June 2009

The steep downturn in the global economy continues to dominate my conversations with CEOs and government leaders around the world. The effects of the downturn are far-reaching, touching virtually every person in every organization in some way.

Leaders today are challenged to adapt to an environment that seems to change on a daily basis, and seldom for the better. The pressure to reduce costs, operate more effectively and stay a step ahead of competitors is more intense than ever. For many organizations, where the immediate objective is simply to survive, the right response is, of course, anything but "business as usual."

This issue of Outlook addresses the downturn from a number of perspectives. We explore the future shape of capital markets in the wake of the credit crisis and the new role of private equity financing. We examine the recent failures of risk management and the changes required to avoid repeating mistakes down the road.

This issue also looks at key forces for economic recovery. One particularly timely article discusses recent consumer behavior and analyzes the changing dynamics of spending. Another article deals with workforce management in a slow economy and the importance of having the right talent in place to help ensure that a company emerges in a more competitive position.

At Accenture, we have forged our strongest client relationships not in easy times but in times of challenge. Therefore, our most important agenda item is to remain relevant and responsive to our clients as they chart their course for the future. For example, we are working closely with our clients on rapid and sustained cost management, customer acquisition and retention, operational excellence, and effective merger and acquisition planning and integration. And we are leveraging our experience, instincts and insights from previous economic cycles to help our clients make decisions, for today and tomorrow.

No one can predict how long the current downturn will last or what the economic landscape will look like in recovery. I am encouraged, however, that most leaders I speak with still have the horizon in their sights as they focus on opportunities to improve and innovate on behalf of their customers and stakeholders. In other words, they are continuing their pursuit of high performance.

I hope the ideas in this issue of Outlook resonate during your own journey and are also a source of inspiration as you continue to navigate through the downturn, and beyond to brighter days.

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