The future of any business is uncertain, with half of all businesses that exist today expected to disappear in 10 or 15 years. This reality is not lost on CEOs, as shown in our 2024 Annual Global CEO Survey, where 45% of global CEOs admit their company will not be viable if it continues down its current path.
The ever-increasing pace of change and the impact of converging megatrends such as technological disruption and climate change have forced businesses to rethink how they create, deliver, and capture value. To stay competitive in the future, companies must undergo a fundamental transformation in their business models to meet the evolving needs of customers. It is imperative for businesses to reinvent themselves to remain relevant and successful in a rapidly changing business environment.
In order to secure a bright future, companies must be willing to innovate and adapt to changing market demands. This may require inventing new customer needs and creating unique value propositions. By reinventing their business models, companies can position themselves for long-term success and ensure their sustainability in a rapidly changing landscape. It is essential for businesses to take proactive steps towards reinventing their business models in order to navigate the challenges and opportunities of the future.
