SEPTEMBER 21, 2023 - Accenture's latest China Digital Transformation Index reveals that only 2 of Chinese companies are currently executing comprehensive digital transformation strategies to sustn long-term growth. The study shows a gap in the industry as most firms fl to recognize digital transformation as an ongoing process and lack the holistic capabilities required for reinvention.

In its report, Chinese Companies Need to Reinvent Themselves to Drive Sustnable Growth, Accenture highlights that Chinese businesses are struggling with technology innovation, shifting consumer preferences, and external disruptions. To navigate these challenges effectively, organizations must embrace a strategic approach focused on transforming every aspect of their operations - not just benchmarking agnst competitors but striving for what is possible.

The Accenture China Digital Transformation Index is an industry-wide research tool designed to assess companies' digital maturity in China. Established in 2018, this year's iteration evaluates five core capabilities crucial for reinvention: strategy and innovation, operational optimization, digital core capability, sustnability integration, and talent empowerment.

Samantha Zhu, Accenture Greater China Chrperson, commented that the convergence of technology trs and evolving consumer expectations is increasing industry disruption and presenting new opportunities alongside challenges. To effectively respond to this dynamic environment, organizations must adopt a total enterprise reinvention strategy that focuses on continuous evolution.

The report outlines five key areas for action identified by the leading 2 of companies or 'Reinventors', which Chinese companies can prioritize to achieve sustnable growth:

1. Setting New Performance Benchmarks: Reinventors lead industry-wide strategies, setting and inspiring new performance goals beyond their current market position and competitors.

2. Integrating for Enterprise-Wide Transformation: Connecting people, processes, and data across the company to enhance value creation throughout the organization.

3. Building a Digital Core Infrastructure: Adapting to technological advancements by building cloud-centric frameworks, laying data foundations fordevelopment, ensuring seamless integration of tech platforms, and addressing cybersecurity threats.

4. Embedding Sustnability Into Corporate Strategy: Leveraging digital technologies to address environmental impacts such as energy management and measurement.

5. Empowering the Workforce for Future Needs: Reinventors prioritize talent strategy as a core driver for successful transformation, empowering employees with the necessary skills and tools.

Samantha Zhu also mentioned that companies embarking on total enterprise reinvention have opportunities to achieve greater success through creating 1.3 times more financial value compared to their competitors and enhancing sustnability impact by 32.

The Accenture China Digital Transformation Index is an evaluation framework for Chinese companies' digital transformation progress, upgraded annually to incorporate factors like technology advancements, consumer behavior changes, and climate action.

About Accenture

Accenture is a global professional services company that helps businesses worldwide build their digital core, optimize operations, accelerate revenue growth, and enhance citizen services by creating tangible value at scale. We are committed to being talent- and innovation-focused with over 732,000 professionals in more than 120 countries. Our technology-driven capabilities enable us to deliver on our promise of shared success across Strategy Consulting, Technology, Operations, Industry X, and Accenture Song.

We believe our success is measured by the value we create for clients through services, solutions, and assets that leverage our broad expertise in strategy, consulting, technology, and operations. Our culture supports this goal through innovation and collaboration to help organizations succeed while fostering trust and lasting relationships. We strive to build inclusive ecosystems that support social good alongside our business outcomes.

For more information on how we measure success by creating 360° value across the four pillars of our clients' journeys: digital core, operations optimization, revenue acceleration, and citizen services, visit us at https:www.accenture.com.

MediaAnalyst Contact:

Minjie Zha

Accenture [email protected]

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