Organisations have decisions to make as they emerge from the pandemic. Do they go back to the way they were or reset and readjust to the newer normal? According to Accenture's strategy and consulting lead Hilary O'Meara, the Accenture Business Futures 2021 report can help companies answer these questions and navigate the radically altered environment which lies ahead.
Change is nothing new to O’Meara. “I have been with Accenture for a very long time, almost 30 years,” she notes. “I cut my teeth working with clients on large business transformation programmes and I now run the strategy and consulting business in Ireland with a team in excess of 500 people. We work with a wide range of clients across public and private sectors, including utilities companies who are right at the centre of the energy transition. The sustainability agenda is very close to my heart.”
The Business Futures Report has its genesis in the rapid pace of change which was already evident before the Covid-19 pandemic. “Accenture anticipated that the decade starting in 2020 would be one of huge change,” O’Meara explains. “For two main reasons: firstly, technology innovation over the past 10 years is now maturing, and will continue to do so in coming years. Secondly, we have remerging sustainability ambitions that are pushing organisations to build sustainability into the fabric of their operations. Those two things were always going to drive profound change.”
And then the pandemic hit. “Things expected to take three or four years happened in one,” she says. “People think they are used to change but the pace now is different and coming from multiple directions. That’s why Accenture undertook the research for the Business Futures Report. The report looks at the business impact of change and how organisations will have to adjust their mindset, people, culture and so on.”
The ‘Signals’ written about in the report have different time horizons. “Some are focused on today and others are longer term. When taken together they can help businesses identify the key areas or signals essential for their future success. It’s like a checklist for decision makers as they come out of the pandemic.”
Organisations must proactively shift their strategies, rethink their trajectory and bring their people along to adapt to this new landscape
Annette Rippert, group chief executive, Accenture Strategy and Consulting and author of the report, adds, “It’s clear that while organisations were compelled to adapt to the compressed transformation of the past year, today there is a strong consensus that they must proactively shift their strategies, rethink their trajectory and bring their people along to adapt to this new landscape as they reinvent for a profoundly different tomorrow. Our inaugural Business Futures report serves as an essential radar to help leaders navigate through the signals of business change with confidence, to not just see, but also seize, their best future.”
While all 25 Signals identified in the report will likely have an impact on organisations within the next three years, six Signals stood out as being essential for future success.
Learning from the Future is the first of the Signals. “Data is fundamental to the future of every organisation in Ireland,” O’Meara notes. “There is now a shift in thinking to predict the future based on real time data. This requires a change in culture. The key message is organisations need to have a data strategy to anticipate the future. If they don’t, they will get left behind.”
The next Signal is Pushed to the Edge. “This is all about empowering employees to make decisions. We can’t return to centralised command and control structures. Accenture had already changed its organisational model before the pandemic to a geographic one. This enables us to make quick decisions by bringing together teams from across the world when needed.”
The message behind the Sustainable Purpose Signal is that in a race to save the planet, health, wellbeing and sustainability matter to people more than ever. “Organisations have to look at value across multiple dimensions, not just their shareholders. They need to define and measure their purpose.”
There are great opportunities in a time of rapid change
Supply Unbounded relates to reimagining supply chains based on the learnings from the pandemic. “Organisations are breaking the physical limits of their supply chains and moving production to the point of demand.”
Real Virtualities outlines how the physical and virtual worlds are blurring and redefining our sense of reality and place while also creating new ways for people to live, work, consume and socialise. “The accelerated blurring of the physical and virtual is making the world more connected,” O’Meara notes. Organisations need to think about using more virtual and augmented reality and its impact on customers and business models, as it’s coming fast.”
The final Signal is all about the adoption of scientific innovation. “We are already seeing companies combine technologies across computer and natural sciences, enabling an entirely new approach to creating products and services. Companies have embraced the call to become a digital company. In future decades, we will see every company become a scientific company.”
Looking forward, O’Meara advises businesses to set clear goals when navigating change. “You’ve got to set a North Star. Understand the Signals, reflect on them, and use them to help define your strategy. Set a roadmap for where you want to be in six months, twelve months and beyond. Figure out where you want to go and get the organisation behind you.
But organisations can’t do it all on their own, she concludes. “They need to use their ecosystem of partners and do things like leveraging the massive investments the global technology firms have made in the cloud. Yes, there are challenges, but there are great opportunities in a time of rapid change.”
Learn more about Accenture's Business Futures 2021 report - accenture.com/businessfutures
This article is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments.