Disruption negatively impacts 48 per cent of Australian mid-sized businesses, but the companies that embrace it are set for double-digit growth, according to a new survey.
The American Express CFO Future-Proofing Survey revealed that 67 per cent of the 250 chief financial officers surveyed indicated that disruption is taking place in their business.
Companies that embrace disruption are recording strong growth, with 38 per cent focusing on recruiting new staff with new skill sets, 32 per cent are reaching new customer segments, and 26 per cent are focusing on overseas expansion within the next 12 months, the research found.
American Express Global Corporate Payments Australia & New Zealand vice president Christine Wakefield said: “Today businesses must grapple with disruption at never-before-seen levels of speed and intensity.”
“Our research shows there are disruptive leaders, others that embrace disruption when it comes along, and others that fight it.
“Those companies enjoying greatest success are those that view disruption as a positive impact on their business and embrace it.
“They’ve accepted disruption as part and parcel of operating in today’s world and look to maximise every opportunity it brings,” Ms Wakefield said.
Approximately 40 per cent of chief financial officers confirm that their company is more focused on managing disruption compared to a year ago.
The survey also found that due to an increased focus on disruption, company’s risk appetites have increased – 38 per cent of chief financial officers rate their risk appetite as high.
“The time is now for companies to take action to harness disruption. The old catchphrase ‘who dares wins’ rings true,” Ms Wakefield said.