【普华永道】2025年第28期全球CEO调研报告AI与气候变化下的企业重塑

PwC’s28thAnnualGlobalCEOSurvey

Reinventionontheedgeoftomorrow

CEOsreportearlyproductivitygainsfromgenerativeAIand

risingpayoffsfrominvestmentsinsustainability.Thechallengeistoincreasescopeandspeed.

PWC

www.ceosurvey.pwc

‘Thefutureisalreadyhere—it’sjustnotevenlydistributed,’saidspeculativefictionauthorWilliamGibson.Thissentimentechoesthroughtheresults

ofPwC’s28thAnnualGlobalCEOSurvey,basedonresponsesfrom4,701chiefexecutivesrepresentingeveryregionoftheworldeconomy.

SomeCEOsaremovingrapidlytocapturethegrowthandvalue-creationpotentialinherentinthedefiningforcesofourera.They’reinvestingingenerativeAI,addressingtheopportunitiesandthreatsposedbyclimatechange,andreinventingtheiroperationsandbusinessmodelstocreatevalueinnewways.Yetmanyothersaremovingslowly,constrainedbyleadership

mindsetsandprocessesthatleadtoinertia.

Thislattergrouphastwooptions:eitheracceleratetheirreinventioneffortsorbetonhope—hopethat,withjustafewtweaks,today’soperatingandbusinessmodelswillcontinueto

deliverresultsevenasAIandthetransitiontoalow-carboneconomysetvalueinmotionacrosstheeconomy.

Amongthekeyfindings:

.ExpectationsforGenAIremainhigh.One-thirdofCEOssayGenAIhasincreasedrevenueandprofitabilityoverthepastyear,andhalfexpecttheirinvestmentsinthetechnologytoincreaseprofitsintheyearahead.Yettrustremainsahurdletoadoption.

.Investmentinclimateactionsandsustainabilityispayingoff.OneinthreeCEOsreport

thatclimate-friendlyinvestmentsmadeoverthelastfiveyearshaveresultedinincreasedrevenue.Inaddition,two-thirdssaytheseinvestmentshaveeitherreducedcostsorhadnosignificantcostimpact.

.Sectorboundariesareblurring.Almost40%ofCEOssaytheircompaniesstartedto

competeinnewsectorsinthelastfiveyears.Consistentwithlastyear’ssurvey,fourintenCEOsbelievetheircompanywillnolongerbeviableintenyearsifitcontinuesonitscurrentpath.

.Thepaceofreinventionisslow.Onaverage,only7%ofrevenueoverthelastfiveyears

hascomefromdistinctnewbusinessesaddedbyorganisationsinthisperiod.Barrierstoreinventionincludeweakdecision-makingprocesses,lowlevelsofresourcereallocationfromyeartoyear,andamismatchbetweentheshortexpectedtenureofmanyCEOsandpowerfullong-termforces,ormegatrends,atwork.

PwC’s28thAnnualGlobalCEOSurvey2

PwC’s28thAnnualGlobalCEOSurvey3

.Underliningthetensionacrosstimehorizons,CEOsareoptimisticaboutthenear-term

outlookevenastheyworryabouttheircompany’slong-termviability.Almost60%

expectedglobaleconomicgrowthtoincreaseoverthenext12months,upfrom38%inlastyear’ssurveyandonly18%twoyearsago.Byaratioofmorethantwotoone,CEOsexpecttoincreaseratherthandecrease(42%vs.17%)headcountintheyearahead.

Twodefiningissues:AIandclimatechange

EarlyreturnsonGenAI

OnlytwoyearsafterGenAIappearedontheradarofmostexecutives,companiesaroundtheworldareadoptingitatscale.What’smore,manyCEOsareseeingpromisingresults.Morethanhalf(56%)tellusthatGenAIhasresultedinefficienciesinhowemployeesusetheirtime,whilearoundone-thirdreportincreasedrevenue(32%)andprofitability(34%).

TheseoutcomesareslightlybelowtheheadyexpectationsCEOssharedwithusayear

ago,butthishasnotdampenedtheiroptimism.CEOexpectationsforGenAIimpactsintheyearaheadare,infact,remarkablysimilartothosereportedinlastyear’ssurvey.AbouthalfofCEOs(49%)expectGenAItoincreasetheprofitabilityoftheircompanyoverthenext

12months.

