Executives are Cautiously Optimistic About Doing Business Globally, Survey Finds

Businesses executives overwhelmingly have a positive outlook on the state of global business and technology and what it means for their companies. But they were slightly less upbeat in the first quarter of 2024 than they were in the last quarter of 2023.

That’s according to Factum Global’s quarterly Sentiment Survey.

“In an increasingly competitive international market landscape, respondents are continuing to approach global business more cautiously and focused on actualizing opportunities than ever before,” Factum Global wrote in its report on the study. “In most cases, respondents still see incredible growth potential to continue doing global business and have not pivoted towards protectionism.”

Editor's Note: ASIS International participated in the study by promoting the survey to CSO Center members.

Here's a summary of the survey's key findings:

• 84 percent of executives said that doing international business was good for their organization based on their forecast for the current global economy during the next six months. (Represents a 5 percent decline from previous quarter.)
  
  
• 77 percent of executives planned to continue or increase international activities in the next six months. (Represents a 1 percent decline from previous quarter.)
  
  
• 68 percent of executives had a positive view of their organization’s performance globally. (Represents an 11 percent decline from previous quarter.)

The survey also asked about the risk of doing business with international partners. Overall, 75 percent of surveyed executives said it was not too risky to continue or increase business with international partners.

The report notes there “is a mix of optimism and caution,” as captured in several respondent’s open-ended comments. One said, “Risk can be mitigated but not cancelled,” yet another said, “Not having international counterparts would likely be more risky in the fast-changing environment.”

Respondents were also asked to choose from six statements designed to measure their attitude about the state of global business technology. They overwhelmingly chose the following two statements: 

• The significant breakthroughs in global tech, especially in artificial intelligence and cybersecurity, will positively impact my organization’s ability to keep up with the current accelerated pace of digital transformation.
  
  
• The impact of geo-political developments on commerce, supply chains, and services have encouraged me to pursue new markets for my IT and tech plans.

“Overall, while leaders are excited about the opportunities presented by global technology advancements, they stress the importance of ethical considerations and comprehensive risk management to navigate the complexities of this rapidly evolving landscape,” according to the survey.