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article imageHow Canadian firms can unlock $22 billion in revenue by 2023

By Tim Sandle     Dec 8, 2019 in Business
New research from Accenture finds that Canadian companies stand to miss out on an astonishing 43 per cent –$22 billion – in revenue gains by 2023 if they don’t change their enterprise technology approach.
The study is titled “Full Value. Full Stop. How to Scale Innovation and Achieve Full Value with Future Systems”. As well as the leading figure relating to revenue gains, the study also finds that between 2015 - 2018, companies that adopted technology at a slower pace in Canada, surrendered $4 billion in annual revenue.
For the research, Accenture has •developed a means to assess the strategic use of enterprise technology by studying both “Leaders” (defined as those who are building what Accenture calls Future Systems) and “Laggards,” (those defined as companies that are investing in but not scaling and realizing the full value of innovation).
As the following Accenture video shows, gleaned from the research, companies in the top 10 percent—those we refer to as the leaders—grow revenue at twice the rate of laggards. A staggering difference in performance that is set to grow wider over the next five years.
These findings are drawn from on a global survey of more than 8,300 organizations across 20 countries, including 313 companies in Canada.
Nicholas Bayley, Managing Director and Head of Accenture Strategy in Canada has notified Digital Journal that the best approach for companies looking to recoup the loss in revenue.
In addition, Canadian enterprises need to consider what types of technology adoption are needed for a company to stand out from the “laggards”.
A key distinction is that leaders are of the shared viewpoint that humans and machines can bring out the best in each other while companies.
Furthermore, leaders are inclined to display a distinct mindset and approach to enterprise-wide technology adoption and organizational transformation.
In a statement Bayley says: “Today's C-suite is investing staggering amounts of money into new technology, but not every company realizes the benefits of innovation that results from those investments.”
He adds: “Canadian companies that want to be successful in today's post-digital, data-driven economy needs future enterprise systems that allow them to innovate at scale while unlocking value currently trapped by legacy systems and processes."
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