R "Ray" Wang
R "Ray" Wang
Survey: 2023 H2 CxO Business Confidence Survey
Introduction
Constellation’s 2023 H2 “CxO Business Confidence Survey” assesses the confidence of C-suite executives in today’s business and technology climate as well as their financial outlook for 2023. The survey asked respondents to identify top business issues impacting their enterprises, weigh in on their state of investment in digital technologies, and confirm which service and software vendors are top of mind in the industry.
Every enterprise has been affected by the generative AI boom in 2023, particularly its growth surge over the last six months. Although many efforts remain in the pilot state, enterprises are shifting their focus and budgets to digital tool adoption, large language models (LLMs), efficiency and productivity automation, and artificial intelligence (AI) skills training.
The end-of-year reality around generative AI is largely “hurry up and wait.” Buy-side CxOs are balancing the pressure to invest in the AI space with the need for certainty about the reliability of these new tools. In turn, enterprise tech vendors recognize and predict strong revenue potential in the generative AI space but currently are in the waiting phase of tangible selling and the client’s desire to see tangible return on investment (ROI).
Despite Prior Reservations, CxOs Shift To Optimism in 2013
To conclude the “CxO Business Confidence Survey,” executives were asked whether their enterprise was experiencing a better business climate in 2023 than in 2022. The question elicited an optimistic response of “yes” from 51% of the CxO respondents. This has shifted from Constellation’s 2022 Q4 CxO survey, where 67% predicted a worse business climate for 2023 overall (see Figure 8).
The data suggests an outlook shift from CxOs regarding the potential of emerging technologies, market growth, and revenue potential. CxOs who have been proactively using their technology budget to find solutions and grow are only increasing their investment after seeing the payoff.
Although 49% of enterprises are not experiencing a better business environment yet, the most interesting observation is regarding the mindset of CxOs. Perhaps the recent strides in technology have opened new doors of possibility to reduce costs, grow the business, and create stability.
Your POV
Whats your sentiment for 2024? Are you more optimistic or pessimistic?
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