December 22, 2023

Brave New Business World

Brave New Business World

The latest Marcum-Hofstra CEO Survey is out, and apparently, many leaders are going all-in with the latest technology. 65% of middle-market CEOs are using or planning to use automation and robotics, and nearly 36% are already using AI tools, with close to 35% planning their implementation. 64% of CEOs are prioritizing AI for better operational efficiency, nearly 53% see it as a tool for cost savings and 52% believe it improves their team’s effectiveness.

These numbers were higher than I expected, and I’m glad to see so many leaders diving into using AI in a business environment in which there’s no time to waste. I found it fascinating to see in the comment section of the survey how companies are applying this new technology: patient scheduling in healthcare; billing, cash flow and operations; and customer service, to name a few applications. As regular readers know, we’re embracing AI at Marcum with our proprietary tool I’ll be very interested to hear from other leaders about the best practices they are developing around the use of AI.

The spread of efficiency-boosting technologies like this may be one reason that a growing number of CEOs (more than 41%) count themselves as “confident,” up 5% since September, and 41.2% rate their business outlook in the high range. Once you explore the possibilities of using technology to increase the reach and efficiency of your business, it’s hard not to feel confident about the future. There are many ways to amplify what a company does well and to reduce time- and money-wasting inefficiencies with these powerful tools.

That said, there are still many challenges ahead. Many CEOs said they are concerned about the economy, talent availability, and rising costs, and those aren’t going to go away anytime soon.

But there will be plenty of time to strategize in January. It’s the height of the holiday season, with Christmas coming up on Monday, and Kwanzaa starting on Tuesday—followed by New Year’s Eve. Merry Christmas and Happy Kwanzaa to those who celebrate.

Marcum offices will be closed next week and back open again on January 2, so our team can take some time to relax with family, reflect and recharge. If there’s something you need from one of us urgently next week that can’t wait until the new year, send us an email and we will respond, although not as quickly as usual.

I’ll be in South Florida with my family, which is our holiday tradition. Happy Holidays, everyone!