As companies shift from reacting to the crisis to reinventing what comes next, the boldest, most visionary leaders—those who use technology to master change—will define the future, the report titled ‘Leaders Wanted: Masters of Change at a Moment of Truth’ stated.
“The global pandemic pushed a giant fast forward button to the future. Many organisations stepped up to use technology in extraordinary ways to keep their businesses and communities running—at a pace they thought previously impossible—while others faced the stark reality of their shortcomings, lacking the digital foundation needed to rapidly pivot,” said Paul Daugherty, group chief executive-technology and chief technology officer at Accenture.
The result is a wave of companies racing to reinvent themselves and using technology to shape the new realities they face.
Accenture surveyed more than 6,200 business and technology leaders for the report, and 92% of them said their organisation is innovating with an urgency and call to action this year. About 91% of executives agree capturing tomorrow’s market will require their organisation to define it.
“Over the last year, technology has emerged as the cornerstone of business leadership. As companies shift from reacting to the crisis to reinventing themselves, those who use technology to shape the new realities will come out as winners,” said Piyush N. Singh, lead-India Market Unit and lead-Growth and Strategic Client Relationships for Asia Pacific and Latin America at Accenture. “To build greater resilience, enterprises must open themselves to more digitally led partnerships, invest strategically and think beyond traditional industry boundaries to function like digital natives.”
Shaping the future will require companies to become masters of change, by following three key imperatives: technology leadership, reinventing and building new realities using radically different mindsets, and embracing a broader responsibility as global citizens.
The report also identifies five trends that companies should address over the next three years to accelerate changes. These are:
- Architecting a better future: Companies will compete on their IT systems architecture, which means thinking about technology differently — and making business and technology strategy indistinguishable. Eighty-nine percent of executives believe that their organization’s ability to generate business value will increasingly be based on the limitations and opportunities of their technology architecture.
- Digital Twins: Leaders are building intelligent digital twins to create living models of factories, supply chains, product life cycles, and more. Bringing together data and intelligence to represent the physical world in a digital space will unlock new opportunities to operate, collaborate, and innovate.
- The Democratization of Technology: Powerful capabilities are now available to people across business functions, adding a grassroots layer to enterprises’ innovation strategies. Now, every employee can be an innovator, optimizing their work, fixing pain points, and keeping the business in lockstep with new and changing needs.
- Bring Your Own Environment: The single biggest workforce shift in living memory has positioned businesses to expand the boundaries of the enterprise. When people can “bring your own environment” they have the freedom to seamlessly work from anywhere. Leaders can rethink the purpose of working at each location and lean into the opportunity to reimagine their business in this new world.
- Multiparty Systems: The demand for contact tracing, frictionless payments, and new ways of building trust brought into sharp focus what had been left undone with enterprises’ existing ecosystems. Multiparty systems can help businesses gain greater resilience and adaptability; unlock new ways to approach the market; and set new, ecosystem-forward standards for their industries.