A majority of CEOs have strong confidence in the effectiveness of their current IT systems, but most are struggling to achieve levels of innovation that drive growth and revenue, according to a new study. The global study by Accenture, released at the World Economic Forum, showed that companies that invest in scaling technology and innovation across their organisation witnessed significant growth in revenue generation.
The survey, with data from more than 8,300 organisations across 20 countries and 885 CEOs, analysed the adoption of both mature and emerging technologies – such as artificial intelligence (AI), cloud, blockchain, and extended reality. It found that just 10 per cent of companies are making optimal technology investment and adoption decisions and realising the full value of those investments.
“It goes without doubt that the technology path chosen by companies today will determine their financial success in the future. However, majority of companies are failing to realise full value from their investments in technology. To lead in the post-digital economy, CEOs need to assess company’s current position, reconsider sunk investments and design a new Future Systems strategy,” said Anindya Basu, geographic unit and country senior managing director, Accenture in India.
The study found that 80 per cent of CEOs believe they have the right technologies in place to innovate, and 70 per cent claim to be very knowledgeable of their organisation’s investments in innovation.
“Most companies are risking significant future revenue growth because of the gap between the potential and realised value of their technology investments,” said Paul Daugherty, Accenture’s chief technology and innovation officer. Daugherty further added that “our report offers CEOs a new roadmap to help make strategic investments that narrow this innovation achievement gap and fuel higher growth.”
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