What keeps business decision makers up at night?

The Business Decision Makers’ Mindset is a study by CNN International Commercial and B2B International, spanning 14 countries and involving 2,000 decision makers, revealing their motivations, concerns and business priorities.

Against the backdrop of challenges from the last few years ranging from health crises to political volatility, climate change, and increasingly partisan political swings, decision makers demonstrate a strong readiness to tackle change and challenges. There exists a clear roadmap for success.

Optimism fuels business growth

The outlook for business is positive. Buoyed by the changing economic and geopolitical climate, business decision makers across industries are confident in delivering revenue growth.

This confidence is the result of proactively addressing and adapting priorities. 9 in 10 leaders feel prepared for challenges; a third are fully prepared.

Decades of refining the art of digital transformation and growth in a time of technological paradigm shifts have been a gauntlet through which leaders have emerged resilient.

But as digital transformation, the process of adopting new technologies to modernize products, processes, and operations, is now an essential cornerstone of business strategy, how can organizations push their plans further, and take the competitive edge?

Cybersecurity as a new focus within digital transformation

Prioritizing profitability and customer service remain essential to business success, but business decision makers increasingly recognize that success also relies on their ability to navigate digital transformation, and the rapidly evolving cybersecurity landscape.

Cybersecurity has emerged as the top concern for business decision makers, with 66% saying they are concerned, including 30% who are extremely concerned. Additionally, digital transformation is a top priority for 81% of decision makers, with a third indicating it will become more important in the next year or two.

Ultimately, embracing continuous digital transformation empowers businesses to stay agile, remain relevant, and unlock new opportunities. However, while embracing digital transformation and advanced technology, consider the impact of accuracy, risk, and value before investing.

Sustainability is shifting from an echo to an action chamber

Digital transformation is influencing modern sustainability, providing green alternatives to established services and processes. Since 2008, the interest around sustainability in business has grown 68% year on year. Along with wider ESG goals, these topics have evolved from a peripheral concern to a central tenet of corporate leadership.

But while interest has remained high, the discourse surrounding corporate sustainability has often involved lofty promises and not a lot of tangible action. But we are now seeing a real shift amongst decision makers – sustainable practices are no longer just goodwill gestures, but real investments.

Beyond regulatory or specific product requirements, decision makers live the values they speak about. They are increasingly evaluating supplier engagement practices, with 61% of business decision makers having changed or plan to exit partnerships with suppliers due to poor ESG or unethical practices.

And a large majority (80%) of leaders anticipate increased sustainability & ESG measures in the next 12 months. 7 in 10 decision makers agree it is important to review a vendor’s ESG policies prior to working with them.

Leaders are treading the path to net zero emissions. One in two have actively made a net zero or carbon neutral commitment and one-third plan to make the commitment this year.

Regardless of industry, brands are committing to sustainability and tangible action throughout their processes, demonstrating a growing consensus to contribute to a more responsible and sustainable future.

In the court of public opinion, the audience, the consumer, and the investors are always watching. While investors may have varying degrees of interest in sustainability, stakeholders expect organizations to go beyond lip service and stick to their promises.

Business decisions are anchored on values & image

Brand image and reputation are amongst the top factors influencing selection of an investment project or appointing a new vendor.

Over three quarters of business leaders make decisions with brand image in mind. With a strong reputation, organizations gain competitive differentiation, advantageous in an increasingly fragmented marketplace.

And trust is a fundamental pillar of success, especially in uncertain times; the majority of business leaders recognize the importance of trust and connection in making decisions.

When it comes to selecting vendors or seeking opportunities, leaders place equal importance on both personal values, and business values, as they do rational factors such as cost and incentives.

Eight in ten leaders prioritize aligning business values when making decisions. Acknowledging the human side of decision-making, the vast majority of business leaders also prefer to work with partners who align with their personal values. Companies looking to create meaningful connections with organizations must seek to understand the individuals with whom they wish to work.

Ultimately, an emphasis on trust and values alignment can streamline the vendor decision-making process by up to 15%.

International news stands out as a highly valued source

For a business to be prepared and agile it needs to be well informed. Decision makers rely on a range of news and information sources – from journalism to advice from their peers and industry experts – to keep updated on issues such as economic volatility, supply chains, emerging technologies and shifts in consumer values.

International news stands out as a highly valued source in their day-to-day work, surpassing that of local news, and over 9 in 10 (94%) agree that it is important for informing their business decisions. Leaders who place an importance on international news feel more prepared to tackle business challenges. By staying up to date on developments, leaders increase their market intelligence and foster their personal development.

This heightened importance of international news is reflected by its growing indispensability in the modern business landscape, with over 8 in 10 leaders acknowledging that the role of international news media is more important than ever.

TV, digital content, and industry publications remain vital sources for business decision makers. Additionally, leaders leverage social media and podcasts alongside networking and knowledge sharing platforms to further connectivity and informed decision-making.

(Conclusion)

The Business Decision Makers’ Mindset study points to a clear roadmap for success against the backdrop of challenges from the last few years.

Central to this roadmap is the need to carefully invest in high-potential technology by prioritising cybersecurity measures. Organizations should also channel digital transformation to bolster efficiency, advance sustainability goals and connect with suppliers. Align your values with tangible initiatives and openly action them; a company that prioritizes personal and business values alongside financial considerations can gain a competitive edge in the decision-making process. Finally, staying updated on global affairs and maintaining an international perspective enables businesses to identify opportunities, mitigate risks, and make future-focused, and well-informed choices.

Business decision makers who prioritize these pillars will be best positioned to grow with confidence and resilience in an increasingly complex world.

Find out more and download your free copy of The Business Decision Makers’ Mindset report: https://commercial.cnn.com/our-solutions/business-decision-makers-mindset/

Source: The Business Decision Makers’ Mindset 2024 commissioned by CNN International and conducted by B2B International.