CEOs See Need to Adapt More Quickly to Changing Technology
Print this Article | Send to Colleague
According to PricewaterhouseCoopers (PwC), London, U.K., a survey of forest, paper, and packaging CEOs indicates an expectation of some challenges ahead where adapting more quickly to changing technology is an issue. Companies are now collaborating along the supply chain and many are improving their environmental footprint.
PwC notes that 81% of forest, paper, and packaging CEOs believe that technological advances such as the digital economy, social media, mobile devices, and big data will transform or continue transforming their business over the next five years. This reflects the impact of the shift to mobile on paper demand, but technology is helping the industry as well.
Some 92% of the CEOs acknowledged that they will need to pick up the pace to adapt. They’ll need to update technology investment strategies. Only 23% report having made changes, while 33% have already started revamping R&D and innovation capacity, reflecting the effort the industry is putting into innovation in diverse areas such as nanotechnology, genetic manipulation, new applications for fiber, dissolving pulp uses, and new packaging solutions. Only 17% of sector executives believe their R&D departments are "well-prepared" for the future.
Forest, paper, and packaging CEOs have been working hard to improve their supply chains in response to transformative trends – most say their companies have already begun or completed change programs. And it may be starting to pay off: 54% of these CEOs say the level of trust their supply chain partners have in their industry has improved.
Sustainability continues to be a top priority. Nearly two-thirds of CEOs in the industry pointed to resource scarcity and climate change as driving transformation.
A majority 77% of CEOs in the industry are concerned about the availability of key skills in their employees. Nearly all of them—91%—recognize a need to change talent strategies to adapt, but only about a third have already begun or completed the process. Some 19% don’t think their HR department is prepared to execute, and just 31% believe HR is well-prepared.
More information is available online.
