According to PwC’s 22nd Annual Global CEO Survey, just 40% of technology leaders said they were ‘very confident’ in their organisation’s revenue growth potential over the next 12 months. We also asked tech CEOs about their longer-term prospects for revenue growth between now and 2021.
Their confidence was at the lowest level recorded in the past five years. The challenges tech companies face arguably are greater, and more complex, than any the industry has come up against recently, in part because some of them go to the heart of their relationships with their customers—indeed, to the question of how seriously they take their consumer and business customers’ concerns about privacy and data safeguards.
"As the concept of trust gains importance throughout the technology industry, two other issues will also bedevil the tech sector’s ability to maintain its high pace of growth and innovation: trade and the war for talent."
Concerns about technologies such as artificial intelligence, the Internet of Things and autonomous vehicles are growing, and the companies developing these technologies cannot afford to take the ‘beg for forgiveness’ approach to ensuring their acceptance. Resistance among consumers and government regulators against several big tech companies that are taking this path only highlights the risks involved.
What’s required is a change in the strategies used to bring new technologies to market. The key element to focus on is trust. Tech companies should take three key factors; transparency, governance and public policy into account as they develop and implement new technologies.