“When companies are in the middle of disruption, they typically make cautious moves, focussing their energies and resources on the core business that generates most income and profits. Unfortunately, as disruption escalates and business growth begins to moderate, companies that have not kept pace with change—by, for example, adopting new technologies to increase efficiencies and business agility, innovate and enter new markets—find themselves ill-equipped to compete. For them, the economic opportunity is often visible but unreachable; it cannot be attained with their existing business models or capabilities.
“Companies that aim to drive growth and thrive in the digital era have much to learn from the disruptors—the high-growth companies that are on the winning side of disruptors.
What do Innovation Champions do differently?
“Companies that thrive in the age of disruption actively innovate. They have and are investing in innovation aggressively. And they take a focussed and decisive approach to innovation: it is change-oriented, outcome led and disruption-minded,” explains Yusof Seedat, Accenture Head: Global Geographies Research, Growth and Strategy.
These companies build deliberate innovation structures and they embed innovation in their everyday business by adopting seven innovation practices – they are hyper relevant, network-powered, technology-propelled, asset-smart, inclusive, talent rich and data-driven.
“Of these practices, becoming data driven is the alpha trend among Innovation Champions,” notes Seedat. “It powers a ‘wise pivot’, enabling these companies nurture and grow their core while also growing and scaling new business.”
“Playing it safe could cost companies in South Africa everything,” says Mngxati. “Companies must innovate, adopting new technologies and approaches to strengthen their core and pivot to the new if they hope to hold their position in a disrupted market. Taking the first steps now can help them build a foundation that will enable them to grow, compete and thrive in a digital era.”
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions — underpinned by the world’s largest delivery network — Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 505,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.
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