July 24, 2023
2 min
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The Digital Divide: Do digitally advanced businesses perform better?

“Many CFOs are using Excel for complex tasks at a time when they are being asked to do more with less cost. An Excel financial model becomes quite complex over time, and it’s easy to break.” – WSJ

Where are we now?

  • 93% of CFOs agree that the responsibility they’ve been entrusted with today feels much greater than in the past
  • 67% of CFOs feel paralyzed at times by the number of decisions and volume of choices they need to make
  • 95% of companies have only begun to apply digital technologies throughout the enterprise
  • Mid-sized enterprises are spending on average $420,000 per year on their technology investment
  • Digital latecomers are 8x more likely to have stagnant revenues vs digitally advanced firms
  • 81% of digitally advanced firms are growing > 10% per annum

What is holding us back?

  • 62% indicated implementing technology is the biggest obstacle
  • 42% stated they believe the ability of their staff to adapt is an obstacle
  • 23% of digital latecomers said the cost of technology is a barrier vs 4% of digitally advanced firms

Where do we go from here?

  • Make Decisions at Speed - Effective reinvention means making complicated, interrelated decisions at speed. Business complexity can be transformed into digital systems to drive greater value, providing CFOs and management teams real time forecasts and predictions so they can make the right call.
  • Use a Wider variety of Strategies - Digitally advanced businesses innovate more to differentiate themselves; launching new products, revising their strategic planning, or merging/acquiring another company by a factor of 10x vs their digital latecomer peers.
  • Turn to the Cloud - Digital technologies continue to decrease in cost, while user experience continues to simplify. Cloud computing provides access to the latest technologies without having to invest in additional IT infrastructure or resources dedicated to maintenance and updates.


https://www.accenture.com/ us-en/ insights/ consulting/ cfo-decision-paradox-success-paradigm





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