It’s essential that companies harness the right mix of technology in order to lower costs and drive top-line growth. Companies that do manage to leverage the right balance of technologies could achieve savings of $85,000 per employee and gain additional market capitalisation of just over $6 billion a recent Accenture report has found.
Just 13% of 900 executives examined in the research believed their companies were experiencing greater efficiency or business growth after new technology investments. Accenture believe that this is down to piecemeal deployment and implementation of digital technology.
Currently, only 13% of companies are exploiting digital for greater efficiency and growth.
Finding this balance will vary across industries. For example, companies in the Automotive industry could gain additional market cap values of $1,863m by leveraging Machine Learning, Blockchain, Big Data, Digital Twin and Autonomous Robots.
Companies that make use of mixing and matching digital technologies and re-evaluate their operating models and value chains will become what Accenture refers to as Industry X.0 businesses.
Industry X.0 is the digital reinvention of an industry.
Characterised by being:
Smart: aware of their ever-evolving business context.
Connected: through end to end, multi directional communications around the world.
Living: with speed, focus and agility to meet needs and seize opportunities.
Learning: Adapting to create increasingly relevant and valuable user experiences.
The research revealed a key challenge that will hinder the potential for businesses to innovate with digital and intelligent technology; 29% of executives believed there is a shortage of digital skills among their workforces. Transforming businesses digitally and scaling new ones demands new talent, skills and competencies.
If you have invested in cloud technology to reap the benefits of becoming more agile, lowering capital expense and minimising operational issues, but are not quite experiencing the ROI that you wish to see, get in touch with a Salesforce Consultant at EMPAUA today.