According to a new Accenture study, high-tech companies that use interoperability have increased their revenue sixfold.
NEW YORK; November 30, 2022 – New research Accenture (NYSE: ACN) has found that companies with highly collaborative enterprise applications are more agile to thrive in the face of uncertainty and achieve better financial performance. Last year, one in three companies surveyed (34%) with highly interoperability grew revenue six times faster than their less interoperability peers, and they are poised for an additional 5% increase in annual revenue growth.
For the report, The Unfathomable: Accelerating Radical Growth Through Interoperability, Accenture surveyed more than 4,000 C-suite executives from 19 industries in 23 countries. In the past two years alone, one in two companies (49%) have adopted new technology and changed their business faster than ever, while 40% have changed multiple parts of their business at the same time. High interoperability helps these companies gain the agility they need to cope with pressured change. By using applications that easily interact with each other to share data and enable more transparent and quality people connections, organizations can turn around faster and take advantage of new opportunities.
“The concept of interoperability is not new, but the technology to make it timely and cost-effective is finally making it available to most enterprises,” said Emma McGuigan, senior director of Enterprise & Industry Technologies. Accenture. “To compress change from years to months or even days, everything has to be integrated and interconnected. “One in three companies are prioritizing this level of agility, using interoperability to drive total enterprise innovation, driving revenue growth, efficiency and agility to undercut competitors.”
Companies that are highly collaborative not only benefit from better financial performance, but are also 12 percent better at improving their supply chain and operations; 16 percent better user experience recovery; Achieved 12 percent better employee productivity; 4 percent more successful in implementing sustainable business practices; and 11 points more likely to sustain compressed conversions.
Leading companies with high interoperability allocate only 2-4% of their IT and functional budgets to applications and generate profitable growth by developing diverse applications within the IT stack. Most enterprises now have more than 500 software applications, and eight in ten (82%) say they will continue to expand their use, making an interoperability approach even more important. At the same time, 66% said that the number of applications and the technical complexity associated with them are barriers to achieving interoperability. Successful people make high interoperability central to their overall business and technology strategy.
The report recommends three actions for companies seeking to improve collaboration.
Use the cloud – Interoperability-enabling clouds are now everywhere. Companies that successfully improve interoperability start by migrating existing applications to the cloud and investing in new, cloud-based enterprise applications. But more importantly, they use the cloud to connect data and experiences across applications, creating a single version of the enterprise truth. According to our research, nearly 72% of high/medium interoperability companies have adopted public cloud deployments, and 30% have migrated their data and workloads. Only 60% of companies with low/no interoperability have adopted public cloud, a lag of 12%.
Using technology that can be developed – Leverage proven, repeatable solutions that can be quickly configured and reconfigured to meet changing business needs. integration technology, It puts flexibility at the heart of organizations. This allows enterprises to overcome disruptions through faster, better, and cheaper transformations. This requires a shift from a technology architecture of static, individual parts to one of integrated parts. By using pre-built, interoperable solutions to interchange and plug-and-play small application components, new solutions can be built without wider disruption.
Focus on meaningful collaboration – Interoperable apps are only part of the equation. Interoperability can enable meaningful collaboration by enabling functions and people to work together seamlessly toward a common goal. They can unlock the value of technology, empower people, and use real-time data, analytics and artificial intelligence with new ways of working to achieve better results. This culture of collaboration comes from the top: more than a quarter of executives (27%) say lack of collaboration across business functions is their biggest challenge due to low interoperability/disengagement. Leadership can expand collaboration by leveraging new interoperable applications and challenging employees cross-functionally to work as a team.
For full reading The Unfathomable: Accelerating Radical Growth Through Interoperability report visit www.accenture.com/value-untangled.
The report can also be explored here Accenture Foresight, Accenture’s new thought leadership app featuring personal insights from the latest reports, case studies, blogs, interactive data charts, podcasts and more. please visit http://www.accenture.com/foresight.
In the first half of 2022, Accenture surveyed 4,053 C-level executives from 19 industries in 23 countries. The study collected data on technology ecosystem footprint, business environment, financial and operational performance through multiple methods. The research findings are augmented by 25 in-depth interviews and 40 case studies, as well as secondary research, interviews, and case study analysis to understand the challenges faced by organizations on the multi-ecosystem journey and the evolution of the multi-ecosystem world.
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