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Accenture technology vision 2013 for fashion companies

Every fashion business is now a digital business—with information technology as a primary driver of market differentiation, business growth and profitability.

Overview

Fashion industry executives need to embrace a digital mindset—understanding technologies used by consumers and leveraging latest ones to achieve operational excellence and marketplace success.

In our latest report, we identify seven key technology trends that fashion companies can exploit to create sustainable value and respond to market challenges cost effectively.

Read the full Accenture Technology Vision 2013

Background

Technology-based business enablers—such as social media and digital marketing—present more opportunities for fashion companies to understand the consumer needs and engage them proactively.

Harnessing technology is critical to creating high-performance business operations, and chains of suppliers and distributors that can respond quickly and cost effectively to evolving consumer needs.

At the same time, technology can play a role in helping fashion companies overcome certain challenges, such as understanding the changing demographics in mature markets and reaching consumers in high-growth emerging markets. It can also help in excelling in the complex multichannel commerce environment most of the companies now operate in.

Key Findings

We identified seven key technology trends fashion companies can exploit to create sustainable value and respond to current challenges.

  • Software-defined networking—virtualization’s last mile: The need for fashion companies to integrate data from multiple sources throughout the value chain and analyze it appropriately requires more flexibility than ever. By freeing applications from the need to understand the internal intricacies of the physical network, businesses can finally realize the vision of a dynamic enterprise.

  • Designed for analytics—formulate the questions and design for the answers:Fashion companies must change the way applications are built, configured and updated to add data collection as a new set of requirement within the development process to achieve accurate customer or channel insights.

  • Data velocity—match the speed of decision to the speed of action: Fashion companies need to increase the pace at which data can be gathered, sorted and analyzed to produce actionable insights.

  • Relationships at scale—move beyond transactions to digital relationships:Fashion companies need to establish mass personalization by aggregating the data collected across interactions and communications with their consumers.

  • Seamless collaboration—right channel, right worker and right job: Social networks should be part of the fabric of fashion enterprises to enhance enterprise productivity, facilitate exchange of ideas and information, and breathe new life into collaboration.

  • Active defense—adapting cyber defenses to the threat: Active defense technologies can help fashion companies assess the business risk of security threats and respond appropriately.

  • Beyond the cloud—the value lies in putting the cloud to work: Leading fashion companies understand that they’re only at the beginning of what cloud-based solutions can do for them to differentiate their businesses.

Analysis

Maximizing the use of the emerging technologies will help fashion companies achieve their most important business goals, including reaching emerging markets, expanding their retail networks and direct-to-consumer businesses to achieve better margins and greater connection with consumers.

Fashion companies must continue building a digital mindset, which will enable them to anticipate and respond to ongoing technology-driven disruptions while building a competitive differentiation.

Industry & topics highlighted

Consumer Goods and Services