Executives see innovation and the free flow of information as the primary drivers of ever-faster change in the business world, according to a McKinsey survey.
Eighty-five percent describe their own business environment as more competitive than it was five years ago, largely because of the improved capabilities of their competitors and growth in the number of low-cost competitors.
Executives predict that future profitability will depend most on knowledge and information trends and the forces of globalization.
Executives say that their companies are better prepared to cope with core risks in their own industries than with general threats such as a pandemic or natural disaster.
The McKinsey Quarterly conducted the survey in March 2006 and received 3,470 responses from a worldwide representative sample of business executives, 44 percent of whom are CEOs or other C-level executives.
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