Today’s business environments involve continual change—in opportunities, partnerships, pressures, and technology. It’s difficult though for organizations to adapt quickly when their digital systems can’t easily interact and exchange data. Complex tech stacks and incompatible legacy systems act as speed bumps, requiring employees to use manual workarounds and navigate disparate interfaces and datasets.
As new technologies emerge and the number of enterprise applications continues to climb, interoperable technologies that enable applications to easily interact with each other are quickly becoming a strategic priority. When enterprise applications are designed to work well together and share data seamlessly, organizations are able to move at the speed of business. And teams across the organization, especially the core functions of finance and human resources (HR), no longer have to spend time managing the interoperability of data before analyzing and acting on it.
An Accenture report based on an international, cross-industry survey of over 4,000 C-level executives, reveals a new business reality: “compressed” transformation. Over the last several years, 1 in 2 enterprises underwent compressed transformation—meaning the company either carried out a single large transformation faster than ever before or managed multiple transformations in parallel. In other words, the report gives facts to the generally held feeling that organizations are now experiencing more and faster change.
Interoperability not only enables compression in transformation at both speed and scale, but also leads to significant, quantifiable business outcomes, Accenture’s research shows. After achieving a higher level of interoperability, companies gain greater efficiency, agility, and productivity, as well as improved customer and employee experience, value, and growth.
Consider, for instance, just a few of the study’s eye-opening stats. High-interoperability companies unlocked 82% additional revenue over five years and grew revenue six times faster than their low-interoperability peers. Higher interoperability also freed up nearly two hours per week for employees, who no longer had to spend time toggling between applications. And high-interoperability companies were 15% more likely to improve the customer experience and 11% more likely to sustain compressed transformation.