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The latest Factum Global Business Sentiment Survey for Q1 2024 reveals a resilient and forward-thinking global business community, despite ongoing geopolitical uncertainties and economic volatility. While overall sentiment has dipped slightly compared to Q3 2023, executives1 across 30 countries continue to demonstrate adaptability and a strong commitment to international expansion.
The survey’s key findings paint a picture of cautious optimism. 84% of respondents believe that international business is beneficial for their organizations, reflecting the enduring importance of global trade. This positive outlook is further reinforced by the fact that 77% of executives plan to maintain or increase their international activities in the coming months. Leaders acknowledge that with progress comes both benefits and drawbacks. The transformative power of digital and automation technologies is widely recognized throughout open-ended responses. However, there is a strong emphasis on managing this transformation responsibly with consensus on the need for robust risk management, careful oversight, and heightened awareness toward technology adoption.
Francisco Gomez, Founder & CEO of Factum Global, emphasizes the critical role of adaptability as the antidote to the risk of inaction in this evolving landscape:
“Adaptability is probably, in my opinion, the number one thing that people need, and it’s not easy. It’s not easy to do because it’s attached to culture as well. You need to have a culture of continuous improvement, one that rewards risk, failing fast.”
This adaptability is evident in how businesses are approaching risk. Despite the uncertainties, 75% of respondents do not view international business as too risky, indicating a willingness to embrace calculated risks in pursuit of global opportunities. This risk tolerance is bolstered by a generally positive view of organizational performance, with 68% of executives expressing confidence in their company’s global performance.
Technology emerges as a key driver of this optimism and adaptability. The survey highlights the transformative potential of artificial intelligence, digital transformation, and cybersecurity. These advancements are not only enabling global expansion but also reshaping workforce dynamics.
Jacques Jean, CEO of TechFides, notes this shift through potential cost-savings and flexibility as benefits for both employers and employees:
“Now we’re dealing with a glocal workforce. You can hire wherever you want. You get the best resources at the lowest cost at any given place. They can be on any yard [or] beach. They can do their job and because this is what exists right now.”
However, with these technological opportunities come new challenges, particularly in the realm of cybersecurity. Jean stresses the importance of a security-first mindset: “Security; it’s a mindset. And everything that we do as a corporation, corporations need to think about cybersecurity. It needs to be the foundation.“
The survey also reveals a growing interest in emerging markets, with Africa highlighted as a region of significant potential. Jean points out, “When you think about a market like Africa, we’re talking about 1,500,000,000 people. Right? And 65% of their population is under 25 years old. 80% of their population is under, you know, 50 years old. So it presents tremendous opportunity.“
As businesses navigate this complex global landscape, the alignment of technology with corporate strategy becomes crucial. Gomez explains, “If technology is going to enable you to grow, it needs to be consistent with your corporate strategy and your business model.”
While the global business environment remains challenging, executives are demonstrating remarkable resilience and adaptability. By embracing technological innovation, seeking new markets, and maintaining a strategic approach to risk management, companies are well-positioned to capitalize on global opportunities. As we move forward, the ability to balance immediate business goals with long-term vision will be crucial for success in an increasingly interconnected world. Jean and Gomez are not alone in emphasizing the importance of having alignment with technology as part of a company’s corporate strategy and business model. Do you have a technology strategy that’s future-proof for tomorrow’s world?
