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Learn why Canadian companies need to back optimism with greater digital innovation.
According to recent Accenture research, Canadian executives are optimistic about their companies and the Canadian economy. They are also enthusiastic about the role digital technologies can play in spurring that growth.
However, Canadian companies’ lagging position in innovation—especially of the technology kind—may mean executives’ confidence may be misplaced. To seize these opportunities, Canadian companies must fully embrace digital technologies to become disrupters of their chosen markets, or risk being disrupted by more innovative and faster-moving competitors.
View the infographic with highlights from the report.
Read Canada's Digital Innovation Imperative: Why Canadian Companies Need to Back Optimism with Greater Digital Innovation
As economic conditions continue to improve, Canadian companies are expressing confidence in their ability to grow profitably in the coming year. According to a recent Accenture research study, "CEO Briefing 2014—The Global Agenda: Competing in a Digital World," a majority of Canadian executives reported to be somewhat or strongly optimistic about the prospects for the global economy and for the growth of their own organization.
While the responses to this survey present a very favourable picture of Canadian companies' growth prospects in the coming years, other Accenture research findings reveal there may be an "optimism gap" between respondents' impressions and Canadian companies' plans for and use of digital technologies. Are Canadian companies truly doing enough to position themselves for growth led by digital transformation? Our analysis suggests more work must be done.
In a recent global Accenture survey of executives from large companies, Canadian respondents were more optimistic than their global counterparts about the prospects for the economy and their organization, and far more enthusiastic about the role digital technologies will play in increased business performance. However, findings from other recent Accenture research have suggested a gap between Canadian executives' optimism and real efforts to drive growth through digital transformation.
A majority of Canadian executives reported to be somewhat or strongly optimistic about the prospects for the global economy (63 percent), the economy of the country in which they are based (85 percent), and their own organization (89 percent)
Canadian executives are enthusiastic about the role digital transformation will play in improving business performance and are far more likely than companies in the United States and globally to consider all of the major digital technologies important to their company in the next 12 months
Despite an enthusiasm for digital, Canadian companies are less likely than both US companies and those globally to be increasing their investment in R&D (71 percent for Canada versus 80 percent globally and 87 percent in the US)
Nearly four in 10 Canadian executives said one of the most significant challenges they face in implementing digital initiatives is lack of senior executive support
Canadian respondents cited lack of consumer demand for digital technologies as one of the greatest challenges to digital implementation; yet, other Accenture research suggests that 70 percent of Canadian consumers use at least one online channel when prospecting
Redefine "digital" and understand that all customers are digital customers: Move beyond understanding "digital" as simply having an attractive website and adopt a new customer model that is consistent with the purchase journey followed by today's digital consumers.
Understand potential disrupters and the opportunities to disrupt: Employ digital in your organization as a key differentiator from competitors to defend against disrupters and to disrupt existing industries and define new markets.
Deploy digital technologies to reshape operations and become a digital enterprise: Use digital technologies to automate and streamline business processes to be more efficient, to enhance profitability and to sharpen your advantage over competitors.
Evolve the business model to move quickly: Challenge the boundaries of your business model and industry and move beyond the traditional to embrace innovative ways of creating, shaping and serving markets.
February 6, 2014
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