Nearly 80% of business leaders said digital tools and technology will play a significant role in their future growth strategies. With that, of course, comes an abundance of data. The top enabler for realizing that growth? Analyzing predictive analytics and using the data itself. The top roadblock? Collecting the data in the first place.
Barriers exist as companies map out their growth strategies. Externally, COVID-19’s lingering effects and the ongoing war for talent hinder those goals. Internally, respondents said budgets and data are their main roadblocks.
While organic growth—building from within—remains the preferred strategy, half are also planning to use acquisitions and introduce new products and services to drive growth.
2-MINute TAKEDOWN
The future is digital—and data will play a leading role.
The pandemic and The Great Resignation continue to threaten growth.
Most leaders are leveraging multiple growth strategies.
How are business leaders approaching growth in 2022? That’s what we asked in our poll of 300 business leaders across six industries to kick off the year. Here’s what they told us.
Digital was on the rise—even before the pandemic forced organizations to amplify those efforts. That momentum will continue for all industries, with data leading the way.
Section 1: Data’s role in the future of digital
How much is digital part of your growth strategy?
Said digital is a significant part of growth strategy
79%
Utilities
Average
72%
Health
Insurers
77%
Banking
79%
High-Tech
& Software
84%
Hospital/
Health Systems
88%
Private
Equity
88%
Manufacturing
65%
In achieving your digital strategy, how is data an enabler or roadblock?
Manufacturing
Read about each industry in our 2022 outlooks
enabler
roadblock
87%
13%
Ability to analyze predictive analytics
83%
17%
Ability to use your data
81%
19%
Data
governance
80%
20%
Access to proprietary
data
80%
20%
Ability to
collect data
It is a challenging time for growth—but technology and specific workforce skillsets have the potential to chage that.
Section 2: What’s helping—or hindering—growth goals?
What external conditions are inhibiting your growth?
Which of these internal factors are enabling your growth?
23%
International trade relations
Regulation
Hybrid work
Inflation
28%
32%
22%
War for talent
Unknown timeline of the pandemic
33%
65%
Budget
Data
Size of
workforce
Processes
67%
68%
Executive
leadership
Workforce skill set
70%
71%
62%
Most are trying more than one growth strategy—and need the workforce skills to make them happen
Section 3: Growth strategies
which skillsets are needed most to continue your growth?
Leaders are seeking business development and strategy traits in their workforce.
Software engineers
16%
Other
3%
Product specialists
37%
Business development/sales/marketing
59%
Digitally forward, data-driven workforce
35%
Business analysts and strategies
51%
Data literacy
32%
Grow through acquisition
Entry into new
sub-segment/ markets
Introduction of new products/ services
More marketing/ advertising
which of the following will be part of your growth strategy OVER the next 3 years?
Grow organically through sales and business development
31%
48%
48%
60%
65%
Data is enabling digital strategy, but not without some roadblocks.
Banking
Private Equity
Energy & Utilities
Healthcare & Life Sciences
High-Tech & Software
Manufacturing
Energy & Utilities
Hospitals/health systems
High-Tech & Software
Banking
Private Equity
See how each industry RESPONDED
33%
Technology
73%
82%
18%
Ability to analyze predictive analytics
86%
14%
Ability to use your data
89%
11%
Data
governance
96%
4%
Access to proprietary
data
71%
29%
Ability to
collect data
94%
6%
Ability to analyze predictive analytics
92%
8%
Ability to use your data
94%
6%
Data
governance
93%
7%
Access to proprietary
data
95%
5%
Ability to
collect data
Health insurers
85%
15%
Ability to analyze predictive analytics
83%
17%
Ability to use your data
71%
29%
Data
governance
84%
16%
Access to proprietary
data
89%
11%
Ability to
collect data
93%
7%
Ability to analyze predictive analytics
67%
33%
Ability to use your data
85%
15%
Data
governance
63%
37%
Access to proprietary
data
75%
25%
Ability to
collect data
87%
13%
Ability to analyze predictive analytics
93%
7%
Ability to use your data
92%
8%
Data
governance
86%
14%
Access to proprietary
data
84%
16%
Ability to
collect data
88%
12%
Ability to analyze predictive analytics
88%
12%
Ability to use your data
75%
25%
Data
governance
75%
25%
Access to proprietary
data
82%
18%
Ability to
collect data
79%
21%
Ability to analyze predictive analytics
63%
37%
Ability to use your data
72%
28%
Data
governance
61%
39%
Access to proprietary
data
63%
37%
Ability to
collect data
Manufacturing
Energy & Utilities
Hospitals/health systems
High-Tech & Software
Banking
Private Equity
Health insurers
HT&S 65%
Private equity 47%
Manufacturing 77%
Hopsitals and health systems were the lowest among growing organically (60%) and through acqusition (38%)
HT&S leaders were the highest in introducing a new product/service (53%) and more marketing advertising (77%)
everyone
everyone
About the poll
West Monroe’s 2022 Business Outlook Poll took the pulse of 300 business leaders on their plans and outlook for 2022. To qualify, respondents needed to have a title of vice president or higher in their company. Respondents were evenly divided among the following industries: banking, hospitals and health systems, health insurers, utilities, private equity, high-tech & software, and manufacturing.
High-Tech
& Software
84%
Hospital/
Health Systems
88%
Private
Equity
88%
War for talent
Unknown timeline of the pandemic
33%
33%
Executive
leadership
Workforce skill set
70%
71%
Technology
73%