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Trapped Value Key Findings ANZ

See how Australian businesses fare in a deep dive into unlocking trapped value.

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Trapped Value Key Findings ANZ

  1. 1. Copyright © 2018 Accenture All rights reserved. HOW TO UNLOCK THE VALUE OF YOUR INNOVATION INVESTMENTS Australian Findings
  2. 2. Copyright © 2018 Accenture All rights reserved. WE LIVE IN A WORLD OF GROWING TECHNOLOGICAL POSSIBILITIES 2 Combinatorial Innovations 51,000 Autonomous Vehicles expected to be sold in 2021, based on company announcements 100,000 Robots working alongside 341,400 humans in Amazon’s warehouses 129 MWh World’s largest lithium ion battery plant, constructed by Tesla and Neoen in South Australia Logarithmic Cost Reductions Of Advanced Technologies Cost index, 2002 = 100 Genome sequencing cost ($US/genome) Electric vehicle battery pack ($US/kWh) Global bandwidth costs (US$/1000 MBps) Global PV module prices ($US/W) Cloud storage costs ($US/GB per month) 100.0 .10 10.10 20.10 30.10 40.10 50.10 60.10 70.10 80.10 90.10 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 10.0 1.0 0.5 Commercial/military drone minimum prices ($US/unit) 3d printing machines ($US/machine) Source: Accenture Research estimates; IHS Markit; NY Times; WEF
  3. 3. Copyright © 2018 Accenture All rights reserved. THE FAILURE TO CONVERT POSSIBILITIES INTO REALITY RESULTS IN ‘TRAPPED VALUE’ 3 Enterprise Trapped Value exists when an economic opportunity is visible, yet currently unreachable (i.e., it cannot be unlocked by existing business models and capabilities). ENTERPRISE Consumer Trapped Value exists when there is a cost burden for the consumer (e.g., international call costs), or latent consumer surplus (e.g., monetising personally owned assets). CONSUMER INDUSTRY Industry Trapped Value exists when a few companies are reaping rewards where more could benefit, or where partnerships that accelerate innovation are not pursued. Societal Trapped Value exists when commercial activities fail to create benefits for the general public (e.g., reduced carbon emissions; job creation; water and food safety). SOCIETY
  4. 4. Copyright © 2018 Accenture All rights reserved. TECHNOLOGY-ENABLED INNOVATIONS CAN HELP CONVERT POSSIBILITIES INTO REALITY SoftBank’s Vision Fund, a Japanese Internet group’s technology fund, is targeting meaningful, long-term investments in companies and foundational platform businesses that seek to enable the next age of innovation. Their platform is now making it possible for organisations to build massive agent-based simulations in the cloud to inform and improve decision making. Tommy Hilfiger’s runway collections are instantly available through TommyNow, the company’s “see now, buy now” initiative. This initiative eliminates the standard six-month wait between the runway and retail. As soon as shows begin, shoppers can order items through the label’s digital platforms. To enable TommyNow, Hilfiger overhauled its production and supply chains, restructuring its relationship with global supply chain manager Li & Fung. Nike’s supply chains have become increasingly network powered. The company has been working with global manufacturer Flex since 2015 to automate its shoe manufacturing processes. By using advanced robotics and digitization, Nike can now produce a complete pair of uppers in just 30 seconds, with 30 percent fewer steps and up to 50 percent less labour. Loss of hearing effects over 3.5 million people in Australia. Cochlear has developed and is now trialling a fully implantable and waterproof hearing aid, enabling 24 hour hearing for users with impairments, alongside the ability to engage in activities such as showering and swimming, a luxury that previous devices have not been able to provide. Source: Accenture Research analysis, (1) Nike; (2) SoftBank Vision Fund; (3) Tommy Hilfiger; (4) Cochlear, HearNet 4 ENTERPRISE CONSUMER INDUSTRY SOCIETY
  5. 5. Copyright © 2018 Accenture All rights reserved. 5 A SMALL GROUP OF COMPANIES CONSISTENTLY RELEASE VALUE AHEAD OF THEIR PEERS Source: Accenture Research analysis, Trapped Value Survey. 1Respondents were asked ‘What do you expect the CAGR to be for Market Cap and NOPLAT, over time?’ This was intended to act as a proxy for Current and Future Value. We calculated the average CAGR for respondents from each industry. We then calculated the percentage of respondents that selected an option above their industry average. Companies that have grown and expect to grow Profits and Market Cap above their industry average % respondents, n=110 in Australia; n=840 globally OTHERS Self-reported growth of both NOPLAT and Market Cap at a CAGR in line with or below the industry average from 2012-17, and expected for 2017-22 HIGH GROWTH COMPANIES1 Self-reported growth of both NOPLAT and Market Cap at a CAGR above the industry average from 2012-17, and expected for 2017-22 6% 94% 14% 86% AUSTRALIA GLOBAL
  6. 6. Copyright © 2018 Accenture All rights reserved. HIGH-GROWTH COMPANIES ADOPT A DISTINCT APPROACH TO INNOVATION 6 Committing to invest more aggressively, over time, in truly disruptive innovation initiatives that have the potential to create entirely new markets. CHANGE ORIENTED Having the courage to apply innovation with greater intensity to reinvent existing ways of working, and thus achieve deep organizational change. OUTCOME LED Fostering innovation efforts across the business, and having the discipline to tie them rigorously to financial performance. DISRUPTION MINDED Their approach is: Copyright © 2018 Accenture All rights reserved.
