According to Accenture’s Technology Vision 2021, the newly accelerated pace of digital transformation is set to continue. To stay ahead in the post-pandemic world, leaders need to continue investing. Laggards must act now to close a gap that is widening every day.
Accenture’s annual look ahead at the most significant technology trends impacting companies and people over the next three years, is based on a global survey conducted by Accenture Research in 31 countries and 14 industries, from December 2020 through January 2021.
The survey reveals that companies are now racing to reinvent themselves and use innovation to realize their vision. “Many organizations have stepped up to use technology in extraordinary ways to keep their businesses and communities running,” notes the report, “and at a pace they previously thought was impossible.”
Technology is redefining our collective reality
This reinvention is being driven by four new realities: human experience has changed, and people’s interactions have now become more digital than ever. Every business has to become a technology business, with 80% of companies surveyed for the report stating that they are going to significantly increase their investment in digital transformation. In the post-pandemic world, more employees will work remotely at least part time, compared to before the pandemic. Finally, sustainability is the new digital. Companies are rebuilding their foundations on sustainability, fairness, inclusion and access. Competitive advantage will be powered by twin engines: technology and sustainability.
Leaders must adapt rapidly
The report’s central message is clear: We’ve reached a moment of truth, in which we must break away from past mindsets, modes of living and working and move forward in shaping a world that will look and feel profoundly different from anything we’ve ever experienced before. The needs and expectations of customers and workers have radically shifted – things like health, safety and security are among their new requirements for loyalty.
To be successful, companies will need a different set of leadership skills and the ability to master change. The report highlights five key trends that leaders will need to tackle in order to capitalize on this moment of truth over the next three years, and thrive in the post-pandemic world:
1. Stack Strategically: Architecting a Better Future – A new era of industry competition is dawning – one where companies compete on their architecture. But building and wielding the most competitive technology stack means thinking about technology differently, making business and technology strategies indistinguishable.
2. Mirrored World: The Power of Massive, Intelligent, Digital Twins – Leaders are building intelligent digital twins to create living models of factories, supply chains, product lifecycles, and more. Bringing together data and intelligence to represent the physical world in a digital space will unlock new opportunities to operate, collaborate, and innovate.
3. I, Technologist: The Democratization of Technology – Powerful capabilities are now available to people across the business, adding a grassroots layer to enterprises’ innovation strategies. Now every employee can be an innovator, optimizing their work, fixing pain points, and keeping the business in lockstep with new and changing needs.
4. Anywhere, Everywhere: Bring Your Own Environment – It’s time to transform remote work from an accommodation to an advantage by rethinking what the organization looks like and what it can achieve with a virtualized workforce model. Leaders must develop “bring your own environment” strategies, addressing the security ramifications of remote work, necessary cultural shifts, and the evolving purpose of physical office space.
5. From Me to We: A Multiparty System’s Path Through Chaos – The demand for contact tracing, frictionless payments, and new ways of building trust brought into sharp focus what had been left undone with enterprises’ existing ecosystems. Multiparty systems can help businesses gain greater resilience and adaptability; unlock new ways to approach the market; and set new, ecosystem-forward standards for their industries.
What do these trends mean for Luxembourg businesses? How ready is your business for this moment of truth? Find out more in our interview with Thomas Musiolik, Technology Lead at Accenture Luxembourg, coming soon!