The top concerns of business leaders remains inflation and volatile markets as revealed in the “Global Industry Insights Report,” bynCiti Commercial Bank (CCB)
A majority of the roughly 500 poll participants from around the world identified inflation and market volatility as the two main problems threatening the viability of their business, followed by the regulatory landscape and trade.
Key conclusions drawn from the survey’s data on a worldwide scale: Inflation poses the greatest threat to the respondents’ businesses, and 72% of those polled felt that controlling prices or keeping costs low is the main obstacle to their ability to succeed as a firm today.
Notably, 52% of respondents said they thought supply chain problems had gotten better over the previous year; 36% said they thought they had stayed the same; and only 13% said they thought they had gotten worse.According to 55% of respondents, the healthcare industry is setting the pace for becoming carbon neutral by 2050.
However, just 37% of those polled claimed that their organisation places a high priority on net zero and/or ESG in general. 52% of respondents said their company is thinking about going global in the upcoming year, with 27% saying they want to enter the Asia-Pacific region.
27% of respondents claim to be either just slightly or very dissatisfied with the progress they have achieved towards their financial objectives as of 2023. “It comes as no surprise that inflation and market volatility are top of mind for companies across industries worldwide,” said Tasnim Ghiawadwala, global head of Citi Commercial Bank.
Everything has been impacted by inflation, including supply chain and inventory management as well as operational, financial, and human resource planning. It is crucial for mid-sized corporates to be nimble and flexible with the market because it will have an impact on long-term strategic planning and vision. Cost control is important, but success ultimately depends on understanding your core offering, or how your business stands out to customers
Is there any chance of going global?
Companies working in the consumer and retail sector are more likely to be planning international expansion over the coming year than those in the digital, technology, and communications sector, according to 63% of respondents. Healthcare, Business, and Professional Services are the sectors least likely to expand internationally this year among those questioned. Overall, the supply chain outlook is better..
It’s interesting to note that 65% of respondents who indicated they worked for consumer and retail businesses claimed their perspective on supply chain challenges had improved during the previous 12 months. 55% for industrials and 53% for digital, technology, and communications come after this.
Businesses in the consumer and retail sectors are more likely than not considering international expansion over the course of the next year, according to 63% of respondents. Healthcare, on the other hand, had the most pessimistic view of the supply chain, with 20% of respondents claiming that problems had gotten worse in the previous year.
What presents the greatest challenge to success? With 80% of respondents in the industrial sector citing cost management as their top business concern today, it appears that industrial companies are the ones who are thinking about it the most. With 72% of respondents in the industry reporting the same, healthcare is closely behind.
However, because of the persistent macroeconomic challenges related to inflation and interest rate change, it affects all industries equally. Staffing ranks as the second-biggest barrier to success, according to a poll of mid-sized corporations worldwide.
Changes in work habits following the COVID 19 pandemic and higher employment rates in some regions, according to 47% of respondents worldwide, are the biggest obstacles to the success of their companies. This is especially true of respondents from the digital, technology, and communications industry, who agreed with this statement 60% of the time and 52% of those from the healthcare sector.
“Our industry coverage model, within Citi Commercial Bank, is an important component of how we seek to serve our clients,” said Gaurang Hattangdi, global head of coverage for Citi Commercial Bank. We aim for excellence in advising, solutions, and services; this is made possible by our expertise of the sector. The first Global Industry Insights Report serves as an example of the value we hope to provide to our clients by enabling them to comprehend not just what is on their peers’ minds, but also what is happening in related businesses. We have the chance to look at the challenges that are still crucial to financial and company planning in this study and determine how we can best assist our clients in dealing with them. You may access the complete report here.