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Accenture Acquires VERAX, Enhancing Its Banking Technology Capabilities in Canada

Toronto-based technology services firm provides breadth of digital and technology integration experience.

REUTERS

Accenture (No. 14 on the DiversityInc Top 50 Companies list) has acquired VERAX Solutions ("VERAX"), a Toronto-based technology and systems-integration consulting firm that serves the financial services sector in Canada. Financial terms were not disclosed.


VERAX is a privately-owned company founded in 2003 that employs around 180 people at offices in Toronto and Halifax. Its key service areas include IT strategy, enterprise architecture consulting, project and program management, financial risk and compliance solutions, as well as business intelligence and data warehousing. Serving leading banking, insurance and capital markets institutions, VERAX delivers IT consulting initiatives across the full range of financial-services lines of business, including wealth management, brokerage and mutual funds, mobile and online banking, retail and commercial banking, and insurance and capital markets.

The addition of VERAX – with its proven technology and systems-integration expertise across the financial services sector – will complement and enhance Accenture's consulting and technology capabilities in Canada.

"VERAX consultants are known for their deep technical expertise, collaborative culture and strong reputation for delivery, which we believe will greatly complement and enhance the breadth and depth of our financial services capabilities in Canada," said Robert Vokes, managing director of Accenture's Financial Services practice in Canada. "The combination of Accenture and VERAX will help enable our clients to react even more quickly and with even more confidence, as banks face increased pressure to adjust to new digital capabilities, new regulatory requests, and increased competition."

Sid Thomas, VERAX's CEO and founder, said: "We are excited to join Accenture, whose scale, scope and reputation for excellence will benefit our clients and will provide an opportunity for our employees to escalate their careers and enhance the benefits they deliver to our clients."

Accenture Research Shows CFOs Play a Growing Role in Digital Transformations at Financial Services Companies

"Financial services CFOs are increasingly performing a difficult balancing act between managing risk and unlocking value."

REUTERS

Originally Published by Accenture.

Chief financial officers (CFOs) at banks and insurance companies are playing a growing role in digital transformation by leveraging new data and analytic technologies and by assuming greater influence in decisions about technology investments, according to new research from Accenture (NYSE: ACN).

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High-Growth Companies Buck Trend of Declining Returns on Innovation, Accenture Report Finds

Only 14 percent of companies are successfully using innovation to unlock value.

REUTERS

Originally Published by Accenture.

Only one in seven companies is able to tap into the full potential of technology-enabled innovations, with most others missing out on an opportunity for both strong growth in profits and market capitalization, according to a new research report from Accenture. At the same time, the report identifies several practices of high-growth companies that have enabled them to derive significant value from innovations where others have failed.

The report, "How to Unlock the Value of Your Innovation Investments," surveyed C-level executives at 840 large companies across 14 industries and eight countries. The research found that approximately one in seven (14 percent) of the organizations surveyed are generating significant value from their innovation investments — and identified the innovation approach of these high-growth companies and what other companies can learn from them.

The research found that companies' return on innovation investments declined 27 percent over the past five years and notes that the gap between what technology makes possible and the ability of companies to realize that value is only going to grow. This creates a steady supply of "trapped value" — i.e., the value that businesses could be releasing or sharing if they could change faster and more fundamentally in ways that would enable them to capitalize on technology-enabled innovations.

The good news is that the declining costs of advanced technology are presenting new opportunities for companies that have been increasing their innovation investments. Incumbents and start-ups spent a combined US$3.2 trillion on innovation-related activities over the past five years, and this trend is expected to continue — almost one-third (29 percent) of those Accenture surveyed expect to increase their investments in innovation by more than 50 percent over the next five years.

Challenges to Innovation Investment Strategy
Of the 56 percent of respondents who reported increasing their innovation investments by at least 25 percent in the past five years, more than half (57 percent) underperformed their industry peers in growing profits or market capitalization. Accenture analysis shows that much of this is due to spending predominantly on incremental innovation, which is how nearly two-thirds of non-high-growth companies directed their spend, rather than on disruptive innovation.

"Spending on incremental innovation is not enough to seize opportunities enabled by scaling advanced technologies," said Omar Abbosh, group chief executive of Accenture's Communications, Media & Technology operating group. "To unlock trapped value through new market opportunities and improved operational performance, companies must dare to focus on truly disruptive, step-change innovation, applying it persistently and intensely across their entire business."

