MIDDLE EAST INNOVATIONMATURITY INDEX

LEADING INNOVATIONReimagining the future

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In 2019, disruption remained a significant, and growing, challenge for companies and industries across the Middle East. Though executives in the region are aware of the threat posed by disruption, they are poorly prepared to face it.

When Middle Eastern companies do respond to disruption, they tend to do so with excessive caution: a timid response - or no response at all - to disruption could cost the region’s firms up to $578 billion in lost enterprise value.

To manage disruption successfully, most Middle Eastern companies need to innovate more.

There are, however, some happy exceptions. These “Innovation Champions” have adopted organizational structures and practices that are allowing them to “supercharge” their innovation. And, despite their differences, such firms share an uncanny ability to use data as a strategic asset, thereby powering their wise pivots to the future.

These leaders are also working towards the perfect synchronization between technology and humanity with greater intensity, and are acknowledging how they complement one another to thrive in the technology economy.

THE ROADMAP FOR DATA-DRIVEN INNOVATION

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CONTENTS EXECUTIVE SUMMARY................................................................................................................... 4

WHY PLAYING IT SAFE IS RISKY.................................................................................................... 5

WHAT INNOVATION CHAMPIONS DO DIFFERENTLY.................................................................... 7

CLOSING THE DATA VALUE GAP.................................................................................................. 14

DISRUPT, OR BE DISRUPTED........................................................................................................ 22

ABOUT THE RESEARCH............................................................................................................... 23

Xavier currently leads Accenture’s Digital businesses and innovation across the Middle East region. He is responsible for supporting clients as they take advantage of the digital technologies transforming the way people work and live (i.e. AI, IOT, Blockchain, etc. across all industries).

Mounir is Managing Director, Applied Intelligence for the Middle East region. Mounir works with CxOs and senior government officials, bringing a unique background in data analytics, data-driven strategy and technology to drive innovation. He worked in the Gulf region with predominant focus on the UAE and Saudi Arabia for the past 15 years.

Xavier Anglada Managing Director Accenture Digital LeadMiddle East

Mounir ArissManaging Director Applied Intelligence Lead Middle East

AUTHORS

Yusof leads Accenture’s strategic research geography business globally. His core focus is to help and guide Accenture and its clients to lead in the NEW by supporting strategic decision making with data and insights, as well as guiding market positioning through thought leadership. He has co-authored several thought leadership papers on business and social related topics which can be accessed on the Africa Observatory.

Yusof SeedatThought Leadership Director,Accenture Research

ABOUT THE AUTHORS

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EXECUTIVE SUMMARYEntrepreneurial innovation, observed the economist Joseph Schumpeter, is the driving force behind most business disruption.

Today, digital technologies are powering disruption in every corner of the world. Digital disrupters—at Accenture, we call them Innovation Champions—come in all shapes and sizes. But a trait they share is the ability to innovate better than their rivals.

Innovation Champions use data, digital technologies and new ways of working to execute “wise pivots”—that is, growing and transforming their core business even as they build new ones.

Among Middle Eastern companies, disruptive innovation is in short supply, alas. Accenture’s Innovation Maturity Index, which assesses how companies throughout the world fare on broad measures of innovation, finds that only 7 percent of the region’s firms qualify as Innovation Champions. Still, there are reasons for optimism.

In this year’s ratings, Middle Eastern firms did improve their collective innovation scores slightly over 2018. More importantly, the success of the region’s champions offer valuable lessons to the region’s many innovation laggards. Essential to that success is their ability to turn data into value—a necessity that is being recognized by a growing number of Middle Eastern companies.

Key to the success of the region will be the ability of companies to be able to leverage data as the force to establish a virtuous cycle of growth as well integrate the work of humans and machines at a scale sufficient to drive meaningful productivity.

The roadmap discussed in the second half of this paper can guide firms, in the region and beyond, on their data-driven innovation journeys.