  7. 7. Copyright © 2018 Accenture All rights reserved. AUSTRALIAN COMPANIES PLAN TO INCREASE THEIR UPTAKE OF INNOVATION PRACTICES CAUTIOUSLY 7 • The use of design thinking to develop products and services that revolve around customer experience • The creation of a virtualized workplace, adopting tools to ‘work anywhere’ • The use of strategic cost management techniques such as Zero Based Budgeting • Offer bespoke products and services at a significantly lower cost • Establish and work closely with network partners to develop a responsible supply chain 10% Australian companies most notably plan to adopt the following innovation practices We found that Australian companies apply – and plan to apply – less than half of them on average % of 49 practices that companies1 agreed will describe their organization “to a significant extent” 44% 49% Past 5 Years Next 5 Years Source: Accenture Research analysis, Trapped Value Survey. 1We identified Australian (n=110) respondents that agreed ‘To a significant extent’ to the majority of innovation practices that were mapped to a characteristic. For reference, global (n=840) respondents indicate a 42% adoption rate in the past (2012-17), alongside a 51% rate in the future (2017-22).
  8. 8. Copyright © 2018 Accenture All rights reserved. INNOVATION PRACTICES ENABLE HIGH GROWTH COMPANIES TO CHANGE HOW THEY DO BUSINESS 8 High-growth companies apply innovation practices to change their way of doing business more fundamentally, so they can become: TALENT RICH Creating new, modern forms of workforces (flexible, augmented and adaptive) to gain a competitive advantage in fast-changing markets. HYPER RELEVANT Knowing how to be and stay relevant by sensing and addressing customers’ changing needs. INCLUSIVE Adopting an inclusive approach to innovation and governance that incorporates a broader range of stakeholders. ASSET SMART Adopting intelligent asset and operations management to run businesses as efficiently as possible, and to free up the capacity for other innovative efforts. TECHNOLOGY PROPELLED Mastering leading-edge technologies that enable business innovation. DATA DRIVEN Generating, sharing and deploying data to deliver new product and service innovations safely and securely. NETWORK POWERED Harnessing the power of a carefully managed ecosystem of partners, to bring the best innovations to your customers. Discover the seven characteristics
  9. 9. Copyright © 2018 Accenture All rights reserved. AUSTRALIAN COMPANIES APPLY INNOVATION WITH LESS INTENSITY COMPARED TO OTHERS 9 Innovation practice intensity1 by characteristic, 2017-22 Australia (n=110) All Companies (Global; n=840) Source: Accenture Research analysis, Trapped Value Survey. 1We identified Australian (n=110) respondents that agreed ‘To a significant extent’ to the majority of innovation practices that were mapped to a characteristic. 37% 41% 32% 29% 33% 46% 52% 38% 50% 41% 38% 39% 53% 51% Hyper Relevant Network Powered Technology Propelled Talent Rich Data Driven Inclusive Asset Smart The survey tested for 49 innovation practices that underpin 7 key characteristics -9% -9% -9% +1%
  10. 10. Copyright © 2018 Accenture All rights reserved. 60% 59% 55% 5% 17% 12% Australia (n=110) High Growth Companies (Global) (n=118) All Companies (Global) (n=840) AUSTRALIAN COMPANIES APPLY INNOVATION LESS COMPREHENSIVELY THAN OTHERS 10 Number of characteristics companies expect to master1, 2017-22 Master all 7 Master 2-6 Master >1 Source: Accenture Research Analysis, Trapped Value Survey. 1We identified respondents that agreed ‘To a significant extent’ to the majority of innovation practices that were mapped to a characteristic; 2High growth companies self-report growth in Market Cap and NOPLAT at a CAGR above the industry median over 2012-17 and expect this continue from 2017-22. 65% 76% 68%
