Innovation Takes the Lead: Survey from Altum Strategy Group and YouGov Reveals Leaders Embracing Technology for Business Transformation
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NEW YORK ~ A recent survey conducted by Altum Strategy Group in partnership with YouGov has revealed that business leaders in the United States are increasingly turning to innovation and technology to drive their companies forward. The survey, which was conducted in December 2023 and included 533 C-suite leaders, highlighted the importance of continuous development and enhancement of products and technology in order to stay competitive in the market.

According to Matthew Gantner, CEO and Founder of Altum Strategy Group, "In 2024, business leaders will be facing pivotal choices regarding the necessary investments for organizational transformation. The data is clear: technology and product innovation will remain paramount, with companies increasingly harnessing the power of AI to streamline operations and gain a competitive edge in saturated markets."

However, the survey also revealed some gaps between larger and smaller companies when it comes to leveraging AI for business transformation. Smaller companies with less than 50 employees placed a higher priority on product innovation (52%) compared to larger companies (34%). Similarly, smaller companies also ranked people structure and management as a higher priority (46%) compared to larger companies (34%).

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When it comes to environmental, social, and corporate governance as well as AI opportunities and merger and acquisition strategies, it was the larger companies that ranked these areas higher at 36%, 33%, and 24%, respectively. In particular, leaders managing businesses with 100-500 employees were more likely to focus on exploring AI opportunities than any other group (42%).

The survey also highlighted a significant gap between smaller and larger companies when it comes to implementing AI. Smaller companies placed twice as much priority on improving efficiency and productivity benefits from AI in 2024 (51%) compared to larger companies (27%). On the other hand, larger companies were more likely to prioritize attracting AI talent within the organization (22%), focusing on data infrastructure (22%), and change management for staff adoption of AI (18%).

There were also differences between younger and older companies in terms of their focus for business transformation in 2024. Companies over 20 years old placed a higher priority on product innovation (47%) and people structure and management (45%), while companies under 20 years old focused more on environmental, social, and corporate governance (35%) and exploring AI opportunities (34%).

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Interestingly, younger businesses under five years old showed a strong focus on using AI to improve efficiency and productivity (50%), but were less likely to prioritize attracting AI talent (14%) compared to more seasoned businesses.

The survey also revealed differences in perspectives among different leaders within an organization. Chairs and CEOs placed a higher importance on technological transformation (47%) compared to business owners (30%). On the other hand, business owners saw product innovation (50%) and people structure and management (44%) as more important.

Overall, the survey results highlight the increasing role of AI in driving business transformation. The full results can be found at https://altumstrategy.com/wp-content/uploads/20.... As companies continue to navigate the ever-changing business landscape, it is clear that embracing innovation and technology will be crucial for success.
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