The Conference Board released C-Suite Challenge™ 2018: Reinventing the Organization for the Digital Age. The research is the latest edition of the annual survey.

Whilst business leaders are more optimistic compared to recent years, it is clear risks remain from geo-political developments, labour market imbalances and disruption from emerging technologies. Digital transformation is gaining ever more speed and requires a deep cultural change. As reengineered and completely new business models are needed, the innovation process must be radically adapted to the new world.

Four of the top six hot-button issues for CEOs in this year's survey point to the ripple effect digital disruption is having on the general business environment and organizations themselves. Organizations must rethink the answers to such fundamental questions as, “what business we in are?" and "how do we make money?" Ownership of products can and is being replaced with access.

Economy is overturning fundamental business paradigms and shattering many long-held business truths. CEOs understand that reinvention is needed to maintain their relevance. For example, CEOs are committed to further integrate sustainability into their business as this is being seen the new normal. The Conference Board Global Sustainability Centre facilitates and enable business leaders to embed sustainability and seize the opportunities offered by these changes.

2/3 of CEOs believe that digital transformation is a significant enabler for their sustainability strategy and they actively seek opportunities from digitization to improve sustainability performance and to discover more sustainable business models.

This view is shared by the whole C-suite, providing the opportunity to rethink the integration of sustainability into the overall business strategy.

The application of digital trans-formation and innovation for more sustainable business models finds wide acceptance among company leaders. Now is the right time to develop proposals for new products and services and revenue models. This will not only motivate employees and thus secure talent but will also enable businesses to grow through innovation in a volatile world.

Members of The Conference Board can download C-Suite Challenge™ 2018: Reinventing the Organization for the Digital Age. For non-members, an executive summary is available free of charge.