Report warns of innovation barriers
"Region lacks culture of failure," - report co-author Xavier Anglada.
ACCENTURE HAS RELEASED its Accenture Middle East Innovation Maturity Index at GITEX Technology Week. The report measures ‘trapped value’ — i.e., the value that businesses could be releasing or sharing if they could change faster and more fundamentally to capitalise on technology-enabled innovations and avoid industry disruption.Accenture estimates that there is US$578 billion in trapped value across the Middle East region.
“This value will remain trapped unless the large players change gears,” warned Xavier Anglada, head of Accenture Digital, Middle East.
For instance, 80% of executives surveyed said that they expect their industry to be disrupted by new innovations in the next three years, and more than two-thirds (71%) said they are not confident that their companies’ innovation efforts are positioning them to overcome future disruption.
However, the report identifies a small group of companies that are innovating successfully. These ‘innovation champions’ account for the top 7% of companies on Accenture’s Innovation Maturity Index. “This small group of innovators is winning the game by doing things differently,” Anglada.
Contrary to popular opinion, innovators do not necessarily need to be digital or internet players. There are already large players that are on this journey. Accenture describes innovation as an industrialised way to bring ideas into the full scale market. In this process, about 80% will lose on their idea. “This is one of the challenges we are finding in the Middle East, where there’s no culture of failure,” Anglada said