Pick the best technologies. Integrate them. Sounds simple enough. What’s the need for a bridge? Because only 13% of the companies we surveyed in our 2017 Industry X.0 research realize the promise of digital reinvention.
It seems that companies are overwhelmed by the speed at which digital technologies—AI, ML, AR/VR/MR, Blockchain, IoT, to name just a few—are lashing their shores, each with the promise to unlock trapped value. Almost 50 percent of the executives surveyed in 2017 Global Industry X.0 Survey, cited an inability to combine rapidly evolving digital technologies as a key obstacle to successfully transforming their business into an Industry X.0 enterprise. The overwhelm stems from an excessive focus on the gear—business strategy, tech infrastructure and processes, while not enough focus on external factors shaping the technology revolution. So the question is: how can companies shift attention to successfully release the value trapped in technology combinations?
Most digital reinvention efforts derail when a company starts the process of evaluating a technology’s fit to the company. After extensive research on companies seeking digital reinvention, we developed a data-driven five value-trigger model, which has now been converted into a diagnostic tool—the Digital Dividend Diagnostic (see figure 1; refer Delivering Digital Dividends research report)—to act as a “bridge between the technology and our clients”. This in-depth analysis of the five value triggers can feed into an enterprise’s visioning and road-mapping exercise needed to put change into practice.
Adopting such an approach, companies can carefully calibrate their investments while on-boarding a technology with a view to ripen it for combinatorial value release. This diagnostic is critical for the successful adoption of digital technologies and maximizing the value they offer. Accenture’s 2017 Global Industry X.0 research identified winning technology combinations for each industry—those that would deliver the highest value surge. Our detailed, cross-industry assessment of five key technologies— Artificial Intelligence, Big Data Analytics, Blockchain, Robotics, and AR/VR—serves as a ready reckoner that companies can adopt and adapt for their own specific requirements. (See Delivering Digital Dividends research report for the detailed assessment).
Our framework acts as a “lens” through which enterprises embarking on a digital re-invention journey lay the foundations to grow their core and exploit new growth opportunities. The emerging technology landscape demands a new operating model (global, open, flexible, and collaborative), which is data-driven and differentiated through ecosystem to deliver the quantifiable results that matter to their customers.
So, what are you waiting for? Potential gains from the right strategy are humongous—in the three years between 2013 and 2016, ecosystem engagers saved an additional US$11K per employee and had additional cost savings of US$844 million.