In October 2015 Accenture (in partnership with Forrester Research) released their Digital Transformation Study. The spotlight focuses on specific findings and considerations for business to business (B2B) enterprises. In the introduction, the report concludes:
In conducting in-depth surveys with 203 enterprise business decision-makers, Forrester found that while B2B companies are actively working to transform their organization, processes, and technology in pursuit of a more effective digital business and a more satisfying customer experience, they still have a lot of room for continued development of their capabilities.
— Accenture: Driving Digital Transformation
Approximately ten (10) months later, the Accenture Institute for High Performance (Accenture’s knowledge, research, and thought leadership arm) released a new report entitled ‘Thriving on Disruption’
Interestingly, the brief found that a whopping 95% of Chief Strategy Offices (CSOs) believe technologies will rapidly change their company’s industry. If history is any indicator, they are correct. According to Constellation Research (cited in the Accenture report), 52% of companies in the Fortune 500 have gone bankrupt, been acquired, or ceased to exist since 2000.
Alarmingly, only ~20% of the respondents in this year’s study of 500+ CSOs thought they were highly prepared for sudden industry disruption.
What are the reasons between the MASSIVE disconnect (95% of CSOs surveyed recognize technology has the potential to change their industry yet only 20% feel prepared)?
In our experience, customers recognize the opportunities within their business to innovate but fail to take action. The reasons for this are as complex as they are diverse. Some common barriers range from lack of funding, to insufficient management support, to not knowing where to begin.
These are all legitimate obstacles to overcome, but, if you are committed to doing so, there are some compelling action items to explore. For example, of the 20% of CSOs who feel prepared for digital disruption, they indicated time is of the essence. In addition, they had three key suggestions:
- Do not face Disruption Alone - deepen and broaden alliances beyond your core industry
- Make yourself indispensable - become part of the integrated solution customer demand
- Embrace operational flexibility - be more collaborative and open - with processes and mindsets.
Interested in taking the next steps to transform your business potential into dynamic performance?
Contact us today to learn how Kinetech helps businesses across industry verticals improve their digital innovation and enhance their productivity.
Cover Photo courtesy of: http://xledger.co.uk/news/should-the-cfo-be-driving-digital-innovation/
Written By: Michael Guido