ThesefiguresarebroadlyconsistentwithotherPwCresearch

amongexecutives

,employeesandinvestors.InPwC’sGlobalWorkforce

HopesandFearsSurvey2024

,62%ofemployeessaidtheyexpectedGenAItoincreasetheirefficiencyatworkoverthenext12months.In

our

GlobalInvestorSurvey2024

,two-thirdsofinvestorsandanalystssaidtheyexpectthecompaniesinwhichtheyinvesttoachieveproductivitygainsfromGenAIintheyearahead.

PwC’s28thAnnualGlobalCEOSurvey4

CEOpredictionsaboutthe

impactsofGenAIin2024turnedouttobeslightlyoptimistic

Question(CEO27):TowhatextentwillgenerativeAI

increaseordecreasethefollowinginyourcompanyinthenext12months?

Question(CEO28):TowhatextentdidgenerativeAI

increaseordecreasethefollowinginyourcompanyinthelast12months?

(Showingonly%whoanswered‘Increasesignificantly,’‘Increasemoderately’and‘Increaseslightly’)

2024expectedincrease

2024actualincrease

Efficienciesinmyemployees’timeatwork

Profitability

Revenue

64%

56%

46%

34%

4411%

32%

0%5%10%15%20%25%30%35%40%45%50%55%60%65%

Source:PwC’s27thand28thAnnualGlobalCEOSurveys

MoreCEOssaytheyincreasedheadcountasaresultofGenAIinvestmentsoverthelast

yearthansaytheydecreasedheadcount

Question:Towhatextentdid

generativeAIincreaseordecrease[headcount]inyourcompanyinthelast12months?

Decrease

Littletonochange

Increase

13%

65%

17%

Note:Notshowing‘Don’tknow’responses

Source:PwC’s28thAnnualGlobalCEOSurvey

PwC’s28thAnnualGlobalCEOSurvey5

AbouthalfofCEOsexpectGenAIto

increaseprofitabilityintheyearahead,similartoexpectationsayearago

(Showing%whoexpectedorexperiencedanincrease)

Question:Towhatextentwill

generativeAIincreaseordecreaseprofitabilityinyourcompanyinthenext12months?

46%

Expectationslastyear

49%

Expectationsnextyear

0%5%10%15%20%25%30%35%40%45%50%

Source:PwC’s27thand28thAnnualGlobalCEOSurveys

Althoughitisearlydays,there’snothinginourdatatosuggestawidespreadreductioninemploymentopportunitiesacrosstheglobaleconomy.SomeCEOs(13%)saytheyhavereducedheadcountinthelast12monthsduetoGenAI;companiesininsurance,retail,

pharmaceuticalsandlifesciencesweremostlikelytohavemadesuchcuts(16%).Yetaslightlyhigherpercentage(17%)tellusthatheadcounthasincreasedasaresultof

GenAIinvestments.

Lookingforward,almosthalfofCEOssaythattheirbiggestprioritiesoverthenextthreeyearsareintegratingAI(includingGenAI)intotechnologyplatformsaswellasbusiness

processesandworkflows.FewerareplanningtouseAItodevelopnewproductsand

servicesorreshapecorebusinessstrategy.Formostcompanies,thisorderofpriorities

makessense.MoresurprisingisthatonlyathirdofCEOsareplanningtointegrateAIintoworkforceandskillsstrategy.Thiscouldbeamisstep.RealisingthepotentialofGenAI

willdependonemployeesknowingwhenandhowtouseAItoolsintheirwork—andunderstandingthepotentialpitfalls.

PwC’s28thAnnualGlobalCEOSurvey6

LessthanathirdofCEOsare

systematicallyintegratingAIintoworkforceandskills

(Showingonly‘Toaverylargeextent’and‘Toalargeextent’responses)

Question:Towhatextent,ifatall,doyoupredictAI(including

generativeAI)willbesystematicallyintegratedintothefollowingareasinyourcompanyinthenext

threeyears?

