We all know how 2023 was a disruptive year in Technology with OpenAI’s ChatGPT leading the pack of disruptors. The past few years were riddled with the pandemic, busted supply chains, and other challenges, the CEOs have a lot more to look forward to in the new year. So it is not surprising that CEOs and business leaders have a lot more to focus on now with 2024 just around the corner.
Here is a McKinsey report on the top 8 priorities for CEOs and other executives to look into as we move into 2024.
Priority #1: Be a Digital Leader:
The CEOs can no longer ignore Tech Innovation as part of their business plan. They now have to figure out how to leverage tech innovation, be it AI or any other new software platform, for their company’s benefit. anywhere in the world.
Priority #2: Make Generative AI work for you
The launch of OpenAI’s ChatGPT has taken the world by storm this year, claiming their stake in tech innovation in every walk of life, right from image generators to a new generation of chatbots. McKinsey believes that more business enterprises will focus on the best way to use it and how to scale since GenAi is going to be a major moneymaker next year.
Priority #3: Be More Sustainable
The need for more new green-technology businesses is the need of the hour as it is a Now-or-never situation with the planet getting hotter. McKinsey wisely suggests spending more money on spending more money for sustainability.
Priority #4: Identify your Superpower
This year companies have to identify their single most important capability and define that as their superpower, aka, USP to outperform their competitors.
Priority #5: Value your Middle Management
It is high time companies recognize middle managers as assets rather than bloating the company ranks as they are in the thick of the action to any company’s processes.
Priority #6: Plan for Unpredictable Geopolitics
Companies can’t avoid the global happenings that occur in a region or the world. They have to plan for the inevitable by mapping out a couple of issues and see how to leverage them to an advantage.
Priority #7: Accept Macroeconomic uncertainty
Business leaders have to let go of the fact that Macroeconomic certainty is going to come back and accept the uncertainty. This way they can plan for different scenarios.
Priority #8: Focus on Rules of Growth
McKinsey recommends focusing on steps to grow by prioritizing fast-growing markets and also bracing for necessary cuts to achieve long-term growth.
You can read more about this in the Business Insider’s article here.