Consultancy PwC finds in its latest yearly global CEO survey that 81% of CEOs in Africa took at least one action that greatly impacted on their company’s business model in 2023, compared with 76% globally.

“Our clients' experience, including challenges and opportunities, across sub-Saharan Africa are similar to those being experienced by businesses globally. Business leaders are heeding the call to reinvent their business models to respond to these challenges, and this is reflected in the latest survey,” PwC says.

For the business fraternity, navigating global megatrends, which comprise climate change, technological disruption, a fracturing world, demographic shifts and social instability, has placed pressure on its ability to stay profitable and contribute more to the economy.

“We are increasingly seeing the important role that big business is playing in building our economies and societies, and at PwC, we have prioritised making a meaningful social and economic impact in the last financial year,” PwC Africa CEO Dion Shango states.

He adds that the consultancy has focused its network growth priorities in four key areas: trust in what matters, business model reinvention, AI, data and technology and sustainability.

Shango explains that this approach helps to position PwC for the ever-changing business landscape and to remain resilient so that it can best serve its client and stakeholder needs.

Moreover, 61% of the survey respondents believe AI will change how their companies create value over the next three years, compared with 70% of CEOs globally, while 74% of respondents say they are planning or progressing innovative, climate-friendly products, service or technologies, compared with 71% globally.

PwC says the rapid advancement of technologies such as AI, robotics and biotechnology present significant opportunities for innovation.

“These technologies can enhance productivity, improve efficiency and address critical issues such as climate change. However, we must carefully manage their unintended consequences, including cybersecurity threats, misinformation and privacy concerns,” notes PwC Africa AI leader Christiaan Nel.

Climate change remains one of today’s most pressing business issues. “Rising temperatures, more frequent extreme weather events, dwindling water resources, biodiversity loss and increasing greenhouse-gas levels require us to rethink how we live and work,” PwC Africa sustainability leader Lullu Krugel says.

She adds that, to effectively reduce carbon emissions, companies need to invest significantly in technology and infrastructure, engage in strategic planning and develop innovative solutions, to which both the public and private sectors have roles to play.  

“These trends are reshaping South Africa’s landscape, highlighting the need for businesses to take stock of the core components they need to prioritise to remain relevant and thrive,” adds PwC South Africa CEO Shirley Machaba.

As global megatrends reshape the business landscape, 45% of CEOs have recognised the need to reinvent their business models to remain competitive and sustainable over the next decade.

“By leveraging AI, data analytics and emerging technologies, we are enabled to help our clients uncover new revenue streams and optimise their operations, just as we are doing with ours.

“Looking ahead, we plan to also keep our focus on sustainability and building trust in what matters, which will continue to help us drive meaningful change and ensure a better future for us all,” PwC concludes.