Enterprises dithering on embracing changes in technology stand to lose almost 50% of their revenues: Report

Enterprises that do not adopt to changing digital landscape stand to lose close to 50 percent of revenues by 2023, according to a recent report.

The research report, 'Full Value. Full Stop. How to scale innovation and achieve full value with Future Systems', by Accenture, tracked performance indicators between 2015 and 2023 (projected) of 8,300 organisations (both IT and non-IT) across 20 industries and 22 countries and studied the value achieved through technology adoption and organisational transformation.

The report reveals that laggards, enterprises that are slow on technology adoption and organisational and cultural readiness, surrendered 15 percent in foregone annual revenue in 2018 whereas the leaders, which are enterprises that are quick to adopt to technology and reinvest, doubled their revenue.

"Laggards stand to potentially miss out on an astonishing 46 percent in revenue gains by 2023 if they do not change their enterprise technology approach," the report said.

Unlike laggards, leaders are quick to invest in technology such as AI and migrate to cloud faster. The report reveals that 95 percent of the leaders have adopted cloud services as opposed to 35 percent of laggards. In addition, leaders are also quick use these technologies like virtual reality, 3D and AI to train the workforce creatively.

"Competing in today's data-driven, post-digital economy means organisations need to have a carefully calibrated strategy toward technology adoption and a clear vision for what their companies’ future systems should look like. To maximise the return on their technology investments, leading organisations are improving their technology quotient, going beyond building pockets of excellence, to implementing a strategy for achieving enterprise-wide transformation," said Bhaskar Ghosh, group chief executive, Accenture Technology Services.