Such digital transformation and automation have been well underway at many companies but has significantly accelerated as the result of consumer demands, concerns about employee health and well-being, the massive shift to working from home and potential changes in tax policies.
To stay ahead of current market and economic disruption, companies are innovating their capital deployment strategies — from reinvesting proceeds from divestments to boosting their digital capabilities through M&A, rather than building resources internally. As companies consider a buy versus build strategy for digital transformation, 79% say they are likely to accelerate M&A strategies, alliances and joint ventures if corporate tax rates increase following the election.
Economic stimulus critical to business success
In addition to tax policy, US business leaders are also considering the impact of potential economic stimulus and investment in infrastructure by the federal government. They see these actions as critical for success, as 44% indicate large-scale infrastructure investments to offset the economic impact of COVID-19 will create opportunities for their company. A nearly equal percentage (43%) indicate large-scale infrastructure investments will stimulate the US economy, and 42% indicate they will create opportunities for customers.