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“Future-Ready” Canadian businesses who are using digital to operate could help unlock 200 billion in economic growth

“Future-Ready” Canadian businesses who are using digital to operate could help unlock 200 billion in economic growth 

Because of the COVID-19 pandemic, digital has been at an all-time high in terms of usage. The new ways of operating businesses are seen to unlock a 200-billion-dollar economic growth for Canada, according to a study by Accenture.

The global survey of 1,100 top management people resulted in data that states that the higher the maturity of a business, the greater the degree of digital capabilities like artificial intelligence (AI), cloud and analytics.

The study’s findings also indicate that despite the current uncertainty in economy, a small core of businesses globally still achieved nearly twice the efficiency and thrice the profitability of their counterparts. These companies were tagged as “future-ready” and are expected to represent 20 per cent of Canadian organizations by 2023, a five-fold increase from just 4 per cent today.

“Uncertainty has put a premium on new, agile ways of doing things, reinforcing the idea that operations can be a catalyst for competitive advantage, transformational value and growth,” said Manish Sharma, group chief executive of Accenture Operations. “But this only works if companies think big — transforming how the work actually gets done across technology, processes and people.”

Rodney Bergman, who leads Accenture Operations in Canada, added, “Future-ready organizations know that it’s about maximizing talent in an era when people are critical to success. They’re harnessing change by retooling operating models in ways that capitalize on human ingenuity and machine intelligence to transform the way people work and the business performs.”

Future-Readiness in Canada

Future-ready organizations are seen to alter how work gets usually done by utilizing data in decision-making, harnessing the power of artificial intelligence (AI) in terms of augmenting their people, and making use of an agile workforce model. The areas of focus found in Canada’s business ecosystem includes the following:

  • Cloud: Four in five organizations (82 per cent) in Canada use cloud infrastructure at scale, and 64 per cent are also exploring new areas to scale and maximize value.
  • Machine Intelligence: With a focus on augmenting people with technology, 52 per cent of Canadian organizations have fully adopted AI and data science capabilities — a nearly 13-fold increase from just 4 per cent three years ago — and 30 per cent of organizations plan to scale AI practices by 2023.  
  • Automate at Scale: Only 6 per cent of organizations have achieved automation maturity. A third (34 per cent) expect to do so by 2023.
  • Smarter Data: One in five organizations (18 per cent) in Canada use analytics at scale—paired with better, more diverse data—to generate actionable insights and inform decision-making. That is expected to grow to 40 per cent by 2023.
  • Agile Workforce: Only 10 per cent of organizations have adopted an agile workforce strategy at scale, enabling them to tap into an expanded talent pool among ecosystem partners to mobilize special talent as needed. That is expected to grow to 28 per cent by 2023.

Taking into account “transformational value”, which is a concept that includes factors in financial performance and the improved experience being delivered, the research found that moving forward to future-ready has achieved average efficiency gains of 13.1 per cent and lift probability of 6.4 per cent.

Businesses surveyed in Canada that has advanced operational maturity level in the past three years also reported improvements in their customer experience by 78 per cent, 72 per cent in speed of product and services innovation, 71 per cent in operation efficiency, 70 per cent business value generate from data, 56 per cent employee engagement and retention, and 50 per cent employee talent mix and reskilling efforts.

Read more about Accenture’s report here.

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