WHY PLAYING IT SAFE IS RISKYDisruption is an unavoidable challenge for companies and industries throughout the Middle East. Accenture estimates that $578 billion in enterprise value across the region is at risk of being disrupted away (Figure 1).

Figure 1: Exposure to Disruption, by Industry

Our Innovation Maturity Index 2020—based on a 2019 survey of 200 C-suite executives, situated in Saudi Arabia and the United Arab Emirates (U.A.E), that gauged their respective companies’ adoption of innovation structural processes and practices—together with a previous Accenture analysis of 277 Saudi Arabian and U.A.E. companies (for more, see “About the Research” at the end of this paper) finds that Middle Eastern business leaders are well aware of the threat posed by disruption, even as they do little to prepare for it.

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Of the executives we surveyed,

said that they expect their industry to be disrupted in the next three years by new innovations. At the same time,

This growing preoccupation with disruption among Middle Eastern executives aligns with previous research by Accenture, which found that mentions of “disruption” in public earnings calls by Middle Eastern companies increased six-fold during 2015–18.

of respondents were not confident that their companies’ innovation efforts are positioning them well to overcome future disruption.

Almost two-thirds of respondents in our Innovation Index reported either that:

(1) they continue to compete in their legacy business using mostly traditional approaches; or

(2) they only recently started transforming their legacy business into new business.

In addition, 73 percent of respondents said that their companies’ spending on innovation is targeted at incremental, not disruptive, improvements (i.e., enhancing existing products or services rather than creating new markets). These sorts of timid responses to disruption are a recipe for stagnation, or worse.

Our Index also indicates a widespread reluctance among Middle Eastern firms to invest in innovation. For example, 85 percent of respondents declared that their companies allocate less than 25 percent of their total investments toward spending designed to boost innovation. And 79 percent said that they expect their companies’ current low levels of investment in innovation to continue for the next five years.

History suggests that nearly all fundamental business disruption is caused by entrepreneurial innovation. The history books are also filled with examples of firms that went from being instigators of disruption to victims of it. Consider Nokia, whose global domination of the mobile phone industry ended abruptly when the company failed to anticipate the smartphone revolution. Because failing to innovate enough leaves firms vulnerable to disruption, playing it “safe” is, in fact, very risky.

Almost two-thirds of the companies we surveyed remain committed to competing in their legacy businesses using traditional tactics.

What, then, is holding Middle Eastern companies back from translating awareness of disruption into positive action? Complacency appears to be a big part of the problem.

Executives are aware of the threat of disruption but are not prepared for it.

80%

71%

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WHAT INNOVATION CHAMPIONS DO DIFFERENTLYIf innovation is the antidote to disruption, how should companies, in the Middle East and elsewhere, go about producing more of it?

A 2017 Accenture study surveyed executives at 840 high-growth multinationals. It found, among others, that:

(1) 82 percent of such companies had implemented three formal structures to encourage innovation, and

(2) 90 percent had adopted seven innovation-focused practices.1

Bringing together the results of this survey with additional literature reviews and case-study analysis, we developed our Innovation Maturity Index, which assesses companies’ level of innovation through the structures (the “innovate by design” category in Figure 2) and practices that they adopt. (Though the Index evaluates firms based throughout the world, this paper focuses on innovation results for companies whose businesses are concentrated in the Middle East.)

Figure 2: Innovation Maturity Index

PILLAR 1

INNOVATION PRACTICES

INNOVATE BY DESIGN

INNOVATION MATURITY INDEX

PILLAR 1 PILLAR 2

Technology Propelled

Innovation Architecture

Innovation Strategy

Innovation Culture

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ARCHITECTUREHigh-growth firms create clear processes for moving innovation from ideation and R&D to mass-market commercialization. And they deploy both internal and external innovation capabilities.

CULTUREHigh-growth companies reward creativity, ideation and new thinking.