Unlocking Trapped Value
Lessons from high-growth companies show a distinct approach to innovation that helps them turn innovation investment into real value. C-suite executives at high-growth companies advocate an innovation approach that is:

  • Change-Oriented: Having the courage to apply innovation with greater intensity to reinvent existing ways of working, and thus achieve deep organizational change.
  • Outcome-Led: Fostering innovation efforts across the business and having the discipline to tie them rigorously to financial performance.
  • Disruption-Minded: Committing to invest more aggressively, over time, in truly disruptive innovation initiatives that have the potential to create entirely new markets.
Additionally, the research identified several key characteristics that further differentiate high-growth companies from other companies. These include being:
  • Hyper-Relevant: Sixty-five percent of high-growth companies (vs. 54 percent of others) collaborate with customers during the innovation process.
  • Talent-Rich: Sixty percent of high-growth companies (vs. 48 percent of others) develop a "liquid" workforce — one that is flexible, supported by technology and adaptive.
  • Network-Powered: Sixty-one percent of high-growth companies (vs. 51 percent of others) use digital technologies to provide products-as-a-service.
"Putting innovation to work in areas such as talent management and building greater inclusiveness, in addition to mastering leading-edge technologies, has been a key to the success of high-growth companies," said Dr. Vedrana Savic, managing director of Thought Leadership at Accenture Research. "True leaders are those companies that use innovation to reinvent, rather than just improve, existing ways of doing business."

To learn more about the report, which is part of Accenture's "Into the New" research, please visit: https://www.accenture.com/us-en/insights/consulting/Innovation-investment-value or join the conversation at #InnovateNow.

Police Professionals Welcome New Technologies but Require Training and Enhanced Workforce Planning, Accenture Survey Finds

The specific technologies that respondents expect to see their organizations use more over the next three to five years include body-worn cameras (48 percent), biometrics (37 percent), video analytics (42 percent) and predictive policing technologies (26 percent).

REUTERS

Originally Published by Accenture.

Three-fourths (76 percent) of policing personnel expect that they will need new digital skills to be effective in their roles over the next three to five years, and half (50 percent) are willing to learn new digital skills if they receive the necessary training from their employer, according to findings of a six-country survey released by Accenture at the annual conference of the International Association of Chiefs of Police (IACP).

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Low Consumer "Literacy" of Healthcare System Estimated to Cost $4.8B Annually, Accenture Report Finds

One in two consumers not proficient at navigating complexity of healthcare system.

REUTERS

Originally Published by Accenture.

A new report by Accenture has found that half of U.S. consumers are unable to navigate the complexity of the healthcare system on their own and that this low level of health system "literacy" costs the industry an estimated $4.8 billion annually in administrative expenses alone.

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Accenture Completes Acquisition of Pillar Technology to Expand Industry X.0 Capabilities

Accenture Industry X.0 helps companies address the shift to digital products and services, transform their engineering, manufacturing and field operations, and digitize their enterprises.

REUTERS

Originally Published by Accenture.

Accenture has completed the acquisition of smart embedded software company Pillar Technology, significantly expanding its Industry X.0 practice in North America.

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Accenture Named a Leader in the IDC MarketScape: Worldwide Life Sciences Research & Development Vendor Assessment

In the report analysis, IDC Health Insights divided potential key measures for success into two primary categories: capabilities and strategies.

REUTERS

Originally Published by Accenture.

Accenture is positioned for a third consecutive time as a Leader in the IDC MarketScape vendor assessment, covering strategic consulting across the life sciences research and development (R&D) industry.

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Accenture Positioned as Overall Innovation Leader in HFS Software Product Engineering Blueprint Report

"Accenture has been recognized as a top innovator that leverages its deep understanding of software product engineering to drive excellence in its clients' journeys in the Platform Economy. Having made significant investments in futuristic technologies, Accenture is well-poised to lead and drive meaningful business outcomes for its customers."

REUTERS

Originally Published by Accenture.

Accenture (NYSE: ACN) has been named to the Winner's Circle and positioned as the overall leader in innovation, ahead of 24 other competitors, in HFS Research's 2018 Software Product Engineering Services Blueprint Report.

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Accenture Expands Industry X.0 Capabilities with Two Acquisitions in North America

Accenture buys hardware engineering firm Mindtribe and announces intent to acquire embedded software company Pillar Technology; boosts ability to help companies innovate smart, connected software and hardware products.

REUTERS

Originally Published by Accenture.

Accenture has made two major moves to expand its Industry X.0 practice. The company acquired hardware engineering firm Mindtribe and entered into an agreement to buy smart embedded software company Pillar Technology. The two acquisitions will significantly boost Accenture's ability to help companies redefine smart connected software and physical products as the lines blur between the physical and digital world.

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