Technologyplatforms

Businessprocessesandworkflows

Workforceandskills

Newproducts/servicesdevelopment

Corebusinessstrategy

47%

41%

31%

30%

24%

0%5%10%15%20%25%30%35%40%45%50%

Source:PwC’s28thAnnualGlobalCEOSurvey

Yournextmove:Keepyoureyesontheprize.GenAIisstillquitenewintermsofits

technicalevolution,andisjuststartingitsjourneytowidespreadadoptioninbusiness.So,

itshouldnotbesurprisingthatalmosttwo-thirdsofcompanieshaveyettoseeconcrete

financialresultsfromit.ThechallengefacingCEOsistokeeptheirorganisation’seyesontheprizeamidthefroththataccompaniestheintroductionofeverymajortechnology.CapturingtheproductivitypotentialofGenAIwillsoonbetablestakesinmanyindustries.Realising

thesegainsrequiresa

systematicapproach

todecidingwheretoimplementthetechnology,plusinvestmentindatareadiness,integrationofGenAIintotechnologyplatformsand

workflows,andeffectiveprogrammestobuildworkforceskills.Thesefoundationalmoveswillalsopositionorganisationstoseizebiggeropportunitiesahead,whetherthismeans

transformingaspecificfunctionorundertakingamoredramaticchangeofbusinessmodel.TheimpactofGenAIwill

varyamongsectors

,butitsdisruptivepotentialinmostishigh.

PwC’s28thAnnualGlobalCEOSurvey7

Upsidefromclimateaction

WhenweaskedCEOstotakestockofthefinancialimpactoftheirclimate-friendly

investmentsoverthelastfiveyears,wefoundthatthesemovesweresixtimesaslikelytohaveincreasedrevenueastohavedecreasedit.Inaddition,aroundtwo-thirdsofCEOs

reportthatclimate-friendlyinvestmentshaveeitherreducedcostsorhadnosignificantimpact.

Thesegainsandcostsarenotdistributedequally,andthevariancesaredriveninpartby

themixofincentivesandregulationsindifferentcountries.Forexample,aroundhalfofCEOsinGermanyandFrancereportthatmakingclimate-friendlyinvestmentsoverthelastfive

yearshasresultedinincreasedcosts,againstonlyone-fifthoftheirUScounterparts.Ontheflipside,CEOsintheChineseMainlandaremuchmorelikelytoreportadditionalrevenuesarisingfromtheseinvestments(60%),aswellasadditionalgovernmentincentivesreceived(46%),thantheircounterpartsinotherregionsoftheworld.

Afteradjustingforgeographyandotherfactors,however,wefindthatmakingclimate-

friendlyinvestmentsisassociatedwithhigherprofitmargins.Thisfindingisconsistentwith

analysisof

lastyear’sCEOSurvey

data,whichshowedalinkbetweenawidevarietyof

climateactionsandstrongerfinancialperformance.Alsorelevantisrecent

HarvardBusiness

Schoolresearch

(publishedinPwC’sstrategy+business),whichfoundfasterrevenuegrowthamongfirmsthataretransitioningtheirproductportfoliotowardsclimatesolutions.

Crucially,mostinvestorsarepersuadedbysuchevidence.Intherecent

PwCGlobalInvestor

Survey2024

,almost70%agreedthatcompaniesshouldmakeexpenditurestoaddress

sustainability/ESGissuesrelevanttothebusiness,evenifitreducesnear-termprofitability.Inaddition,morethanhalfofallCEOsglobally(56%)saytheirpersonalincentive

compensationislinkedtosustainabilitymetrics.ThehigherthepercentageofCEO

compensationatstake,themorerevenuethat’slikelytobecomingfromclimate-friendlyinvestments.

PwC’s28thAnnualGlobalCEOSurvey8

AthirdofCEOsreportincreasedrevenuefromclimate-friendly

investments

Question:Towhatextenthave

climate-friendlyinvestments*

initiatedbyyourcompanyinthe

lastfiveyearscausedincreasesordecreasesinthefollowing?

Decrease

Littletonochange

Increase

36%

18%

42%

Costs

33%

5%

56%

Revenuefromproducts/servicessales

6%

23%

62%

Governmentincentivesreceived

20%10%0%10%20%30%40%50%60%70%80%90%

*Examplesofclimate-friendlyinvestmentsincludetransitioningtoenergy-efficientoperations,developinggreenerproductsandservices,andimplementingemission-reducingtechnologies.

Source:PwC’s28thAnnualGlobalCEOSurvey

Yournextmove:Searchforsustainablevalue.Creatingvaluefromsustainabilitystarts

withCEOschallengingthemselvesandtheirtopteamstobringclimate-friendlyproducts,

servicesandtechnologiestomarket.Asnotedabove,one-thirdofcompaniesarenow

generatingrevenuefromclimateinvestmentsmadeoverthelastfiveyears.Thispercentagewillincreaseaseconomiesdecarbonise.

