Accenture identifies five capabilities to accelerate the reinvention of Chinese companies
Beijing; Sept. 21, 2023 – The latest edition of Accenture’s (NYSE: ACN) China Digital Transformation Index shows that just 2% of Chinese companies are undertaking the holistic, continuous digital transformation steps needed to drive long term, sustainable growth.
Samantha Zhu, chairperson of Accenture Greater China, said, “A convergence of external forces like technology innovation and shifting consumer preferences is increasing disruption, and creating new challenges as well as opportunities for Chinese companies. To effectively respond, organizations need to embrace a strategy focused on reinventing every part of their business. They need to adopt a new approach to digital transformation as part of their continuous reinvention, going beyond benchmarks, and embracing the art of possible.”
The Accenture China Digital Transformation Index reflects cross-industry research that assessed the digital maturity of companies across China. First published in 2018, the latest edition analyzed five new capabilities including strategy, operations and innovation, digital core, sustainability, and talent that are key to drive business reinvention. The study surveyed more than 550 companies in eight industries and has been published in collaboration with China Industrial Control Systems Cyber Emergency Response Team (CIC).
The research indicates that only 22% of businesses are transforming all parts of their organization, and only 28% recognize that digital transformation is an ongoing process. It also shows that organizations are lagging in building key capabilities needed for them to reinvent. On a total of 100, Chinese companies scored 58 in optimizing operations, and 39 in building a digital core, which could hamper their efforts in leveraging technologies such as generative AI. Forty six percent said they will increase future investments in AI and automation.