Why did Accenture Stock rise 24% in 2020? Leadership, talent, digital and focus— and with record earnings for its software products and services, management has just increased their fiscal 2021 outlook from 2%-5% to 4%-6% revenue growth.
Sitting as Number 279 on the Fortune 500 list and about $43 billion in annual revenue, Accenture is one of the world's largest consulting companies, with over 500k employees companies, helping over 6k clients in over 120 countries reboot their businesses and brands. Today, the company has over 4.8k patents and about 2.5k pending, with a very robust partner network of nearly 200 organizations worldwide, while growing their digital footprint through high-profile acquisitions like the agency Droga5.
Rotating to the New - Digital
Since Julie Sweet became CEO of Accenture a lot has changed under her remarkable leadership, from transforming their market approach and culture to reinvigorating their service platforms and brand. Today, 70% of their business has rotated to the "New": digital, cloud and security, all supported by Accenture's biggest brand relaunch in a decade, spearheaded by Accenture’s dynamic CMO Amy Fuller, who joined us for an episode of the Reboot Chronicles to talk about what’s new and what’s next.
Speed, Scale and Agility
During the 2020 pandemic, consumers have moved dramatically toward online channels, and companies and industries have responded in turn. Today, more than ever, organizations have to accelerate the pace of transformation to supplement and further strengthen their relationships with clients. Most of the companies who have overseen a digital transformation were fraught with challenges: they wish they had - and could have- moved faster. We see companies that emerge stronger from the crisis are those that innovate through it, using the current crisis as an opportunity to transform their company digitally. In short—2020 lit a fire under corporates and acceleration has been good for Accenture and a few of their peers.
The rapid shift to working from home is a good example. A vast number of companies were forced to move to digital channels and communication platforms, like Microsoft Teams, to work remotely. Accenture, for instance, has converted more than a million NHS people in a matter of days - onto Teams. Similarly, retailers are going through the “digital makeover” to adjust according to customer changes and preferences. Grocery delivery is now the norm for many people who wouldn’t bother in the past. In light of this, Walmart, for the first time, activated and scaled curbside pickup at a mass scale.
With Accenture’s deep industry knowledge, they have discovered recently that the problem lies in understanding how humans interact with technology. And for many clients, the biggest concern was how to interact with advanced technologies and make the most of it. In a world of uncertainty, businesses have to deliver promises of consequence that drive everyone's purposeful change through experiences. Accenture Interactive, the consultancy giant's agency arm, connects deep human and business insights with the possibilities of technology to define and deliver new experiences that can make lives more comfortable and more rewarding.