According to a new report from Accenture, only 6% of organisations are completely confident in their ability to foresee and respond to future disruption.
Titled Business Futures 2021, the Accenture research highlights several “signals” that are reshaping the world of business as we know it. Business leaders need to understand these signals if they want to achieve success today and into the future.
Last year’s disruption drove a greater sense of urgency for businesses, explains Annette Rippert, group chief executive, Accenture Strategy and Consulting, in addition to providing opportunities for organisations to up their agility, embrace new business models and develop new capabilities that boost resilience.
In the first of a two-part series, we are unpacking the first three of the six signals highlighted in the Accenture Business Futures report, below.
#1 Learning from the future
This first signal is all about seeing change before it happens. Because the world has changed so much, many of the historical correlations that analytical models rely on have been challenged. Organisations that develop forward-looking capabilities can gain a more expansive view of the risks and opportunities they face. This improves decision-making and enables them to tackle the many challenges that are reshaping the future of their own organisations and the future of the communities they serve.
#2 Decentralising decision-making
Embrace a more distributed team by pushing decision-making authority to people at the “edges”. While many businesses have attempted to become edge organisations – keen to “think globally but act locally” – they have commonly struggled to get this right. But various factors have come together to make it easier to do so. By pushing decision-making authority to people at the edges of the organisation, organisations can leverage a more networked structure of teams that have the ability handle most of the day-to-day operational decisions; freeing up their headquarters to focus on more strategic decision-making.
#3 Move from purpose-focused to purpose-run
Modern businesses must serve all their stakeholders and build sustainability into the fabric of their operations. But few are getting it right. According to Accenture’s study, 43% of 521 of the world’s largest companies have a mismatch between their ability to deliver multi-dimensional value and their intent to do so. Those that fail to hit their targets are set to face criticism. Those that succeed will reap major benefits. Getting these right demands that businesses define their intentions, measure their progress, and manage the process by building accountability into everything they do.
Don’t forget to visit our blog later in the week when we will be unpacking the other three signals highlighted by Accenture as being critical for future success.