Almost two years into the COVID-19 pandemic, so much has changed about our world. Yet, we’re still asking many of same questions we had more than a year ago: 

  • How do we prove identity-related attestations like test results and vaccination status as people return to the office and to travel? 
  • Why aren’t more at-home test kits available? 
  • How are we getting the world moving again, and what does travel look like in 2021 and beyond? 

Most importantly, how do organizations build resilience to prepare for the next global disruption? Our latest report, Shared brilliance multiplies resilience, explores how innovation has evolved over the pandemic and outlines how organizations can work together to solve these questions and ultimately reinvent to thrive in a “never normal” future.  

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Innovation delivers in upturns and downturns—here’s where to focus

Historically, times of crisis fuel new ways of doing business. During the financial crisis from 2007 to 2009, Netflix stock rose 74 percent while Blockbuster dropped 81 percent. Meanwhile, disruptors like Uber, Cloudera, Square and Slack burst onto the scene.  

COVID-19 is no exception, further proving the value of an innovation mindset: Pre-crisis, the top 10 percent of enterprise leaders that had invested in technology and digital transformation outperformed the lowest 25 percent by more than 2X on a revenue basis. That gap has now grown to 5X. 

As far as targeting your innovation investments, three prepandemic hotbeds have emerged as indisputable priorities: Digital identityend-to-end supply chain and digital money. In each one, we examine: 

  1. The state of innovation before the crisis 
  2. What the crisis revealed 
  3. What’s next, and what you can do about it 

One commonality you’ll notice across these areas: Pandemic breakdowns occurred because industry networks by and large had no way to see, agree and act on crucial data in real time across multiple parties. These events have crystallized the imperative for multiparty system data sharing, which entails using technologies like blockchain and distributed ledger to bring more trust and transparency into the relationships between individuals, organizations and governments around the world. 

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Accelerating reinvention through open innovation

In 2018, 76 percent of business leaders said business models would be unrecognizable in the next 5 years, with ecosystems being the agent of change. We’ve arrived at that reality two years early due COVID-19, which showed how connected we are as a global community while exposing gaps in the system. As a result, organizations are willing partner up in new ways, at a much faster rate. 

In Shared brilliance multiplies resilience, you’ll hear from people leading the multiparty system movement, like Sheila Warren of the World Economic Forum and Rob Barnes of Trade IX. Those who see the most value from their investments are not simply digitizing processes—they’re using multiparty systems to build entirely new business and revenue models. 

With the Metaverse on the horizon, it’s worth pausing to take stock of what has happened and where things are going. COVID-19 has reshaped our world. Now, it’s our turn to reshape how it works. 

 


Disclaimer: This document is intended for general informational purposes only does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals. Accenture, its logo, and Let There Be Change are trademarks of Accenture.  

Copyright © 2021 Accenture. All rights reserved. The Accenture name and its logo are trademarks of Accenture.

David Treat

Lead – Technology Incubation Group

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