A new study shows that leading companies that amplified their technology investments during the COVID-19 pandemic have significantly extended their growth advantage over their competitors.
New research from Accenture shows that leading companies that amplified their technology investments during the COVID-19 pandemic have significantly extended their growth advantage over competitors. The research reveals that technology has undeniably become indispensable to business success and directly enables companies to not only survive, but even thrive during one of the most disruptive times in history.
The new report, “Make the Leap, Take the Lead,” shows that by stepping up investments in cloud, artificial intelligence (AI) and other technologies, ‘Leaders’ are now growing revenue at five times the rate of ‘Laggards,’ exceptionally higher than the doubled growth rate Leaders reported just a few years ago
The research surveyed 4,300 respondents globally and shows that some companies which initially struggled to achieve the desired return on technology investments made significant strides during the COVID-19 pandemic, enough to leapfrog their peers. Accenture’s “Make the Leap, Take the Lead” research scored companies on their ‘Systems Strength’—a measure of technology adoption, application of technologies at scale, and organizational and cultural readiness for tech-enabled innovation. Strong Systems Strength, combined with a “Flip Size” that substantially pivots IT budgets towards innovation The survey also looked at how companies accelerated their technology transformations during the COVID-19 pandemic, and the corresponding impact on their financial performance.