Accenture presents Masterclass on the digital future

17/08/2015

“Since 2000, 52 per cent of Fortune 500 companies have disappeared.”

This alarming statistic encapsulates the challenges facing businesses in the modern age.
 
 
As disruptive business models take hold and companies such as Uber out-innovate their rivals, traditional businesses need to adapt, and adapt quickly, or risk being left behind.
 
Melbourne Business School was delighted to welcome Mr Miguel “Gabi” Custodio, Managing Director of Accenture Strategy, and his Technology Strategy team to deliver a thought-provoking session on the impact of digital technology on businesses. The presentation was hosted by the MBS Careers Services.
 
“We’re seeing clients struggle,” Mr Custodio says. “The business cycles are shorter, the disruptions are more frequent and intense. Our world is becoming more connected and the data that is being generated can lead to better intelligence and automation, even to the point of predicting what consumers want. Conservative businesses treat IT separately rather than as part of a consistent dialogue with strategy. This needs to change.”
 
The trends driving that need for change were set out in the Accenture report – Technology Vision 2015 – An Australian perspective. The five trends which dominated discussions on the night were:

 

1.  The Internet of Me

Experience matters. Data is being used to customise the experience. According to Accenture, 78 per cent of Australian organisations report that personalisation of the customer experience falls within their top-three priorities.

 

2.  Outcome Economy

Technology enables organisations to move from selling products to selling outcomes, changing the business model as a result.
 
“In Barcelona, there is a theatre company that uses software to register how much you enjoyed the show,” says Mr Custodio, as an example. “If it’s a comedy, it registers how much you laughed to determine your ticket price.”

 

3.  Platform (R)evolution

Growing your business is possible by putting in the right platform.
 
“Uber doesn’t own any cars, but it’s now expanding its business to link drivers to a financial company who can help them buy a car,” says Mr Custodio.

 

4.  Intelligent enterprise

Predictive analytics will enable organisations to advance their respective businesses. In the past, it was expensive to crunch through the vast amounts of data, but computers now have become so sophisticated that they can take all the inputs and present options to enable you to make better decisions. It takes the concept of machine learning to new heights – machines that are aware of things going on around them and will make decisions for you.

 

5.  Workforce reimagined

“The future workforce will be a combination of man and machine,” says Mr Custodio. “This means that one person will be able to deliver so much more, leading to productivity gain and elevation of activities.”
 
For executives overwhelmed by the challenges of business in the digital age, Mr Custodio has some words of advice.
 
“The technology provides immense opportunities. Think about what you can do with it. What are the services that you can offer with these emerging technologies? It can enable you to transform your business and enter different markets. However, it requires a different mindset – instead of approaching it first from the viewpoint of what service or product you want to offer and how technology will help you offer it, the digital age requires you to flip your thinking and consider what is possible with technology as a starting point.
 
“People make the mistake of thinking that they have to create everything from scratch, and it’s too difficult. But you don’t need to own a platform to innovate, you just need to be able to re-architect existing products and services to exploit current platforms and position to play in the evolving business/industry ecosystems. But imagine if there is no existing platform, and you’re the first to create it ... wow! It would be the next Amazon!”
 
Learn more here: The Accenture Technology Vision 2015: An Australian Perspective
Data used for this presentation is also available at the link above
 

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About Accenture

Accenture is a global management consulting, technology services and outsourcing company, with approximately 323,000 people serving clients in more than 120 countries. Combining experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$30.0 billion for the fiscal year ended Aug. 31, 2014.

www.accenture.com