Beyondthiseffort,takeahardlookatyourcompany’sresourceuseandenergy

consumption.Thismeanstacklingtheso-called

energytrilemma

:simultaneouslyensuringareliableenergysupply,reducingemissionsandtrimmingcosts.Valueisinmotionacrosstheworld’senergysystems,asmanyorganisationsstarttoplaythedualroleofproducer–consumer.Theseenergy‘prosumers’mightstillpurchaseelectricityfromthegrid—buttheyalsoproducetheirownelectricity,storeitandsellit.

Onefurtheractionitem:implementadatastrategyforsustainability.Thiswillenableyourcompanytomeet

newreportingrequirements

whilealsoprovidingleadersthroughoutthebusinesswithaccurate,fact-basedinsightstoinformdecisions.

PwC’s28thAnnualGlobalCEOSurvey9

Businessas(un)usual

Outlookandthreats

Inafindingthatmightseemsurprisingagainstabackdropofgeopoliticalandtradetension,CEOstellustheyareoptimisticabouttheoutlookfortheglobaleconomy.Almost60%

expectglobalgrowthtoimproveinthe12monthsahead,upfrom38%inlastyear’ssurveyandonly18%twoyearsago.Theyalsoremainbroadlyconfidentabouttheoutlookfortheirowncompany.Notably,morethantwiceasmanyexpecttoincreaseheadcountintheyearahead(42%)asexpecttoreduceit(17%).

Optimismaboutglobaleconomicgrowthhascontinuedtoincreasefromalowpointin2023

Question:Howdoyoubelieve

economicgrowth(i.e.,gross

domesticproduct)willchange,ifatall,overthenext12monthsintheglobaleconomy?

77%

76%

73%

57%

58%

Improve

53%

49%

53%49%

44%

45%

42%

44%

29%

37%

36%27%

38%

24%

21%

Staythesame

28%

29%23%

22%

14%

Decline

18%

17%

16%

17%

15%

20%

10%

8%

7%

2014

7%

5%

2016

2020

2019

2023

2017

2024

2018

2021

2015

2022

2025

Source:PwC’s28thAnnualGlobalCEOSurvey

PwC’s28thAnnualGlobalCEOSurvey10

ThesefiguresrepresentasnapshotofsentimentinOctobertoearlyNovember2024,

whenoursurveywasinthefield,andCEOswerebynomeansoblivioustotherisks.

Macroeconomicvolatilitywascitedasthethreatmostlikelytoprecipitateasubstantialfinanciallossintheyearahead.

Withinthebroadlyoptimisticpicture,therearealsostarkdifferencesbetweencountries.

AmongtheG20countries,CEOsinGermanyaregloomiestabouttheoutlookforthe

domesticeconomy,reflectinganindustrialbaseexperiencingnotonlyweakdemandbutalsosupplyshortagesinenergy,components,skilledlabourandotherareas.Attheoppositeendofthespectrum,CEOsinIndiaandArgentinaaremostoptimistic.NineoutoftenCEOsin

India(87%)expectdomesticeconomicgrowthtoaccelerateintheyearahead.

CEOsgloballyseemacroeconomicvolatilityandinflationasthebiggestthreatsintheyearahead

(Showing%thatanswered‘Extremelyexposed’and‘Highlyexposed’)

Question:Howexposeddoyou

believeyourcompanywillbetothefollowingkeythreatsinthenext

12months?

Macroeconomicvolatility

Inflation

Cyberrisks

Loweravailabilityofworkerswithkeyskills

Geopoliticalconflict

TechnologicaldisruptionClimatechangeSocialinequality

29%

27%

24%

23%

22%

20%

14%

7%

0%2%4%6%8%10%12%14%16%18%20%22%24%26%28%30%

Note:Exposureistheprobabilityofsignificantfinancialloss.

Source:PwC’s28thAnnualGlobalCEOSurvey

PwC’s28thAnnualGlobalCEOSurvey11

Yournextmove:Calibrateyourperspective.There’snosuchthingasaglobalCEO.

Eventhemostwell-travelledexecutivewasbornsomewhere,residessomewhere,andisinfluencedbylocalpreoccupations.Oursurveydataoffersanopportunitytostress-testpersonalassumptionsagainstthoseofneighbours,peersandcompetitors.Forexample,areItaliancompanies,infact,lessexposedtocyberattackthantheircounterpartsin

theUKorFrance,asourdatasuggests?Asector-by-sectorviewisequallyrevealing.