  11. 11. Copyright © 2018 Accenture All rights reserved. AUSTRALIAN COMPANIES THAT APPLY INNOVATION COMPREHENSIVELY EXPECT STRONG GROWTH 11 Number of characteristics companies expect to master1 and expected profit (NOPLAT) growth2, 2017-22 NOPLAT: % CAGR 2017-22 Accenture Research Analysis, Trapped Value Survey. 1We identified respondents that agreed ‘To a significant extent’ to the majority of innovation practices that were mapped to a characteristic; 2Respondents were asked ‘What do you expect the CAGR to be for Market Cap and NOPLAT, over time?’ They were given options in ranges (0%; 1-5%; 6-10%; 11-15%; 16%+). For each of the two groups, we determined what the most common response was (e.g. most of the companies that expect to master all 7 characteristics, self-reported expected NOPLAT as 6-10%). 6-10% Copyright © 2018 Accenture All rights reserved. Australia (n=110) All Companies (Global; n=840) 1-5% 83% 5% 72% 12% Between 1 and 6 Characteristics 7 Characteristics 1-5% 6-10%
  12. 12. Copyright © 2018 Accenture All rights reserved. ~20% OF AUSTRALIAN COMPANIES EXPECT TO AGGRESSIVELY INCREASE INNOVATION SPEND 12 Increase in financial investments in innovation; Australian companies vs. Global Sample No increase <25% 25-49% 50-74% 75% or more Source: Accenture Research analysis, Trapped Value Survey. Australian Companies (n=110) 56% 39% 35% 41% 7% 16% 2% 3% Past Future 2012-17 2017-22 Δ +10% (Future vs. Past) All Companies (n=840) 43% 27% 40% 43% 14% 22% 2% 7% Past Future 2012-17 2017-22 Δ +13% (Future vs. Past)
  13. 13. Copyright © 2018 Accenture All rights reserved. ALMOST HALF OF AUSTRALIAN COMPANIES FOCUS THEIR INVESTMENTS ON DISRUPTIVE INNOVATION 13 Focus of investment1 % respondents, (n=110 in Australia; n=840 globally) INCREMENTAL INNOVATION (50% or more of innovation investment) ▪ Focused on significantly enhancing features of an existing product or service ▪ Examples: serial model upgrades to smartphones or cars; new soft drink flavours DISRUPTIVE INNOVATION (60% or more of innovation investment) ▪ Focused on new commercial or scientific advances that create entirely new markets, with the potential to disrupt entire industries ▪ Examples: application of 3D printing in the home building industry; a new mode of transport such as Hyperloop 51% 62% 49% 38% Australia All Companies (Global) Source: Accenture Research analysis, Trapped Value Survey. 1Respondents were asked: ‘What percentage of your investment is directed towards incremental vs. disruptive innovation?’ They provided responses in 10% increments, between 100% incremental innovation, and 100% disruptive innovation. We then aggregated the responses for those that directed 60% or more to disruptive innovation, and 50% or more to incremental innovation.
  14. 14. Copyright © 2018 Accenture All rights reserved. 14 CHANGE-ORIENTED DISRUPTION-MINDED Tesla and Neoen have constructed the world’s largest lithium ion battery plant in South Australia, which will be used to provide reliable energy in an area inhabited by 1.7 million people where power outages and shortages have been the norm. OUTCOME-LED Nike has invested in a new internal structure as part of its Consumer Direct Offense strategy, creating an integrated design-to-delivery organisation that consolidates Categories, Design, Product & Merchandising. Source: Accenture Research analysis, (1) Ramsay Health Care & Vitalic Medical; (2) Nike; (3) Tesla and Neoen PUTTING INNOVATION TO WORK EXAMPLES Ramsay Health Care and Vitalic Medical have developed a non- invasive monitoring system that supports nurses and staff in hospitals by detecting early signs of patient deterioration and alerting staff of potential patient falls.
