The business world of today is fueled by the right use of technology. Regardless of the business size, every company wants to deploy the most cutting-edge technology that can help them compete and stand shoulder to shoulder with their competitors.
The technology giants of recent years, like Amazon, Apple, Google, and Microsoft, were centres of experimentation, expansion, and mastery of the newest technologies. Nowadays, common businesses can be just as tech-savvy as Google because of the widespread availability of reasonably priced and powerful technology. Examples include your neighbourhood electric provider, a tyre maker, and a local bank. Mainstream businesses that have been digitally transformed are still few in number, but they are expanding.
According to a study of 1,516 businesses by Accenture Research, at least 8% of businesses have already made the transition to becoming tech-savvy players. These businesses claim to have seen successful growth and revenue increases. According to the authors of the report, mainstream businesses that embrace digital transformation will be able to secure and use the same revolutionary capabilities that big tech firms have been using for years. Every organisation may strive to develop game-changing innovations in its industry and adjacent markets with a digital core in place, an area that was previously the purview of digital-native businesses.
Leading businesses that are actively and aggressively pursuing “total enterprise reinvention” strategies were highlighted by the Accenture team. These businesses have the highest likelihood of adopting the idea that “a strong digital core is vital to all other strategic needs of an organisation.
Enhancing the role of technology in reinvention entails moving away from a technological landscape of static, independent components and toward interoperable components that are purposefully interconnected and make use of the cloud. This extends beyond cloud usage to artificial intelligence and, to some extent, metaverse activity.
Technology is only one aspect of reinvention, of course. Another crucial trait for success in the digital age is leadership that is forward-looking. When questioned about potential barriers, lack of cultural readiness and capacity to change took the top spot, ahead of financing and technical requirements. Talent shortages hinder efforts as well.
According to the poll, these executives are eight times more likely than businesses that are just beginning their enterprise-reinvention processes to have been—or anticipate being—highly successful in delivering on their business case. In comparison to less developed companies, they claim to have achieved 22% greater incremental revenue growth, 21% better cost-reduction improvements, and 20% higher balance-sheet improvements.