by admin | May 25, 2021 | Business, Commodity Market, Investing, Large Enterprise
New Delhi : Only one in four large Indian enterprises is able to tap into the full potential of technology-enabled innovations, with most others missing out on an opportunity for both strong growth in profits and market capitalisation, an Accenture report said on Monday.
The report, titled “How to Unlock the Value of Your Innovation Investments”, surveyed C-level executives at 840 large companies across 14 industries and eight countries, including 106 large companies in India.
It found that approximately one in four (25 per cent) of Indian organisations surveyed are generating significant value from their innovation investments as it identified the innovation approach of these high-growth companies and what other companies can learn from them.
“Our research highlights that Indian companies apply innovation more comprehensively compared to their global counterparts.
“In fact, almost 90 per cent of Indian companies have plans to increase their innovation spending by more than 25 per cent over the next five years,” said Anindya Basu, Geographic Unit and Country Senior Managing Director, Accenture in India.
“However, 70 per cent of Indian companies are focusing their investments on incremental innovation, which limits their ability to derive tangible value from their investments,” Basu added.
The research found that companies’ return on innovation investments declined 27 per cent over the past five years.
The gap between what technology makes possible and the ability of companies to realise that value is only going to grow, it added.
Globally, incumbents and start-ups spent a combined $3.2 trillion on innovation-related activities over the past five years and this trend was expected to continue.
“Almost one-half (50 per cent) of those Accenture surveyed in India expect to increase their investments in innovation by more than 50 per cent over the next five years,” the report said.
Of the 75 per cent of Indian respondents who reported increasing their innovation investments by at least 25 per cent in the past five years, more than one-third (38 per cent) under-performed their industry peers in growing profits or market capitalisation.
“The analysis shows that much of this is due to spending predominantly on incremental innovation, which is how nearly three-fourths of non-high-growth Indian companies directed their spend, rather than on disruptive innovation,” said the report.
According to Basu, high-growth companies are not only investing aggressively, but also taking a distinct, disruptive approach to innovation to reinvent their businesses.
—IANS
by admin | May 25, 2021 | Business, Corporate, Corporate Buzz, Large Enterprise
Mumbai : Aiming to enhance business growth and portfolio diversification using “digitisation”, Bank of Baroda on Wednesday announced its partnership with technology majors IBM and Accenture to power its state-of-the-art IT Centre of Excellence (ITCoE) and Analytics Centre of Excellence (ACoE).
“With IBM’s digital reinvention framework and innovation roadmap, we will enable the bank to make critical strides in achieving business transformation, improving overall service delivery and creating compelling customer experiences,” said Karan Bajwa, Managing Director, IBM India.
Under ACoE, the bank will establish a data and analytics technology platform with an enterprise wide petabyte scale Big Data Lake powered by data technologies such as predictive analytics, machine learning (ML) and artificial intelligence (AI).
“Becoming a digital bank requires transformation of the entire organisation and is not restricted to one function. ITCoE that will work with various business functions inside the bank aims to create a market leading technology differentiation driving business,” said the bank.
IBM is currently working on digitising the bank’s retail asset portfolio by building multiple customer facing apps.
Built on its technology, the bank will soon launch four new apps for loans that will enable the bank to achieve greater efficiency by reducing its Turn Around Time (TAT).
—IANS
by admin | May 25, 2021 | Business, Corporate, Corporate Buzz, Large Enterprise
New Delhi : To help enterprises provide end users with data control across multiple sources, Accenture Ventures, the venture capital arm of global professional services company Accenture, has acquired a minority stake in California-based software firm Paxata for an undisclosed sum.
The systems integration giant also formed a strategic alliance with Paxata to help its clients free up IT resources, allowing scarce data talent to work on strategic data architecture, rather than tactical data preparation.
Paxata will support Accenture clients’ emerging enterprise requirements such as digital transformation, modern data supply chain, and General Data Protection Regulation (GDPR) for hybrid and multi-cloud environments.
Accenture will include Paxata’s Adaptive Information Platform and self-service data prep application in the Accenture Insights Platform (AIP).
AIP is a cloud-based analytics-as-a-service solution designed to solve business problems supporting a data-driven culture.
“Paxata’s Adaptive Information Platform empowers users to unlock trapped data and use it to develop robust insights, which can lead to more intelligent decision-making and better business outcomes,” Narendra Mulani, Chief Analytics Officer, Accenture Analytics, said in a statement on Monday.
Using Paxata’s Adaptive Information Platform, Accenture will help clients accelerate access to contextual information.
Business analysts will be able to gather, explore, discover and prepare data themselves and rapidly assemble and construct information that is trustworthy and ready for business use.
“Accenture’s drive for efficiency, innovation and assisting clients with emerging technologies makes this an incredibly strong and an exciting alliance”, said Prakash Nanduri, CEO, Paxata.
—IANS
