Despite positive CEOs, most firms fail to tap IT investments

New Delhi, Jan 21 (IANS) Despite CEOs expressing strong confidence in their IT systems, majority of global companies have failed to realise full value from their investments in technology, an Accenture report said on Tuesday.

The research found that just 10 per cent of companies are making optimal technology investment and adoption decisions and realizing the full value of those investments.

It analysed the adoption of both mature and emerging technologies – such as Artificial Intelligence (AI), Cloud, Blockchain and extended reality.

“To lead in the post-digital economy, CEOs need to assess company’s current position, reconsider sunk investments and design a new Future Systems strategy,” said Anindya Basu, geographic unit and country senior managing director, Accenture in India.

The study also found that 80 per cent of CEOs believe they have the right technologies in place to innovate at scale, and 70 per cent claim to be very knowledgeable of their organization’s investments in innovation.

“Most companies are risking significant future revenue growth because of the gap between the potential and realized value of their technology investments,” said Paul Daugherty, Accenture’s chief technology and innovation officer.

The research was based on Accenture’s largest enterprise IT study conducted to date, including survey data from more than 8,300 organizations across 20 countries and 885 CEOs.

Accenture identified five key factors – or “PATHS” that distinguish the top 10 per cent of companies from the rest: Progress, adaptation, timing, human+machine workforce and strategy.

“By adopting new technologies more aggressively and breaking down barriers to effectively scale innovation across their organizations, these leading companies are generating more than twice the rate of revenue growth than those on the lower end of the spectrum,” the study said.