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200 CEOs Cant Be Wrong.A New Survey Offers Valuable Insight.

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The Lone CEOBeing CEO of a company can be a lonely job. In essence, everyone works for you so getting honest feedback can be a challenge. Wouldnt it be great if you could sit in a room with a bunch of other CEOs and talk openly? Are any other CEOs facing the same issues you are? How are they managing everything? What systems and tools are they leveraging to be more effective leaders?

We wanted to get into the minds of CEOs so we commissioned a study to survey 200 of them, asking them various questions about their roles, challenges, processes and initiatives. Finally, some comparable insight you can use to gauge your own effectiveness as CEO. Read on to find out what you may have in common with hundreds of other CEOs.

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From these responses, you could assume the majority of CEOs dont necessarily remain at the same company as CEO for long. While CEOs are often hired or promoted in hopes of initiating change in a company, perhaps once that change has occurred (or failed to occur), CEOs move on to the next gig. Has your tenure grown stale? Is it time for a transition strategy or is there work still to be done?

69% of CEOs say they had any previous experience as CEO prior to their current role.

74% of CEOs have been in their current role for five or fewer years.

10% of CEOs have been in their current role more than 10 years.

Tenure

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Despite their experience levels and tenure at their current organizations, all CEOs surveyed indicated having business performance challenges. Employees play a critical role in the success of a company and getting them to communicate with each other and row in the same direction appears to cause CEOs angst. Add to that the struggle for CEOs to plan ahead and you can likely identify with why being CEO isnt always the cushy job some believe it to be.

59% say aligning employee output with corporate objectives

57% say capturing and predicting company performance

49% say generating cross-department collaboration

34% say improving employee motivation

Main Challenges CEOs Face

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A key role of the CEO is to spearhead the business initiatives designed to establish corporate priorities and foster growth, profitability and market share. Our survey showed while ERP tools are the most common tool used to predict the success of these initiatives, sadly a third of respondents still cling to the familiar yet static spreadsheet. Without access to real-time data, no wonder CEOs feel overwhelmed when it comes to forecasting.

48% use an ERP tool

31% use Excel spreadsheets

Tools Used to Predict Success of Major Business Initiatives

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Even with the onslaught of new technologies, email is still the basis for doing business. The reliance on calendars to keep the abundance of meetings CEOs must attend appears to be indicative of how many CEOs are spending their time.

Spreadsheets are static in nature and provide little in the way of real-time, actionable data CEOs can use. By the time a spreadsheet is compiled and shared, the data within is dated, giving CEOs a past-tense view of the business.

64% use email

17% use the calendar

15% use Excel spreadsheets

#1 Tool for Running the Business

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It appears the applications and systems most CEOs are relying upon are not only failing to provide needed visibility but are actually hindering productivity and effectiveness. Even when CEOs finally abandon spreadsheets in favor of automated systems, they find them to be more trouble than theyre worth, only adding complexity and frustration. CEOs are practically begging for simple, user-friendly technologies that give them insight and visibility into all areas of the business.

49% said clunky ERP and business performance management tools49% said management KPIs are functional and not normalized across areas48% said poor visibility of performance beyond direct

Biggest Hurdles for Knowing Quarterly Business Performance at Any Given Time

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These statistics illustrate how CEOs are often last to know there is a problem. CEOs can only react in firefighting mode with hindsight view. Valuable time is squandered that should be spent establishing corporate initiatives and setting strategic priorities activities that move the company forward. Only a small number of CEOs actually keep apprised of potential issues before they have a chance to fester and cause real problems. Could it be the latent data and complex applications are at fault?

48% said monthly

32% said quarterly

10% said weekly or in near real-time

When CEOs find out if corporate quarterly goals are being met

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Its hard to believe CEOs can make future decisions based on old data. Static spreadsheets and bulky automated systems provide little insight into whats really happening in the company, especially if theyre only being used once a month. The purpose of the data is to help CEOs make decisions. How can the data be considered useful if it doesnt achieve this fundamental

71% think so and use the data to predict and make future decisions

25% say the information is useful but they cant make any future decisions

Are updates on quarterly goals useful?

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Khorus. A Simple Business Management System for CEOs. When individual roles are directly aligned with corporate strategy, employees know their purpose and take ownership. Goals can be realistically set and the plausibility of them being achieved can be inputted and monitored in real time so leaders can anticipate potential issues. Instead of looking backwards at obsolete data, CEOs can look forward using current business metrics and actionable analytics.

How about you? What systems and tools do you have in place that help you move your company forward?

Visit Khorus and learn more about how you can more effectively align, engage and predict. It doesnt have to be this hard.

KHORUS.COM

A Better Way

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