The report, entitled "Bold Moves in Tough Times" and based on a survey of nearly 500 C-level executives in
The most optimistic sector is pharmaceuticals/biotech/life sciences, with 34% of business leaders in that sector expecting an increased demand in
The report also reveals that executives expect the German, Nordic and
"Confidence is critical in the current economic environment, which is still volatile and uncertain," said
Accenture's research indicates that there is a risk that executives in
- Focusing on incremental rather than game-changing innovation: More than half (53%) of European respondents said they are slowing investments in innovation and won't relaunch any initiatives in the next six months, compared with 33% of respondents in
- Underinvesting in the future of business: In Europe, only about one in seven companies (16%) is already investing in initiatives to prepare for the rebound, compared with one in four (25%) in
- Less likely to collaborate to rebound: Business leaders in
"
The report highlights critical areas that European companies need to focus on to close the competitiveness gap with their North American and Asian peers. These include:
- Increasing the pace and scope of digital transformation: Companies that have been the most resilient during the pandemic have the most-advanced digital capabilities, enabling them to equip their workforces for remote working, adjust their supply chains and adapt to new ways of buying - quickly and at a massive scale. European executives now clearly see the need to turn up the speed on digital change, as nearly two-thirds (63%) said their companies will accelerate their digital transformation, including their use of cloud.
- Creating experiences for increasingly responsible consumers: Buying habits during the COVID-19 lockdown - with consumers making more-responsible purchases and massively shifting to online channels - will remain in the post-pandemic world. Therefore, companies will need to deliver an end-to-end customer experience - one that brings customers in early, during the innovation stage, and continues through the sales and service processes. Nearly two-thirds (62%) of European business leaders in a group of consumer-related industries1 see opportunities to build on buying habits that are increasingly driven by social and environmental criteria.
- Leveraging technology to reinvent the industrial sector: COVID-19 has triggered debates about the need for businesses to bring their operations back to their home markets. However, "re-localization" might not be the panacea for the European "industrial renaissance." To build long-term operational resilience, reinvent their business models and create new revenue streams, businesses must leverage advanced digital technologies, such as predictive modelling, digital twins, and edge computing, among others. With 42% of European respondents in the manufacturing sector planning to accelerate investment in digital transformation, compared with just 32% and 30% in
"
About the Research
The research is based on a survey of 478 C-suite executives in 15 countries across 15 industries. The survey was conducted in
About Accenture
Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology and operations, with digital capabilities across all of these services. We combine unmatched experience and specialized capabilities across more than 40 industries - powered by the world's largest network of Advanced Technology and Intelligent Operations centers. With 513,000 people serving clients in more than 120 countries, Accenture brings continuous innovation to help clients improve their performance and create lasting value across their enterprises. Visit us at www.accenture.com.
[1] Consumer industries: Consumer goods, retail, automotive, communication, media & entertainment, airline, travel and transport.
# # #
Contact:
Accenture
+33 1 53 23 68 55
francois.luu@accenture.com
Accenture
+44 20 8396 3871
andy.rowlands@accenture.com
.
(C) 2020 M2 COMMUNICATIONS, source