Althoughclimatechangeisclosetothebottomofthelistofnear-termthreatsinmost

industries,CEOsininsuranceandthepowerandutilitiessectorsrankitintheirtopthreefortheyearahead.Ifyourcompanyreliesonthesecompanies(asmostdo),thisisfoodforthought.

Consideralsotheconnectionsbetweenthreatsthatcouldamplifytheirimpacts.Manycriticalsupplychains(forsemiconductors,forexample)arevulnerablebothtoextremeweathereventsandtogeopoliticalrivalries.Equally,thelinkbetweengeopolitics

andcyberriskisincreasinglyevident.Morethanever,systemsthinkingisneededtoanticipatewhatmaylieahead.

Rampingupreinvention

Manybusinessleadersrecognisetheneedtoreinventtheirbusinessmodels.Consistentwithourlasttwoannualsurveys,fourintenCEOs(42%)saytheircompanywillremainviableforlessthantenyearsifitcontinuesonitscurrentpath.

Sincewefirstaskedthisquestiontwoyearsago,theindustriesinwhichCEOsfeel

mostunderpressuretoreinventhavebeenlargelyconsistent:mediaandentertainment,

technology,telecom,andindustrialmanufacturing.Theseareallsectorsinwhich

digitisation,decarbonisationorbotharechangingthebasisofcompetition.Yetthereare

nowsignsofrisinganxietyelsewhere.In2023,only28%ofpharmaceuticalCEOssaidtheircompanywouldn’tbeviableformorethantenyearsifitcontinuedonitscurrentpath.Lastyear,thisincreasedto38%,andagainthisyearto45%.Amongotherfactors,thislikely

reflectsgrowingrealisationthatAIcouldrevolutionisedrugdiscoveryandmanyaspectsofpatientcare.

PwC’s28thAnnualGlobalCEOSurvey12

Acrossallsectors,justundertwo-thirdsofCEOs(63%)reporthavingtakenatleastone

significantactiontochangehowtheircompanycreates,deliversandcapturesvalue.The

mostcommonreinventionactionsareproductandserviceinnovationandmovestotargetnewcustomergroups.Fewercompanieshavetakenactionsthattypicallycomewithhigherdegreesofdifficulty—suchaspioneeringnewroutestomarket,implementingnewpricingmodelsorcollaboratingwithotherorganisationstocreatenewecosystems.

Themostcommonreinventionactionstakenbycompaniesareinnovating

productsandservicesandtargetingnewcustomers

Question:Towhatextenthas

yourcompanytakenthefollowingactionsinthelastfiveyears?

(Showingonly‘Toaverylargeextent’and‘Toalargeextent’responses)

38%

Developedinnovativeproductsorservices

32%

Targetedanewcustomerbase

26%

Collaboratedwithotherorganisations

25%

Targetednewroutestomarket

24%

Implementednewpricingmodels

0%5%10%15%20%25%30%35%40%

Source:PwC’s28thAnnualGlobalCEOSurvey

Willthesemovesbeenoughtopowerreinvention?FormanyCEOs,thehonestanswer

willbeno.Consider,forexample,thepercentageofrevenuethatcompaniesgetfromnewbusinesses,ameasureofhowfasttheyaregrowingbeyondthecore.Acrossoursample,onaverage,only7%ofrevenueinthelastfiveyearshascomefromfundamentallydistinctbusinessesthatorganisationsaddedinthisperiod.CompaniesintheMiddleEastandtheChineseMainlandareahead,with10%ormoreofrevenuecomingfromnewbusinesses.ForJapanesecompanies,theaverageisonly3%.

PwC’s28thAnnualGlobalCEOSurvey13

IfCEOsneedfurtherencouragementtodoubledownonreinvention,theyshouldnote

thatweseeastrongassociationinthedatabetweenthenumberofreinventionactions

companieshavetakenandtheprofitmarginstheyachieve.CompaniestakingmoreactionsalsoreportbiggergainsfromGenAIoverthelastyear.

CEOswhohavetakenmorereinventionactionsreporthighernetprofitmargins

Question:Towhatextenthas

yourcompanytaken[reinvention]actionsinthelastfiveyears?

Question:Whatwasyour

company’sprofitmarginforthe

mostrecentlycompletedfiscalyear?

