Accenture Report on Competing in the Digital world Discloses the New Business Agenda for India
New Delhi: The research and analysis division of The Economist Group, Economist Intelligent Unit, recently conducted a survey of 1,041 C-suite executives drawn from 20 countries around the world on behalf of Accenture and released a new Accenture Report titled ‘The Business Agenda for India: Competing in a Digital World’. The report reveals that Indian CEOs are optimistic about prospects for growth in 2014 at all levels, from individual companies to the global economy. In addition, the report states that companies will have to commit to implementing digital technologies and related business models to enhance their ability to reach new customers in new markets with new products and services.
Accenture (NYSE: ACN) began its journey as a business and technology consulting division of accounting firm Arthur Andersen. The consulting division Anderson Consulting which was later separated renamed itself as Accenture in 2001. With the current market cap of $51.18 billion, this Ireland based Global Fortune 500 Company is claimed to be the world’s largest consulting firm offering multinational management consulting, technology services and outsourcing efficiencies.
According to the survey, 70 percent of executives in India think their organization’s profit will grow in 2014. Among that, some aim for their own growth and some for their organization’s growth. With confidence, Indian executives are already charting correspondingly ambitious growth strategies.
Concerning the digital technology, the report identifies four essentials as the key to digital transformation. They include
- Think Digitally: The facet focuses about revolutionizing the customers from the tagline of recipient of products into an active partner.
- Emphasize complements, not substitutes: The aspect talks about a ‘dynamic middle’ that help companies to retain their existing core businesses with the digital change.
- Inculcate the ‘all in’ culture: this point states that the transparent inter-personal communication and encouragement across levels and workforces can create an ideal organization.
- Build a digital business strategy: An effective digital business strategy increases strategic agility, generate early experience and alter the experience into strategy process.
“This report demonstrates the optimism of senior business leaders in India and the investments they are making to inject greater energy and animal spirits into their organizations and the wider economy,” states Sanjay Dawar, Managing Director, Accenture Strategy and India lead. “Markets are being transformed by the emergence of digital technologies, from analytics to cloud and mobile data. India’s business leaders will have to ensure that they see technology not just as a route to improved efficiencies, but as the foundation for reaching new customers with new offerings that will drive growth”.