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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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Accenture: Report Identifies Clear Opportunity to Accelerate the Advancement of Women

The Canada-U.S. Council for Advancement of Women's report shows companies need to close the gap between commitment and action.

REUTERS

Originally Published by Accenture.

The Canada-U.S. Council for Advancement of Women Entrepreneurs and Business Leaders (the Council) released its fifth and final pillar report, "Advancing Women as Leaders in the Private Sector." The report finds that despite a commitment to advancing women, many companies across Canada and the U.S. are lacking clear goals, the ability to measure progress or accountable leaders to drive progress. There is a real opportunity to accelerate the advancement of women by closing the gap between commitment and action. The good news is that significant research exists to guide companies in creating action plans that can accelerate the slow progress that has been made to date. The final pillar report was led by Tina Lee, Chief Executive Officer, T&T Supermarkets, and Julie Sweet, Chief Executive Officer – North America, Accenture.

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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.

Millennials Likely to Be the Biggest Spenders This Holiday Season, Accenture Survey Reveals

Use of social media platforms for holiday shopping is rising quickly.

REUTERS

Originally Published by Accenture.

U.S. consumers expect to spend more money on holiday shopping this year than last year, with millennials likely to be the biggest spenders according to results of the 12th Annual Holiday Shopping Survey from Accenture.

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Accenture Introduces Ella and Ethan, AI Bots to Improve a Patient's Health and Care Using the Accenture Intelligent Patient Platform

The bots are designed to deliver a more personalized patient experience and better patient support.

REUTERS

Originally Published by Accenture.

Accenture has enhanced the Accenture Intelligent Patient Platform with the addition of Ella and Ethan, two interactive virtual-assistant bots that use artificial intelligence (AI) to constantly learn and make intelligent recommendations for interactions between life sciences companies, patients, health care providers (HCPs) and caregivers. Designed to help improve a patient's health and overall experience, the bots are part of Accenture's Salesforce Fullforce Solutions powered by Salesforce Health Cloud and Einstein AI, as well as Amazon's Alexa.

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Kavanaugh vs. Ford

A tale of a complete lack of diversity causing bad decisions, and shifting opinions nationwide, as well as a teachable moment for corporate America.

Having zero diversity, and by trying to make it "Kavanaugh vs. Ford," the old, white Republican men lost control of the nomination, and made it about them versus all women, a situation that, at best, will be a Pyrrhic victory.

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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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Latino Employees Fired in Miami for Being Too Latino

Company leadership says loud, sexy, Hispanic employees with ethnic mannerisms are not allowed.

REUTERS

Former employees at Swire Properties filed a lawsuit in August against the company claiming they were fired because there was no place for "Hispanic Emotionalism" at work.

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