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Accenture global CEO research 2014 – Turkey results: Growth with digital transformation

Read Accenture Global CEO Research 2014 which analyzes the views of Turkish CEOs and how digital technology is transforming industries and changing the way business operates.

Overview

Accenture Global CEO Research 2014 – Turkey Results: Growth with Digital Transformation report analyzes the views of Turkish CEOs on prospects for the global and local economy and their companies, and defines how digital technology is transforming industries and changing the way business operates.

Many Turkish CEOs are optimistic about the outlook for their organizations and believe their company will increase its profits and revenues in the coming year. The report also spotlights the significance of digital technologies that will have a transformation impact on their industry and the way they do business.

However, Turkish companies need to clear away the lack of investment in research and development as well as slow progress in adopting digital technologies that can help them develop new products and services and open new sales channels as they pursue growth.

Background

Global CEO Research 2014 – Turkey Results: Growth with Digital Transformation report is an Accenture report written by the Economist Intelligence Unit (EIU) to get detailed insights into business leaders' views on the global outlook for 2014. The report is based on the findings of our survey of 1,041 C-suite executives across 20 countries and 12 industries during the last quarter of 2013.

The report gives unique insights into business leaders’ views on the global outlook for 2014, scopes including from investment areas to growth plans and digital technologies.

Key Findings

Turkish CEOs are expressing their confidence and optimism towards the economy and the growth of their companies for 2014, yet adopting digital technologies and investing in research and development are still the improvement areas:

  • Turkish CEOs are optimistic about the economic prospects for the economy of the country in which they are based, and for their own organization, and believe their company will increase its profits and revenues in coming year.

  • Compared with enterprises globally, companies based in Turkey are in an expansive mood. Turkish CEOs expect to increase their company’s workforce in the next 12 months and anticipate an increase in total capital investment in the same timeframe.

  • Yet, a majority of Turkish companies appear to be betting primarily on markets outside of Turkey and plan to prioritize investments toward the European Union, in the belief the EU economies will improve in the next 12 months.

  • Turkish CEOs also acknowledge that more could be done to improve the country’s competitiveness and to support growth, as the factors are greater openness to trade and more flexibility in the labor market.

  • A majority of Turkish CEOs believe e-commerce and machine-to-machine communication will be important to their company in the next 12 months.

  • Turkish companies may need to increase their investment in research and development to enhance their ability to create new offers that will appeal to whole new pools of prospective customers.

  • Turkish CEOs are convinced that digital technologies, which help them capitalize on growth opportunities and create new ways of reaching customers, will have a major impact on their industry in the next year, describing that impact as a significant change that will be a complete transformation.

Recommendations

As Turkey faces several challenges that are dampening the country’s growth, Turkish CEOs remain optimistic about their company’s economic prospects. That is likely because for most Turkish CEOs, the focus of their investment and attention will be on markets outside of their home country—including the EU and emerging markets, where Turkish companies likely will concentrate on selling new offerings to new customers.

However, in light of their chosen approach to growth:

  • Turkish companies should consider rethinking two aspects of their business: innovation and digital technologies.

  • While focusing on new products and services, Turkish companies need to increase investment in research and development to enhance ability to create new offers that will appeal to whole new pools of prospective customers.

  • Turkish companies should explore more how digital technologies can help them create new products and services as well as open new sales channels—to help them reach those promising new customers, wherever in the world they may be.