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The dual strategy of enhancing competitiveness From Accelerated recovery in Europe

The following is the The dual strategy of enhancing competitiveness From Accelerated recovery in Europe recommended by And this article belongs to the classification: Investment & Economy, research report.

Accenture has released a new report, “accelerating recovery in Europe: a dual strategy that will enhance competitiveness.” European business leaders hope to return to pre pandemic profit levels within an average of 18 months.

The survey found that the covid-19 crisis led to differences in the resilience and growth prospects of European companies

Half (49%) of European companies reported a decline in revenue or profits in the past 12 months, and no improvement is expected in the next 12 months.

One in five European companies (19%) performed well before the pandemic, but now expect negative revenue or profit growth in the next 12 months. The report calls these companies “fallen angels.”.

One third of European companies (32%) expect to achieve profitable growth in the next 12 months, and the report calls them “leaders of tomorrow.”.

Companies leading in digital adoption and sustainable practices are nearly three times more likely to be “leaders of tomorrow” than others.

Nearly half of European companies (45%) are prioritizing investments in digital transformation and sustainability. Specifically, 40% of enterprises plan to invest in artificial intelligence, 37% plan to invest in cloud computing, and 31% of respondents are rebalancing their investments to focus more on sustainable business models.

The growth target for 2021 is full of uncertainty

Less than half of European companies (45%) expect to achieve their growth targets for 2021. Respondents from the UK, France and Germany were the most optimistic, with 59%, 52% and 51% respectively expecting to achieve the 2021 target. Italy and Spain were the most pessimistic, with only 34% and 31% of respondents expected to achieve their growth targets in 2021.

Accenture proposed that European companies must take several strategic steps to overcome these obstacles and successfully carry out dual transformation:

Foster ecosystem based business models driven by sustainable development and supported by technology.

Integrate resources and extend technology application to sustainable practice.

Leadership, empowerment and training.

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