{"id":483162,"date":"2021-04-28T08:02:12","date_gmt":"2021-04-28T12:02:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/leading-companies-that-scaled-technology-innovation-during-covid-19-are-growing-revenue-five-times-faster-than-lagging-adopters\/"},"modified":"2021-04-28T08:02:12","modified_gmt":"2021-04-28T12:02:12","slug":"leading-companies-that-scaled-technology-innovation-during-covid-19-are-growing-revenue-five-times-faster-than-lagging-adopters","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/leading-companies-that-scaled-technology-innovation-during-covid-19-are-growing-revenue-five-times-faster-than-lagging-adopters\/","title":{"rendered":"Leading Companies That Scaled Technology Innovation During COVID-19 are Growing Revenue Five Times Faster Than Lagging Adopters"},"content":{"rendered":"

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Leading Companies That Scaled Technology Innovation During COVID-19 are Growing Revenue Five Times Faster Than Lagging Adopters<\/b><\/p>\n

\nNew class of \u2018Leapfrogger\u2019 companies compressed digital transformation and outpaced peers with 4x revenue growth\n<\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nLeading companies that amplified their technology investments during the COVID-19 pandemic have significantly extended their growth advantage over competitors, according to new research<\/a> from Accenture (NYSE: ACN). The research reveals that technology has undeniably become indispensable to business success and directly enables companies to not only survive, but even thrive during one of the most disruptive times in history.\n<\/p>\n

This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20210428005339\/en\/<\/a><\/p>\n

\"Leaders<\/p>\n

Leaders and Leapfroggers demonstrate how bolder and broader enterprise tech strategies are crucial for success (Graphic: Business Wire)<\/p>\n<\/div>\n

\nThe new report, \u201cMake the Leap, Take the Lead<\/b><\/a>,\u201d shows that by stepping up investments in cloud, artificial intelligence (AI) and other technologies, \u2018Leaders\u2019 are now growing revenue at five times the rate of \u2018Laggards,\u2019 exceptionally higher than the doubled growth rate Leaders reported just a few years ago. In sharp contrast, many Laggard companies just recently invested in newer technologies for the first time, largely to maintain business and technology operations during the pandemic. This put Laggards even further behind and in the position of playing catch-up.\n<\/p>\n

\nA new category of companies has emerged: Leapfroggers (18% of the entire sample). This group stands out in their ability to quickly master the balance between systems strength and increased innovation. Leapfroggers compressed their digital transformations into a shorter time frame through an aggressive and progressive technology strategy that converted the challenges of the past year into business opportunities and advantage.\n<\/p>\n

\n\u201cOur research scored companies on their \u2018Systems Strength\u2019 \u2014 a measure of technology adoption, application of technologies at scale, and organizational and cultural readiness for tech-enabled innovation. Strong Systems Strength, combined with a \u201cFlip Size\u201d that substantially pivots IT budgets towards innovation, enables Leaders to greatly extend their growth over Laggards,\u201d said Ramnath Venkataraman, global lead, Integrated Global Services, Accenture Technology. \u201cMeanwhile, Leapfroggers also show tremendous progress by maintaining Systems Strength and infusing innovation across the enterprise. In fact, Leapfroggers are now growing their revenue at four times the rate of Laggards.\u201d\n<\/p>\n

\nThe report surveyed 4,300 respondents and assigned a score based on Systems Strength and Flip Size. The study determined which companies were \u2018Leaders\u2019 (top 10% of entire sample), Leapfroggers (18% of sample) and \u2018Laggards\u2019 (bottom 25%) and looked at the financial performance of each group.\n<\/p>\n

\nAnnette Rippert, group chief executive, Strategy & Consulting, Accenture, added, \u201cThis report shows that leaders are adopting innovative technology earlier and investing more frequently than their peers. These leaders focus not only on the implementation of new technology, but the critical steps needed to ensure successful scaling across the enterprise, including new agile ways of working, making important changes to reinforce an innovation-led culture and upskilling their workforce. Each of these actions result in creating new sustainable value for their stakeholders.\u201d\n<\/p>\n

\nThe report shows that evolving technology strategies deliver greater success when companies master these three imperatives:\n<\/p>\n