For a successful and thriving company in the digital era, it will be vital for corporate culture to evolve to embrace and leverage new business strategies as a result of emerging intelligent technologies.
Currently, the digital economy accounts for 22 per cent of the total global economy.
The global consulting firm found that this percentage rose from 15 per cent in 2005 and by 2020, it will grow to a total of 25 per cent.
The figures and findings come from Accenture’s Technology Vision 2016 report that investigated digital trends through a ‘people-first’ lens.
In order to be a ‘winner’ in the digital age, the consulting firm stated that businesses must leverage success by possessing a strong understanding of the needs and behaviours of the modern consumer.
1. Intelligent Automation
By weaving colossal amounts of data together from disparate systems and people, the solution, powered by artificial intelligence, will essentially change the effectiveness of a business, according to Accenture.
Whilst intelligent machines can make informed decisions faster and better than people, the consulting firm postulates that human traits like higher-order reasoning and ethics, will still be required to complement business through skills such as strategic thinking.
2. Liquid Workforce
Companies have to invest in tools and technological solutions, but must also work to build an adaptable culture internally, to harness the opportunity the technology presents to enable a responsive and fluid workforce.
3. Platform Economy
New technologies have enabled platforms that are high in adaptability, scalability and interconnectedness and according to Accenture, platform-driven ecosystems are taking shape across specific industry verticals.
4. Predictable Disruption
Accenture warns that it won’t be business models alone to be turned on their heads, but whole industries, verticals and economic segments as a result of platform-based ecosystems.
It said businesses should expect on-going reinvention and redefinition of traditional business structures and strategies.
5. Digital Trust
Within a digital economy, businesses can vastly reach more people, iterate quicker and enable faster, more informed decisions. Yet these capabilities can magnify mistakes and increase business risk exposure.
As a result, this could lead to loss of customers, market share and business value and reputation.
The consulting firm highlighted that it is critical for new products and services to be ethical and secure in design.
With global spend set to top $100 billion by 2019, according to Gartner, it is clear that digital and data ethics are highly prioritised at the C-level.