Scaling technology adoption can lead to revenue growth
A research by Accenture, “Future Systems” highlights the technology adoption and business growth shares a directly proportional relationship. The report offer insights on how to scale innovation and achieve full value of technology investments.
Tracking performance indicators between 2015 and 2023 (projected), the study identifies the relationship between technology adoption and value achieved, finding that Leaders grow revenue at more than twice the rate of Laggards. Moreover, in 2018 alone, Laggards surrendered 15 percent in foregone annual revenue, and stand to potentially miss out on an astonishing 46 percent in revenue gains by 2023 if they do not change their enterprise technology approach.
The Future Systems research includes measures of both mature and emerging technologies such as Artificial Intelligence (AI), Blockchain, and Extended Reality. It scored companies on three important dimensions: Technology Adoption, Depth of Technology Adoption, and Organizational and Cultural Readiness. By assigning a score for each of these key factors, the study determined which companies were ‘Leaders’ (top 10 percent) and which were ‘Laggards’ (bottom 25 percent).
The Future Systems research found that Leaders exhibit a distinct mindset and approach to enterprise-wide technology adoption and organizational transformation – often in stark contrast to Laggards. Specifically, Leaders are:
Adopting fast, flexible technologies: Leaders are adopting powerful technologies such as AI at a rate of 98 percent compared to just 42 percent of Laggards. Leaders are also using solutions that enable decoupled data, infrastructure and applications.
Embracing cloud computing: Leaders are far ahead when it comes to adopting cloud technologies as way to effectively leverage other technologies, including AI and analytics. An overwhelming 95 percent of Leaders see the cloud as a catalyst to innovation, compared to just 30 percent of Laggards.
Treating data as a corporate asset: A full 90 percent of Leaders take steps to ensure data quality rather than relying on data that is potentially unverified or biased. This means that 94 percent of Leaders trust that their data is reliable enough to drive business change, compared with just 64 percent of Laggards.
Managing technology investments across the enterprise: Leaders are achieving better business alignment by effectively breaking down barriers between IT and other departments.
Upskilling their talent: Leaders are using experiential learning at nearly three times the rate of Laggards: 73 percent versus 24 percent. AI and advanced analytics in areas such as personalized learning, predicting worker skills needs, and matching worker skill requirements with training modules are being used by 87 percent of Leaders, but just 35 percent of Laggards.