  15. 15. Copyright © 2018 Accenture All rights reserved. HOW TO PUT INNOVATION TO WORK ACTIONS TO TAKE NOW 15 Aggressively direct your investment capacity to innovations that help expand your footprint into new markets (e.g., using Blockchain to improve women inclusion in insurance). Organise differently for disruptive innovation initiatives (e.g., go beyond experiments, and turn those initiatives with the highest disruption potential – or your ‘moon shots’ - into new businesses). Identify which target characteristics (e.g., becoming hyper-relevant) are central to your growth strategy, and how intensely you are prepared to drive change across the organisation. Test and embrace multiple innovation practices to redefine the most established ways of doing business (e.g., automated legal contract preparation). Prioritise investments in those capabilities (e.g., acquisition of artificial intelligence companies) that you can bring back into your ‘core’ to help modernise the existing ways of working. Tie your innovation investments to the desired long-term performance (i.e., growth in revenue, profit, customer base etc.), not only to short-term efficiency benefits. BE DISRUPTION-MINDED…BE CHANGE-ORIENTED… BE OUTCOME-LED… TARGET ENTERPRISE TRAPPED VALUE RELEASE ENTERPRISE TRAPPED VALUE
  16. 16. Copyright © 2018 Accenture All rights reserved. ABOUT THE RESEARCH 16 STEP ONE: Financial Analysis 14 Industries • Life Sciences • Chemicals • Electronics & High Tech • Software & Platforms • Media & Entertainment • Consumer Goods & Services • Retail • Construction & Engineering Products • Automotive • Industrial Equipment & Machinery • Telecom • Utilities • Energy • Metals & Mining Australian Sample Characteristics COMPANY SIZE BY REVENUE RESPONDENTS’ ROLE1 To understand the characteristics of companies that successfully release Trapped Value, we fielded a survey in September and October 2017. The survey was sent to executives at 840 of the world’s largest multinationals, and was grouped into three parts: the first gathered demographic and financial information on the sample; the second tested their approaches to innovation; and the third tested the extent to which they applied 49 innovation practices, identified as underpinning Trapped Value release based on an extensive literature review. We analysed the growth of current operations (Current Value) and investor expectations (Future Value) of 995 of the largest companies by revenues across 14 industries form 2000-16. This analysis showed that few companies successfully release Trapped Value. STEP TWO: Survey Analysis 2% 11% 28% 57% 2% $50b+ 30-50bn 10-30bn 1-10bn 0.5-1bn 23% 47% 19% 11% Innovation Operations Strategy Finance
  17. 17. Copyright © 2018 Accenture All rights reserved. TELL ME MORE 17 Omar Abbosh Group Chief Executive Communications, Media and Technology omar.abbosh@accenture.com Paul Nunes Global Managing Director of Thought Leadership Accenture Research paul.f.nunes@accenture.com Dr. Vedrana Savic Managing Director of Thought Leadership Accenture Research vedrana.savic@accenture.com Michael Moore Senior Principal, Thought Leadership Accenture Research m.p.moore@accenture.com VISIT:READ: WEB SCREEN GRAB
  18. 18. Copyright © 2018 Accenture All rights reserved. ABOUT ACCENTURE RESEARCH Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 442,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com. Accenture Research shapes trends and creates data-driven insights about the most pressing issues global organizations face. Combining the power of innovative research techniques with a deep understanding of our clients’ industries, our team of 250 researchers and analysts spans 23 countries and publishes hundreds of reports, articles and points of view every year. Our thought-provoking research – supported by proprietary data and partnerships with leading organizations such as MIT and Singularity – guides our innovations and allows us to transform theories and fresh ideas into real-world solutions for our clients. Visit us at www.accenture.com/research. ABOUT ACCENTURE Copyright © 2018 Accenture All rights reserved. 18

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