% of Singapore CEOs surveyed have deprioritised their focus on sustainability from 12 months ago. Among them, CEOs cited challenging economic or financial circumstances (43%) and a focus on other boardroom priorities (15%).
Around 71% of CEOs in Singapore shared their fears of being accused of greenwashing, and 70% shared that shareholders are more focused on companies’ earnings targets than long-term sustainability performance.
“Sustainability has slipped as a business priority among CEOs. However, with governments continuing to focus on sustainability through regulations such as requirements for Singapore businesses to make climate-related disclosures in their sustainability reports, business leaders should not lose sight of their decarbonisation and sustainability strategies,” Chakravarty said.