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Innovation: The PATHS of Leading Businesses
Leaders – Middlers- Laggards. Those are the three categories that Accenture used to divide businesses based on their deployment of new technologies.
Most companies resist change and innovation. Change is difficult and is risky. But while failure can be costly and damaging, success can often propel companies to positions of leadership.
The Accenture report found that most companies understand the importance of change and adoption of new technology, but few are willing to fully embrace the change. By far, Accenture identified the majority of companies as ‘Middlers’ — businesses that can see potential in making change and initiate projects to experiment with new technology. The problem is that those projects often never get past the experimental stage or often businesses take too long before making the decision to move forward with changes.
Paul Daugherty, Accenture’s chief technology and innovation officer, said that “most companies are risking significant future revenue growth because of the gap between the potential and realized value of their technology investments.”
Accenture identified five key factors which they use to define the acronym “PATHS” to distinguish Leader companies:
- Progress – Apply new technology across multiple business processes
- Adaptation – Adapt technology to the on-going needs of business
- Timing – Properly sequence and roadmap technology adoption
- Human – Augment humans with machine workforce automation
- Strategy – Align business and IT strategies
