Report: Most Canadian businesses continue to struggle to realize full business value from their digital initiatives
Even though a lot of Canadian enterprises have resorted to cloud and digital investments, most of them still struggle to see the full value of these decisions.
In a latest report from Accenture, only 34 per cent of Canadian businesses said that they are getting the full value of their cloud investments. While realizing the value it brings has never been more important, 51 per cent of Canadian enterprises said they are “very satisfied” with their digital outcomes. To add to this, only 18 per cent said they are completely confident that their cloud investments will deliver the expected value at a given period of time.
Canadian businesses have accepted the fact that they really need cloud technologies to easily overcome major challenges they are facing, as well as to drive transformational change to allow for better opportunities. Ninety five per cent of corporate executives are now looking to their cloud initiatives as a means of mitigating business uncertainty and also lowering risk. To add to this, 90 per cent of them see their cloud investments as a critical part of their corporate sustainability goals.
“Cloud-based transformation offers Canadian companies the most powerful way to reinvent their businesses, unleash the expertise and creativity of their people, enhance their sustainability efforts and create new stakeholder value,” said Jennifer Jackson, managing director and Technology lead in Canada at Accenture. “But the reality is that not every company is unlocking the full potential value of the cloud. In fact, our newest report shows a surprisingly small two-year improvement in returns on corporate cloud initiatives, suggesting that a more thoughtful and holistic approach is needed. Competing in the age of COVID-19 and beyond requires that companies implement a cloud-first strategy, in which every element of their business leverages the power of the cloud, right now.”
Aside from these, the report also takes a look at what may be holding Canadian businesses back when it comes to achieving their goals. The most frequent answer is “Security and compliance risk” with 53 per cent of those surveyed answered. This is closely followed by “Complexity of Business/Operational Change” with 44 per cent and “Legacy Infrastructure & Application Sprawl” with 36 per cent.
“Our research findings indicate that successfully managing the complexities involved in cloud migrations help organizations to more fully realize the business value. The good news is that by taking a rigorous, outcomes-centric approach to devising a customized cloud strategy, partnering with the right experts and addressing challenges outside of the technology itself, such as upskilling their people to be more productive, Canadian businesses can achieve the results and return on investment they’re seeking,” added Vikas Shreedhar, managing director and cloud leader at Accenture.
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