STRATEGYHigh-growth firms aim for disruptive advances, not just incremental improvements. They tend to build concentrated innovation functions, not dispersed teams. And they almost always quantify their innovation, while balancing it between old and new.

DATA-DRIVEN The most innovative firms generate, share and deploy data to deliver product and service innovations safely, securely and efficiently.

HYPER-RELEVANT They become—and stay—relevant by sensing and addressing customers’ changing needs.

Let’s begin with a brief overview of the structures:

Next, consider the practices:

2019 saw marginal improvements in index scores, however a sharp divide exists between those on the winning side of innovation and those being disrupted by it.

1 2 3

INCLUSIVE They adopt an inclusive approach to innovation and governance that incorporates a broad range of stakeholders.

ASSET SMART They manage assets and operations as efficiently as possible to free up capacity for innovation.

TALENT-RICH They create flexible, artificial intelligence-augmented workforces to gain a competitive advantage in fast-changing markets.

TECHNOLOGY-PROPELLED They master leading-edge technologies that enable innovation.

NETWORK-POWERED They harness the power of ecosystem partners to bring the best innovations to customers.

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INSIDE THE INNOVATION INDEX

Accenture’s Innovation Maturity Index measures companies’ ability to innovate, in support of their journey to the new. In 2019, Middle Eastern companies saw their scores increase over 2018 (from 56 to 58 out of 100 in the “Overall Region” category). Yet the scores of the region’s Innovation Champions—the 7 percent of companies who earned top marks for innovation—rose even more (from 73 to 76), highlighting the widening divide between those on the winning side of innovation and those being disrupted by it.

Here’s a brief overview of the Index’s 2019 scores (Figure 3 highlights some of the biggest changes).

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Figure 3: Highlights from the Innovation Maturity Index

Innovation Maturity Index Scores (out of 100) Overall Region

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In the innovate by design category, positive trends included an 8-point increase for companies’ innovation cultures, as firms shrewdly attached more importance to managing innovation through their senior leadership.

Companies also boosted their scores for innovation architecture (up 5 points), as they relied more on “crowdsourcing” ideas, on solving innovation challenges through external platforms, and on investing in R&D. Negative trends included a big decline in companies’ scores for innovation strategy (down 11 points), as firms misguidedly focused more on incremental innovation, and on unlocking new business value (rather than performing wise pivots by unlocking value in both new and old businesses).

In the innovative practices category, positive trends included a rise in companies’ data-driven scores (up 15 points), as they announced plans to boost their use of data and analytics over the next five years. Negative trends included a decline in companies’ inclusiveness scores (down 8 points), as they misguidedly placed less emphasis on keeping up with their customers’ evolving tastes (such as to develop more responsible supply chains). Companies’ asset-smart scores declined as well (down 6 points), a result of fewer companies passing up the opportunity to rent (or lease) assets, both now and in the near future.

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Middle Eastern companies that excel at innovation set themselves apart in at least three ways:

THEY PURSUE WISE PIVOTS In our research, 71 percent of Innovation Champions use innovation to unlock value in new businesses while revitalizing their core business (compared with a 41 percent rate for less innovative firms). Indeed, champions invest 1.8 times more than their peers to transform their core business; they invest 1.6 times more to grow their core business; and they invest 3.0 times more to scale new businesses (Figure 4).

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Level of investment confidence by change activity:Champions over rest of the market.

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Figure 4: Innovation Champions Pivot Wisely

INNOVATION CHAMPIONS DO THINGS DIFFERENTLY

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THEY PRIORITIZE FORMAL INNOVATION STRUCTURES In the areas of culture and architecture, Innovation Champions enjoy large advantages (18 and 31 points, respectively) over less innovative firms (Figure 5).

