Extra-condensed knowledgeStrong digital foundations are already helping leading companies adapt to the crisis quickly. One global retailer that invested for years in true omni-channel sales and delivery had already offered curbside pickup at 100 of its stores. When forced to close its physical stores owing to COVID-19, in just 48 hours it was able to expand its curbside service to 1,400 stores while maintaining a majority of its revenue. Meanwhile, many of its competitors struggled to shore up their online channels.
- Companies that understand the unique nature of this crisis and apply these new rules of transformation have the opportunity to emerge even stronger and become the leaders of tomorrow.
- Fast-forward to the cloud. Leaders build a digital core and scale it across their business quickly.
- Build your digital “A-Team.”
- Be a learner.
- Move at “lean” speed.
- Act with purpose.
Genioux knowledge fact condensed as an image.
- Accenture research conducted at the end of 2019 measured differences in digital technology adoption, depth, and culture penetration and found that the top 10% of companies (“leaders”) grow revenue at two times the rate of the bottom 25% (“laggards”). The two groups’ approaches and methods are dramatically different. For example, leaders have adopted automation and A.I. five times as fast as laggards, and have put in place strategies that give them high confidence in the reliability of their data. The same pattern holds true across other technologies.
- Not only are the digital leaders performing better through the crisis, we also see them doubling down on their investments to widen the gap. Laggards can still catch up, but they must jump-start their digital journey with new urgency.
- Facing ‘brutal facts’. This crisis is different. Billions of people around the world almost instantaneously changed their behavior, with profound and lasting implications for business.
- For most companies, the “brutal facts” will reveal that they are even further behind on their digital journey than they realized and that the bar has been raised. To leapfrog the competition, CEOs need to rethink transformation and follow a new set of rules.
- Fast-forward to the cloud. Leaders build a digital core and scale it across their business quickly. And this is only possible with a strong foundation in the cloud, which provides the innovation, efficiency, and talent advantages to do things differently and fast.
- Build your digital “A-Team.” All companies must now be as good as digital natives to deliver the first-class experiences customers and employees have come to expect.
- Be a learner. Organizations must think beyond traditional ways of doing business to solve complex problems. Learn from your customers, your employees, and the leaders in your own and other industries.
- Move at “lean” speed. Almost overnight, organizations moved fast to become more digital and work remotely, and CEOs are saying they “don’t want to go back.”
- Act with purpose. Speed means you need your people with you. Clearly articulating purpose upfront is essential to cutting-edge change management techniques that harness the power of employees to drive change and act with agility.
Category 2: The Big Picture of The Digital Age
[genioux fact extracted from Fortune]
Authors of the genioux fact
ReferencesAccenture’s CEO: 5 rules for rethinking digital transformation during COVID-19, JULIE SWEET, June 26, 2020, Fortune.
ABOUT THE AUTHORS
Extracted from Wikipedia
Julie Sweet is an American business executive. She is chief executive officer of Accenture, a multinational professional services company. She is also a member of the Global Management Committee for Accenture. According to The New York Times, she is "one of the most powerful women in corporate America." She was named to Fortune's "Most Powerful Women" list from 2016 through 2019.
Extracted from Accenture
Julie Sweet is chief executive officer of Accenture and serves on the company’s board of directors.
Prior to becoming CEO in September 2019, Julie served as chief executive officer of Accenture’s business in North America, the company’s largest geographic market. Previously, she was Accenture’s general counsel, secretary and chief compliance officer for five years. Before joining Accenture in 2010, Julie was a partner for 10 years in the law firm Cravath, Swaine & Moore LLP.
Outside of Accenture, Julie is a leader on topics including innovation, technology’s impact on business, and inclusion and diversity. She serves on the board of directors for the Business Roundtable, where she is Chair of its Technology Committee. She also serves on the board of directors for Catalyst. In addition, Julie is on the board of trustees for the Center for Strategic & International Studies and for the Marriott Foundation for People with Disabilities – Bridges from School to Work. In 2020, she was named No. 1 on FORTUNE’s “Most Powerful Women in Business.”
Julie holds a Bachelor of Arts degree from Claremont McKenna College and a Juris Doctor from Columbia Law School.