Success Criteria for the Digital Economy

"Can your enterprise survive the tech-clash?" Accenture's 2020 report from 60,000 business and IT executives worldwide, focuses on fundamental success criteria that businesses need to thrive in the Digital Economy. They define the "tech-clash" as the collision between outdated business models that are unable to keep pace with our (customers, employees, ecosystem partners) rapidly evolving needs. They found that the promise of a world made better and easier by technology is being trapped behind complex business models and governing structures that have not realized their full potential nor created adequate value—leaving businesses out of sync with people’s needs and expectations.

According to Accenture's report, trust & collaboration are essential success criteria for businesses to embed into their new business model. This seems obvious, yet it appears that most businesses are struggling to adopt this, causing them to lose out on future growth and customer loyalty.

Trust is the currency in an era where digital is everywhere ... redefining the intersection between people and technology

Businesses that are taking the lead with a "shared-success mindset"—and invite collaboration with customers, employees, ecosystem partners, governments and the public—will co-create new opportunities for growth in a way that is sustainable into the future. 85% of executives agree that to compete into the future, they need to elevate their relationships with customers as partners. They are seeking or developing leaders that will build ecosystem partnerships necessary to leverage their organization’s unique offerings and innovations.

Customers are asking businesses to be their partners: working with them to create experiences, helping them reach their goals and giving them the option to change the experience when businesses get it wrong. For businesses, this is an exciting new opportunity. More than just creating personalized touchpoints for their consumers, they can begin building long-term partnerships and fostering customer loyalty.

The challenge for large organizations is that they need to learn how-to share control and power in these relationships.

This infographic is Accenture's five tech trends for this year:

According the World Economic Forum, Digital Platforms and Ecosystems could account for more than $60 trillion in revenue by 2025 (over 30% of global corporate revenue). Do you have leaders that can unlock these Digital Ecosystems?

Traditional organizations need to develop or recruit new leaders that have a "shared-success mindset", able to embed trust across your Digital Platform with diverse stakeholders, share control and collaborate with customers in new ways.