A new report on the prospects for the global economy and digital transformation makes interesting reading for all business leaders. It indicates that organizations leading the digital transformation wave have already figured out where digital can make the biggest difference. Their ambitions and investment plans are setting the pace, and their actions should become a core expectation for any future business strategy.
A CEO briefing survey conducted for Accenture by the Economist Intelligence Unit (EIU)—an independent business within the Economist Group—gathered responses from more than 1000 C-suite executives in 20 countries representing 12 major industries (including banking, consumer goods, utilities, electronics & high tech…). The survey results show a real appetite for digital transformation across all industries and major geographies, including the EU. All regions expect complete or significant transformation from digital technology.
Transformer vs. follower
Digital transformers (organizations that expect complete or significant transformation of their industries) exist in every geography and size. Collectively, they constitute a powerful, broad-based trend that demands effective responses from companies everywhere.
The survey reveals that these organizations understand the importance of a growth focus as the driver of their digital business strategy whereas their peers, digital followers (organizations that expect moderate or no transformation of their industries) don’t.
Digital transformers focus nearly twice as much of their digital investments on growth (40%) as digital followers (23%) and they expect to excel in areas that illustrate this growth focus: sales (58% vs. 31% for digital followers), new sales channels (55% vs. 30% for digital followers), new products and services (58% vs. 34% for digital followers), and customer experiences (70% vs. 53% for digital followers).
The full range of digital technologies is also considered to be more important by digital transformers than digital followers. Accordingly, transformers plan for significantly higher levels of total capital and intangible investments on growth-focused digital investments.
Become an agent of your own opportunity
While organizations continue to embed digital transformation as part of their core business strategy, many get stuck somewhere between improvement and transformation, and lack clarity as to what to do next. At a minimum, executives need a keen understanding of the new language of digital—terms that are steadily becoming part and parcel of today’s business discussions. The report also offers insights into the ways in which digital transformers are pushing ahead and widening the gap with peers.
How closely does your organization’s views on digital align to those of digital transformers? Find out by downloading the full report and using a series of critical questions in four domains (competition, organization, customer and leadership) to reflect on the next steps in your digital transformation journey.
Read the full report Digital Double-Down: How Far Will Leaders Leap Ahead
To discover how Accenture Strategy in Belgium & Luxembourg can help you, click here
