Accenture Strategy, a professional services company that operates the intersection between business and technology, as has released a report titled “Digital Disruption: the Growth Multiplier,” detailing how optimized digital skills and technologies could generate extra $2 trillion for world economies by 2020.
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The Accenture Strategy report links digital skills and technologies to over one-fifth of global gross domestic product (GDP) obtained one way or the other from digital operations, capital and goods and services.
The new study examined economies of scale in 11 major countries as they relate to digital activities, and found that dependence on digital technologies to perform job and business skills add to the value of GDP for many nations that have improved hardware and software digital technologies.
The authors of the study link 22% of world economic output to digital economy of skills and capital assets, with the United States being the most digital economy in the world with 33% of its economic output reliant on digital investments.
“Businesses and governments are turning to digital to secure faster growth amid an uncertain global economic outlook, but the size of the digital economy is no guarantee of growth,” said Mark Knickrehm, group chief executive, Accenture Strategy.
“Organizations need to act aggressively in shifting the focus of their digital talent and technology from making efficiencies to creating entirely new business models. That requires not just greater digital investments, but broader organizational and cultural transformation in order to yield the greatest returns,” Knickrehm added.
According to the Accenture Strategy report, companies operating within any country must raise their Accenture Strategy Digital Density score to be able to produce high growth rates. This score measures the extent to which businesses and economic activities in any country are impacted by digital technologies and skills.
The authors of the report explain that “a 10 point increase in the overall digital density of the US economy would result in a $368 billion uplift to 2020 GDP, 1.8 percent higher than current forecasts. Accenture Strategy however measures that an optimal combination of improvements to digital skills, capital and other accelerators could lift US GDP by an even greater $421 billion by 2020, representing a 2.1% boost.”
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To this extent, Brazil has the greatest opportunity for improving its average digital performance by 6.6%; Italy by 4.2%; China by 3.7%; and Japan by 3.3%.