Bringing in Digital Skills and Technology will Generate Additional Global Economic Output
Based on a new study by Accenture, optimizing the use of digital skills and technologies will generate around $2 trillion of additional global economic output by 2020. The study also showed the vast role digital plays in the economic activity, with one fifth of the world’s gross domestic product attributes some form of digital skill, services, capital and goods. The Acccenture Strategy report, Digital Disruption the Growth Multiplier has provided a new and comprehensive measure of the scale of the digital economy in eleven major countries. Estimated value ass to the gross domestic product by hardware, software and related technologies and workers that need these digital assets to do their work. It calculates the value of intermediate digital goods and services used in production.
Accenture is one of the leading global professional services company the provides a broad range of services and solutions in consulting, digital, strategy, technology and operations. The company employs more than 373,000 people that serves clients in more than 120 countries
More than one fifth or around 22 percent of the world output is linked to digital economy of skills and capital. With U.S. the most digital economy with existing digital investments accounting for 33 percent of the output. Forty three percent of the labor force in the US and twenty six percent if accumulated capital is capable of supporting digital related activity. Digital economy in other markets depends for more than 30 percent in the UK and 10 percent in China. Businesses and government are turning to secure faster growth even with uncertain global economic outlook, although the size of the digital economy has no guarantee of growth.
Organizations must act aggressively and shift its focus of their digital talent and technology from making efficiencies in creating entirely new business models that will require a greater digital investments but a broader organizational and cultural transformation to yield the greatest returns.