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Figure 5: Champions Prioritize Formal Innovation Structures

Innovation Champions 85

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Figure 6: Champions Excel in Their Innovation Practices

Innovation Practices Index Scores (out of 100)

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THEY ADOPT FIRST-RATE INNOVATION PRACTICES In the seven practice categories, Innovation Champions enjoy, on average, a 20-point lead over their peers (Figure 6). Champions particularly excel at being data-driven, earning a score of 89 points, on average. In the last five years, champions have significantly improved their data-driven prowess, and they have even more ambitious plans for the next five years.

These leaders acknowledge being data-driven as the alpha trend that enables all other innovation practices, which in turn leads to the generation of more data to power organizational insights creating a virtuous cycle of growth.

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Champions differentiate themselves in all of the innovation practices but stand out the most in their ability to be Data Driven.

CHAMPIONS SCORE CHANGE FROM 2018

CHAMPIONS SCORE CHANGE FROM 2018

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CLOSING THE DATA VALUE GAPIn 2019, Middle Eastern companies collectively improved their data-driven scores on the Index. The key contributor to that increase were widespread commitments—among champions and non-champions alike— to derive more value from their data. Doing so will not be easy: less than a quarter of firms expressed confidence in their ability over the past five years to leverage data and analytics to discover insights, make recommendations and influence customers.

Fortunately, the ongoing, exponential growth in data offers opportunities for companies to deliver value to customers like never before. Consider that, in the past 10 years alone, the world saw the birth of 90 percent of the data ever created. By 2025, experts predict that 175 zettabytes (equal to 175 trillion gigabytes) of data will have been created—or more than 10 times the data that existed in 2017.2

24%of companies in the Middle East are able to realize value from data

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Figure 7: The Data Value Gap

Companies that suffer from a persistent data value gap are unlikely to be innovative, or to have the capacity to make wise pivots. Indeed, the highest scoring innovation practice for Innovation Champions on our Index was earned for being data-driven (89 points). In short, closing their data value gaps will help Middle Eastern companies go a long way to reaching their innovation potential, especially in areas such as artificial intelligence (AI).

Though the world may be deluged by data, companies in all regions are failing to make good use of it. The result: a “data value gap” that shows few signs of narrowing (Figure 7). According to market researcher Forrester, up to 73 percent of the data held by most firms is never used for business analytics.3 As for the Middle East, our research found that only 24 percent of companies in the region claim to currently be able to realize measurable value from their data.

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Figure 8: Data Powers the Wise Pivot

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Consider the example of a consumer goods multinational decided to fix its “data hygiene” problems arising from the mishandling of contracts. The result: a newfound trust and quality in the firm’s data, in addition to significant cost savings achieved through improved data transparency and arresting revenue leakage.

At the same time building a solid data foundation is critical to set up an analytics and AI capability to power the new. Take the example of a global investment bank that was looking to launch a digital consumer lending business. Core to their market differentiation strategy was creating a data-powered, highly personalized lending experience for the

consumer. To do this, the bank leveraged third-party data and platforms by creating a “cross-channel” analytics capability. The outcome: a 40+ percent improvement, compared with industry benchmarks, on conversion rates for new lending products.

As the investment bank discovered, previously trapped data-driven value that is suddenly released can lead to many favourable outcomes, all of which help improve business value in the new. These include: better operational excellence along the value chain; faster business growth through finding new business models or by improving existing ones; reimagining products and services; and optimizing customer experiences.

This conclusion is supported by Accenture’s extensive research on data-driven organizations and wise pivots (Figure 8). Such research has, among others, highlighted how the adoption of data-led activities applied at the foundation serves to improve data quality, trust and create efficiencies to transform the core business and improve current value of operations.

HURDLE 1—poor data quality. Across industries, data scientists typically spend about 80 percent of their time “scrubbing” data (preparing it for use).4 If companies don’t take similar care with their data, managers won’t trust—or use—it. Our Research shows that some 50 percent of Middle Eastern executives say that their companies’ data quality is incomplete, inaccurate or unsecure; and only 28 percent say that they know where their data resides, how it flows and are confident that it can be leveraged profitably.

