The corona crisis triggered a surge in digitization. A recent study shows: Technology is a strategic competitive advantage and widens the gap between successful and unsuccessful companies.
Technology has not only been an important factor for financial service providers since digitization. In the bank blog you will find studies on the most important trends and developments.
–
Technology is indispensable in coping with the corona pandemic: whether in the health system, the economy or for security efforts. Our society is now dependent on it on all levels. The company’s transformation plans no longer span decades, but only a few years.
The pioneers in digitization are now seeing sales growing five times faster than their latecomers. Between 2015 and 2018 their growth was twice as fast. The result: Numerous companies are vying to reinvent themselves. Many companies and organizations have discovered new technologies for themselves during this time. These are the results of a study by the management consultancy Accenture.
Three essential success factors
According to the study, 92 percent of respondents (90 percent in Germany) stated that innovation was the top priority in their company this year. In addition, 91 percent of global executives (89 percent of Germans) are of the opinion that their company must help shape the market of tomorrow if it wants to conquer it.
According to the study authors, three points are essential for this.
- Leadership and technology go hand in hand. In a time of constant change, success is achieved by those who place the use of technology at the center of their business strategy.
- Managers should no longer wait for changes to happen. You have to create it yourself by changing the way you think.
- Managers should be aware of their responsibilities. It is important to design and apply technologies in such a way that they have a positive impact on a more sustainable and inclusive world.
Five key trends in the near future
The study also reveals five key trends that will become important over the next three years:
1. New technology architecture
Business and technology strategies are inextricably linked. According to the study, 89 percent of managers (90 in Germany) are of the opinion that the ability of their company to generate added value depends on the capabilities of the technology architecture used.
2. Mirrored world
Leading companies create models of factories, supply chains, and product life cycles. The merging of data and intelligence opens up new possibilities for operation, collaboration and innovation. 65 percent of the executives surveyed worldwide (46 percent of Germans) expect their company’s investments in intelligent, digital twins to increase over the next three years.
3. Democratization of innovation
All employees can be innovative. 88 percent of executives (in Germany 85 percent) stated in the study that the democratization of technology was crucial to drive innovation in their company.
4. Bring Your Own Environment
Employees now have the freedom to work seamlessly from anywhere. A new concept is the “Bring your own environment” concept: 81 percent of managers (69 percent in Germany) agree with the study that leading companies in their industry will move from a “bring your own device” to a ” Skip the Bring Your Own Environment approach.
5. Multi-Party-Systeme
Multi-party systems enable companies to gain resilience and adaptability, open up new markets and set future-oriented standards for their industry: 90 percent of the executives surveyed (88 in Germany) stated that multi-party systems will make their ecosystems more resilient and adaptable in the future .
Technological innovations have never been as important as they are today, the study shows, write the study authors.
Premium subscribers to the Bank Blog have direct free access to reference information on studies and whitepapers.
Not a premium reader yet?
Premium subscribers to the Bank Blog have direct access to all paid content on the Bank Blog (study sources, e-books, etc.) and many other advantages.
>>> Register here
A service from the bank blog
The Bank Blog regularly checks a large number of studies / white papers for you and presents the relevant ones here. As a special service, the search for purchase and download options will be relieved of you and you will be forwarded directly to the provider page. As a Premium Subscriber, you support this service and the reporting on the Bank Blog.
–
