The following is the 70% of the Chinese enterprises interviewed believe that China’s market will be V-shaped recovery From Research on global corporate executives of Accenture recommended by recordtrend.com. And this article belongs to the classification: Industry information.
After the shock in 2020 and the continuous impact of the epidemic, what are the expectations of enterprises for the market, industry and themselves, and what changes and actions will they take? In the latest research by Accenture, more than 4000 executives around the world shared their views on market recovery, digital transformation, technology application, organizational change and other aspects.
Globally, executives expect a U-shaped or V-shaped recovery in most markets. Thanks to the epidemic prevention and control and economic stabilization, Chinese enterprises in the new development pattern have the most optimistic expectations and the most confidence to achieve the growth goal. But at the same time, global executives are still worried that there will be a K-shaped recovery around the world, which will hinder inclusive growth.
There is no doubt that enterprises are taking many measures to accelerate the process of digital transformation, including short-term and long-term investment in the field of digital transformation, as well as business practice focusing on sustainable development. From the perspective of technology, the investment focuses on cloud computing, artificial intelligence, Internet of things and network security; from the perspective of enterprise organization, providing further learning opportunities, skill upgrading and remote collaboration in an increasingly digital environment will be the focus of enterprises’ current and future actions.
The epidemic has not affected enterprises’ pursuit of innovation. Executives hope to increase investment in innovation activities. Many companies are looking for real disruptive innovation to achieve recovery goals and embark on the road of long-term growth.
The main findings are as follows:
70% of the Chinese executives interviewed said that in their industries, there will be a V-shaped recovery in the Chinese market in the next year, compared with 37% of North American executives and 27% of European executives. At the same time, the vast majority (91%) of Chinese executives believe that their companies will achieve the set growth target in 2021, which is less than half of European and American companies.
More than 60% of Chinese executives said that facing European and American enterprises, Chinese enterprises will become more competitive than before. In contrast, 40% of North American executives and 45% of European executives said that their markets will not be as competitive as China’s after the epidemic.
Chinese executives believe that breakthrough innovation, digital transformation and new user demand will be the three major factors affecting the strategy of enterprises in the next three years. In the short term, Chinese enterprises say that they need to invest in digital technology, build a more resilient supply chain and launch new products and services within six months to achieve the business growth target of 2021.
Chinese enterprises list output slowdown, insufficient capital investment and lack of innovation ability as the three main obstacles to corporate recovery. Other challenges include uncertain global supply chain networks and pressure to control costs.
In order to improve corporate culture and team building to adapt to a more digital and agile business environment, the three major initiatives that Chinese executives choose are: implementing a more flat decision-making and governance process, building a digital foundation with ecological partners, and providing learning and technology upgrading channels.
Enterprise executives have clearly realized the importance of comprehensive application of technology. According to the global survey data, nearly half (49%) of the enterprises interviewed have improved the application scale of cloud related technology and artificial intelligence technology. At the same time, artificial intelligence, cloud computing, network security and Internet of things have become the key technology areas of enterprise investment.
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