There is more evidence that companies at the forefront of digital transformation have done better during the Covid-19 pandemic than companies with less advanced use of IT.
The top 10% of leading technology innovation companies are achieving revenue growth two to three times higher than their competitors, which Accenture calls the digital achievement gap.
At the time of the release of Accenture’s latest Technology Vision 2021 report, Accenture CTO Paul Daugherty discussed that volatility and uncertainty need to change the way we think about our business. We are in the future, but he said he hasn’t caught up yet. There is a gap in digital achievement.
According to Daugherty, companies that are leading the way in accelerating technology may continue to be alienated from their rivals in terms of revenue growth. Ultimately, those who use technology most effectively can expect 10 times better performance than their rivals.
According to Accenture, every business needs to be a technology business. As Daugherty points out, during the pandemic, technology proved to be the lifeblood of business. He said that if the pandemic had happened five years ago, it would have had far greater consequences. To be a tech leader, you need to be as good as a tech giant. IT and technology have come a long way in rock concerts. Today, IT and technology are central to the stage.
Look at Starbucks, Daugherty said, pointing out how coffee shop chains used IT to stay operational during the pandemic. At the beginning of the crisis, they immediately introduced a new app. He said it had millions of downloads and 90% of orders were made remotely.
The company is also driving a new integrated ticket management system that integrates orders from Uber Eats, Starbucks apps, and drive-through customers into a single workflow for baristas, with sensors to help staff track the amount of coffee. Introduced a new espresso machine equipped, poured and predicts the maintenance required.
Thanks to the use of microservices architecture, Starbucks not only survived the Covid-19 storm, but also expanded to a whole new business opportunity by partnering with Uber Eats to process customer orders, Daugherty said. Mr. says.
Accenture’s research, published a year after the Covid-19 crisis, shows how quickly the world has adapted to the changes brought about by the virus and the blockades imposed by the government. It was a true moment for the human experience, Doherty said. 8 billion people changed their behavior instantly.
As an example, he said telemedicine visits increased 350-fold. We still don’t understand what this means for the human experience, he added.
Accenture surveyed more than 6,200 business and technology leaders in the Technology Vision 2021 report. According to a survey, 92% of executives say the organization is innovating this year with urgency and action phrases, and technology is expected to be a key component of a company’s success.
According to an Accenture survey, 41% of executives report that the pace of digital transformation in their organizations is accelerating, and 22% say they are accelerating significantly.
Daugherty believes that every company needs to be at the forefront of innovation, not just a fast follower. In the past, such fast believers could learn from the mistakes made by cutting-edge companies. However, according to Accenture, the gap between digital leaders and Laguard is widening day by day, and by tackling a wait-and-see approach, businesses will land on the other side of the gap.
The author of the report warned: Leadership demands that companies prioritize innovation in response to the rapidly changing world. Small pilots and gradual scaling are an outdated luxury, and friction between research, development, and large-scale deployments needs to be reduced or eliminated.
We are now transforming this true moment of technology into a moment of trust that embraces the power of exponential technology change to completely rethink and reconstruct the future of business and human experience. I have one opportunity.
In the report, Accenture highlights five areas of technology that organizations need to consider when building their post-Covid IT strategy. The first is a strategic IT stack designed to support future business demand. The microservices architecture implemented by the Department for Work and Pensions is an example of such a strategic stack. This technology was adaptable enough to address the unexpected profit crisis resulting from the coronavirus blockade.
Accenture’s second recommendation is for digital twins. The report states that increased investment in data, artificial intelligence and digital twin technologies is creating a new generation of business and intelligence that can digitally mirror systems operating in the real world.
The third area is about citizen developers, where the public can build applications using a low-code environment without the use of IT.
The report also recognizes changes in work patterns from telecommuting to asynchronous work, and Accenture recommended that business leaders evaluate how this trend can be leveraged.
Daugherty never works from home. But the future of work will be location-independent, time-independent, asynchronous, super-automated, and human-centric to increase employee potential.
The global turmoil in Covid-19 has ignited a struggle for businesses to rethink their partnerships. Accenture believes that companies have the opportunity to avoid rebuilding the same mistakes they made in the past and pave the way for new paths.
According to the report, multi-party systems allow businesses to gain greater resilience and adaptability, unleash new ways to approach the market, and set new ecosystem forward standards for the industry.
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