Profitmargin(%)

16

14

12

10

8

-2.5-2-1.5-1-0.500.511.522.5

Reinventionindexscore

Note:Indexscorevaluesarederivedfromafactoranalysisoftheextentcompaniestookthefollowingactionsinthelastfiveyears:

developedinnovativeproductsorservices,implementednewpricingmodels,collaboratedwithotherorganisations,targetednewroutesto

market;andtargetedanewcustomerbase.Indexscorevaluesrepresentstandarddeviationsfromthemean—ahigherscoreindicatesmore

reinvention.Theorangelinerepresentspredictionsfromregressionmodelling,adjustedforprofitmargin(thefiscalyearbeforelast),CEOtenure,marketconcentration,ownership,numberofemployees,industrysector,andterritory;theshadedregionrepresentsthe95%credibleinterval.

Source:PwC’s28thAnnualGlobalCEOSurvey

Yournextmove:Lookoutwards.The

roadtoreinvention

startswithcustomers—andthismaximappliesequallytoB2CandB2Bcompanies.Inourexperience,adeterminedefforttorefocusonunmetneeds,painpointsandeveryotheraspectofthecustomerexperiencecancatalyseinnovation.Importantly,thisoftenincludeschangesthattakethecompany

outsideitscomfortzone—forexample,movingbeyondtheproductroadmaptoconsidernewpricingmodels,newroutestomarketornewalliancesthataddvalueforcustomersinnewways.Inaddition,werecommendlookingforexternaltriggersthatmightarisequickly

PwC’s28thAnnualGlobalCEOSurvey14

andcreatecustomerneeds.TheriseofGenAIisonesuchexample.Consideralso

leading

indicators

thatyourindustryoranadjacentsectorisripeforreinvention.Telltalesignsincludethearrivalofmarketentrants,ariseinventurecapitalinvestmentorarapidredistributionof

marketshareamongincumbents.

Thegreatreconfiguration

Morethanthreedecadesofdigitisationhavealreadystartedtoerodeboundariesbetweensectors.Ourstrongbeliefisthattheinteractionsamongclimatechange,AIandother

megatrendswillhastentheprocessofreconfigurationandcreatenewdomainsofgrowththatcutacrosssectors.Consider,forexample,recentboundary-breakingmovesbytechgiantsintonuclearpowergeneration,reflectingthecomplexinterplayofAIandclimate

change.

NearlyfourintenCEOstellusthattheircompanieshavestartedtocompeteinatleastonenewsectorinthelastfiveyears.Althoughmanyoftheseinitiativeshavebeensmall,about

one-thirdofCEOsmakingcross-sectormovessaidtheserepresented20%ormoreof

companyrevenueovertheperiod.Therearecompaniesofallsizesinthisgroup,butthoseatthesmallerendofoursample(withrevenuesbelowUS$100million)arerepresentedmoreheavily.Whenitcomestoventuringbeyondsectorboundaries,agilitymatters.

AmongthesectorsCEOssaytheyaremovingintoarebusinessservices(withnew

competitorscomingfromtechnology,telecommunicationsandmedia),healthservices

(withnewcompetitorscomingfrominsurance,techandtelecom),andconsumermarkets

(withnewcompetitorscomingfrompharmaceuticals,bankingandmedia).Thesefindings

ringtrue.Consider,forexample,movesbytelecomcompaniestogenerateadditional

revenuebyofferingbusinesscustomersarangeofservicesbeyondconnectivity,ormoves

byhealthinsurersintohealthcareprovision,ormovesbybankstoofferconsumersadditionalfee-basedservices.

PwC’s28thAnnualGlobalCEOSurvey15

Yournextmove:Envisionyourecosystem.Weexpect

industryreconfiguration

to

accelerateinthedecadetocome.ForCEOs,thechallengeistoenvisiontheecosysteminwhichtheircompanywilloperateinthefuture.Thismeansthinkingthroughthe

impactsofmegatrends(notably,butnotonly,climatechangeandAI),howcustomer

needswillchange,howvaluepoolswillshiftandwhatrolesdistincttypesofcompanieswillplay.

Here,swhat

TracyRobinson

,CEOofCNRail,oneofNorthAmerica’s‘bigsix’rail

operators,toldusaboutthefutureofherindustry:‘What[railroads]needtodois

bemoreliketrucksbygettingtogetherasafullsupplychain.Itcaninvolveports,

terminals,warehouses,multip