How to Win in the New Era of Business: Three Strategies for Unconventional Growth

The world is changing faster than ever, and businesses need to adapt or risk being left behind. Geo-political uncertainties, operational complexities, and disruptions are creating new challenges and opportunities for companies across the globe. But how can they seize these opportunities and achieve sustainable growth in the face of volatility?

Accenture’s recent research report, “Winning the Unconventional Growth Race: Preparing for Future Opportunities in Volatile Times,” reveals some surprising insights into how business leaders are planning to grow their revenues by 2025. The report surveyed 1,200 large companies from Asia Pacific (APAC), South Africa, the Middle East, and Latin America, and found that 73% of them are confident in their ability to achieve double-digit growth despite the uncertainties. In APAC specifically, where the study encompassed countries such as India, China, Japan, Australia, Thailand, Indonesia, Singapore, Malaysia and the Philippines, an even higher level of optimism was observed.

In APAC, 91% of respondents expressed their intention to pursue growth opportunities in unconventional markets, including the developing green economy and underserved sectors, by 2030. Furthermore, over half of the participants (53%) believed that entering these unconventional markets would be crucial for their organizations to establish themselves as market leaders.

This positive sentiment is not exclusive to Accenture’s research findings but is also reflected in the Q1-2023 Business Expectations Survey conducted by the Bangko Sentral ng Pilipinas (BSP) in the Philippines. The BSP’s survey reveals that businesses in the Philippines are experiencing increased optimism this year due to higher consumer demand, the full reopening of the economy, and expanded business activities. The survey’s business outlook index indicates that 61.9% of respondents are more upbeat about the next 12 months, compared to 46.2% in the previous survey.

While the survey results highlight the prevailing optimism among business leaders, it is important to note that only a mere 11% of companies in APAC are currently taking the necessary steps to realize opportunities in unconventional growth areas. These pioneering organizations are rewriting the rules of growth and have identified three key strategies for success.

Firstly, these companies are harnessing the power of advanced technology, such as artificial intelligence (AI), data analytics, and cloud computing, to expand into new markets. They understand that leveraging these technologies is crucial for growth-oriented activities and are twice as likely to use AI, data, and cloud for such purposes by 2025. By integrating technology from the outset, these organizations create breakthrough solutions and generate new lines of business.

Secondly, the leading companies are unlocking multiple forms of value, not just for themselves but also for society, their partners, and the environment. While 87% of APAC executives recognize the importance of non-financial forms of value creation, such as societal and environmental benefits, the pioneering 11% are actively measuring multiple non-financial value forms. By doing so, they can create more jobs, tailor services for underserved communities, and foster economic opportunities for small local suppliers and minority entrepreneurs.

Accenture itself exemplifies this approach through its 360° Value Reporting Experience, which captures the company’s unique value across dimensions like sustainability, talent, inclusion & diversity, client experience, and financial performance.

Lastly, forward-thinking companies are broadening their ability to innovate by prioritizing sustainability and forming unconventional partnerships. A notable example of this approach is Packetworx, a technology social enterprise based in the Philippines. Through its innovative IoT solutions, Packetworx helps monitor weather conditions, flood levels, and air quality, enabling effective disaster prevention and mitigation. Accenture and Microsoft partnered with Packetworx to design a solution under Project Amplify that utilizes digital twin technologies to simulate sensors, waterways, bridges, and physical establishments for flood monitoring and disaster management.

In light of these findings, Ms. Ambe Tierro, Country Managing Director and Technology Lead at Accenture Philippines, emphasizes the importance of building a digital core using cloud, data, and AI to achieve business resilience and seize new opportunities.

“At Accenture, we see sustainability as one of the five key forces driving the success of businesses and believe that organizations must build a digital core using cloud, data and AI so they can build business resilience and harness new opportunities. Our research shows that businesses in the Philippines, recognize the importance of expanding into unfamiliar areas such as the green economy and underserved markets and we look forward to partnering with them to unlock not only financial value, but also benefits for society and the environment.”

As businesses navigate the evolving landscape, it is clear that success lies in embracing innovation, leveraging advanced technologies, and creating sustainable value. Organizations that dare to venture into unconventional markets and adopt a holistic approach to growth will position themselves as leaders in the ever-changing business landscape of the future.