PERSPECTIVE
Reinvention, by the numbers
5-Minute read
January 18, 2024
The current pace of change presents both a challenge and an opportunity.
Organizations that understand the dynamic forces at play are reinventing themselves. And it’s working.
Read on to see the data behind why – and how.
The one constant? The pace of change is accelerating
183%
The rate of change affecting businesses has risen sharply since 2019 – 183% over the past four years and 33% in 2023 alone
88%
of C-suite executives anticipate an even faster rate of change in 2024
#1
Technology disruption increased the most in 2023, rising from #6 in 2022 to become the #1 cause of business change
Technology aside, C-suite leaders globally rank the remaining five factors differently
And many leaders don’t feel prepared
52%
of executives feel they are not fully prepared to respond to the change they will face
To navigate change, executives are turning to reinvention as their core strategy
“Reinventors” see significant value...
…and they expect to get there faster
What‘s next? Embracing new tech, such as generative AI, responsibly
Gen AI will accelerate reinvention
82%
see gen AI as a key lever in their reinvention strategy
76%
of executives see gen AI as more of an opportunity than a threat
76%
see gen AI as being more beneficial to revenue growth than to cost reduction in their organization
…and executives know if they don't embrace the ongoing tech revolution, they could be left behind
These critical imperatives are key to reinventing with generative AI
Lead with value
Beyond no regrets moves, Reinventors are focused on making strategic bets with gen AI in challenging areas
Leaders must learn in new ways to understand how gen AI can apply to their busines
66%
of leaders in the C-suite recognize that they and their direct reports lack a range of essential attributes, including practical understanding of what technology, data, and/or science can achieve
Set yourself up for success
Reinventors are strengthening their digital core for the gen AI era
1.8x
more Reinventors rate their company‘s digital core as strong, relative to all others
9x
more likely to invest in remediating technical debt
Companies believe their legacy tech and data strategy require the most amount of change to leverage gen AI in their organization
47%
of C-suite executives say one of the top challenges they face in using and implementing gen AI today is getting the data strategy right
Close the gap on responsible AI
Making the right judgements on the responsible deployment of generative AI is a key imperative for leaders today
$10.3 T
additional economic value can be unlocked by 2038 if organizations adopt gen AI responsibly and at scale
72%
are now approaching technology investments with more caution because of societal concerns about the responsible use of AI
93%
of executives agree that with rapid technological advancements, it is more important than ever for organizations to innovate with purpose
The vast majority (96%) of organizations support some level of government regulation around AI, but only…
2%
of companies have self-identified as having fully operationalized responsible AI across their organization
Empower people’s ingenuity
Gen AI and other intelligent tech will create entirely new levels of productivity and creativity
5%
of organizations are providing gen AI training at scale
Change is constant, and thus, the path to reinvention never ends
Organizations cannot approach reinvention as a one-time effort undertaken every few years. They must build the capability to continuously reinvent and make the ability to change part of the organizational DNA.
We believe that the companies that will succeed in the next decade are those that embrace a strategy of continuously reinventing every part of their business using technology, data and AI, including harnessing the power of generative AI and ensuring their people are at the center of their transformations.
Jack Azagury, Group Chief Executive—Strategy & Consulting, Accenture