Companies Can Achieve Breakthrough Growth During Uncertain Times by Embracing Life Centricity, Accenture Report Finds
Businesses that Embrace Life Centricity – a New Enterprise-Wide Approach to Growth – Are Likely to Outperform Peers on Revenue Growth by Nine Percentage Points Annually
NEW YORK; Oct. 18, 2022 – As the hole between what prospects want and worth and what companies supply widens, companies that put life-centric methods into motion and meaningfully contribute to prospects’ lives will see an annual development price of 9 proportion factors increased on common than their lagging friends, who’re prone to shrink year-on-year, discovered a brand new report from Accenture (NYSE: ACN). In addition, the report additionally discovered these companies are 3 times extra prone to outperform their friends on speed-to-market and nearly 5 instances extra prone to outperform on buyer lifetime worth.
The report, titled “The Life Centricity Playbook: Proven Strategies for Growth Through Relevance,” is predicated on analysis of over 1,700 of the world’s main c-suite executives. The analysis recognized an almost unanimous problem globally, with 95% of executives saying their prospects are altering quicker than they’ll change their business.
“As people face constant instability in their lives, they are continuously reassessing their values and sense of purpose,” said Baiju Shah, chief strategy officer, Accenture Song. “Businesses have to undertake a life-centric strategy, taking a broader view that enables them to see prospects of their full lives and adapt to their ever-changing wants and priorities. Companies that pursue life-centric methods won’t solely ignite development however construct long-term benefits changing into our new class leaders into the yr and decade forward.”
The report defines and particulars the life-centric methods, highlighting the pure push and pull inside prospects’ habits as we speak, noting more and more unpredictable—even paradoxical habits—pushed by life forces akin to financial, social, environmental, and political instability. While companies as soon as appeared to a product-centric strategy centered on efficiency after which shifted to a customer-centric technique meant to prioritize expertise, the report raises the necessity for a brand new playbook for development, life centricity.
Furthermore, whereas 95% of executives are accelerating digital transformation efforts, 97% really feel that these efforts merely enable them to maintain tempo, not obtain new development and buyer relevance. Amid these findings, our examine recognized 5 distinct and confirmed ways in which life centered corporations are reworking to seize development amid uncertainty. They:
- Gain a profound understanding of individuals: High-growth corporations make the most of information, human ingenuity and machine intelligence to grasp folks’s multi-dimensional lives extra intimately, discovering new alternatives so as to add worth. According to the examine’s findings, corporations that do that are 16% extra prone to obtain the very best ranges of profitability development and 19% extra prone to obtain the very best ranges of worker retention.
- Broaden the canvas for worth creation: Companies that target sustainable development by offering buyer, social, environmental, and worker worth are 26% extra prone to obtain the very best ranges of market share development and 24% extra prone to obtain the very best ranges of buyer lifetime worth.
- Creatively transcend trade norms: The report additionally discovered corporations that creatively apply their expertise and expertise in new contexts, increasing past the construction of their trade and right into a broader ecosystem of assembly folks’s wants, are 32% extra prone to obtain the very best ranges of income development from new ventures and 29% extra prone to obtain the very best ranges of speed-to-market.
- Design a pleasant expertise continuum: Companies that design for easy however vital interactions throughout a unified expertise continuum, including probably the most quantity of worth with the least quantity of interruption, are 26% extra prone to obtain the spotlight ranges of buyer satisfaction and 26% extra prone to obtain the very best ranges of speed-to-market.
- Build a fluid operation throughout capabilities: The report additionally discovered that corporations that use human and machine groups to empower expertise, unify workflow methods and platforms, in addition to design agile organizations are 28% extra prone to obtain the very best ranges of income development and 23% extra lily to attain the very best ranges of profitability development.
“Every business, within every industry, is now in uncharted waters – with new, complex challenges and opportunities coming at them from all sides and at pace. While growth is always the imperative, being and staying relevant is now harder than ever,” mentioned David Droga, CEO and Creative Chairman, Accenture Song. “To succeed in the new reality, companies will not only need to make bold, creative changes to how they best serve their customers. They’ll also need to do it at the speed of life.”
The report additionally gives examples of how some main organizations have adopted life centricity amid the complicated shifts within the relationship between companies and prospects. The full report will be discovered right here.
The “The Life Centricity Playbook: Proven Strategies for Growth Through Relevance” international analysis is the second in a year-long collection of analysis stories centered on serving to companies perceive life-centricity as their new strategy to long-term sustainable development and relevance. The first report, “The Human Paradox: From Customer Centricity to Life Centricity,” will be discovered right here.
These stories can be explored in Accenture Foresight, Accenture’s new thought management app, which gives a customized feed of the most recent stories, case research, blogs, interactive information charts, podcasts and extra. Visit http://www.accenture.com/foresight.
Research Methodology
To examine how corporations are responding to evolving — and sometimes paradoxical — calls for of consumers in as we speak’s quickly shifting world, Accenture carried out each govt surveys and a collection of govt interviews. The analysis included over 1,700 of the world’s main c-suite executives and was carried out between February and August of 2022. The examine’s individuals spanned throughout 14 nations and 19 industries.
About Accenture
Accenture is a worldwide skilled companies firm with main capabilities in digital, cloud and safety. Combining unmatched expertise and specialised expertise throughout greater than 40 industries, we provide Strategy and Consulting, Technology and Operations companies and Accenture Song — all powered by the world’s largest community of Advanced Technology and Intelligent Operations facilities. Our 721,000 folks ship on the promise of expertise and human ingenuity daily, serving purchasers in additional than 120 nations. We embrace the ability of change to create worth and shared success for our purchasers, folks, shareholders, companions and communities. Visit us at www.accenture.com.
Accenture Song accelerates development and worth for our purchasers by sustained buyer relevance. Our capabilities span ideation to execution: development, product and expertise design; expertise and expertise platforms; artistic, media and advertising technique; and marketing campaign, commerce transformation content material and channel orchestration. With robust consumer relationships and deep trade experience, we assist our purchasers function on the velocity of life by the limitless potential of creativeness, expertise and intelligence.
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