HURDLE 2—slow-moving, siloed data. Companies often find themselves unable to control and manage data at scale. In other words, they can’t operationalize and leverage data strategically or securely. Our research reveals that fewer than half of companies reported being able to consistently establish reliable, scalable and agile data pipelines within their business, while over 60 percent of companies said that the flow of data throughout their business is not seamless due to siloed use of data within their organizations.

HURDLE 3—absence of a data culture and strategy. Data alone can’t unlock trapped value. To create a culture that allows companies to monetize data, firms must develop a strategy to grow, or acquire, the necessary data and analytic skills—and help employees harness them. Our research indicates that only about 20 percent of Middle Eastern companies have been able to integrate the work of humans and machines at a scale sufficient to drive meaningful productivity growth. Meanwhile, nearly 80 percent of firms in the region admit to lacking a clear vision, with defined objectives, for their analytics operations.

OUR RESEARCH SUGGESTS THREE COMMON HURDLES TO EXTRACTING VALUE FROM DATA:

First, they should continue to study the Innovation Champions. Second, they should refer frequently to the following step by step roadmap as they embark on their data-driven journeys.

SO, WHAT’S HOLDING MOST COMPANIES BACK?

HOW CAN ENTERPRISES OVERCOME THESE, AND OTHER, CHALLENGES TO UNLOCKING VALUE TRAPPED IN DATA?

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BUILD A SOLID DATA FOUNDATION

Innovation Champions integrate data across their organizations in a structured way. This gives executives and employees faster access to trustworthy data that can be used to glean insights and drive real-time decision-making. How should companies go about building a solid data foundation?

They should start by creating a strong data platform. According to our research, 64 percent of Innovation Champions (compared with only 26 percent of less innovative firms) have a thorough knowledge of what data they have, where it resides, where it flows, who uses it, and how. Champions also adopt guidelines for developing and deploying data-related resources to align with their business objectives.

Next, companies need to take an active role in establishing the foundational capabilities related to master data management of critical data domains. Innovation Champions ensure the quality of master and reference data by facilitating collaboration between people, processes and technology. Our research shows that 86 percent of champions have a formal, enterprise-wide, master data management program in place (compared with 46 percent of other firms).

Finally, companies should build a reliable data architecture. A clear majority of Innovation Champions (57 percent) enjoy secure, scalable and agile data pipelines across their businesses, compared with less than half (44 percent) of other firms.

For an example of the positive impact of establishing a solid data foundation, consider the experience of a consumer electronics giant that decided to transition from traditional business intelligence solutions to agile data architecture and solutions. Doing this required creating a data “lake” (i.e., a repository to hold raw data for future use), as well as advanced analytics capabilities, to support the growth of online business across the firm’s product lines and geographies. The result: executives were suddenly able to receive real-time business updates in all 28 of the company’s markets.

STEP

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64% of Innovation Champions (compared with only 26% of less innovative firms) have a thorough knowledge of what data they have, where it resides, where it flows, who uses it, and how.

64% vs 26%

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OPERATIONALIZE DATA MANAGEMENT AND GOVERNANCE

Innovation Champions do this by controlling and managing data at scale, thereby turning data into a strategic asset. To achieve this, champions prioritize trustworthy data. Here, the quality of data (Is it accurate, complete, consistent and timely?), the riskiness of data (Where did it come from? Was it manipulated?), and the context in which data is produced (Is it stale, biased or ambiguous?) all matter.

In our research, 93 percent of champions emphasized the importance of trustworthy data along these three dimensions (quality, risk and context).

Seventy one percent of Innovation Champions (compared with just 32 percent of other firms) also adopt guidelines, standards and other governance measures to ensure data compliance and the effective interoperability of their systems. Finally, champions operationalize their data by focusing on sound metadata management; nearly two-thirds of champions use common definitions across their enterprise and ensure that the flow of data throughout their company is seamless.

Consider the experience of a large asset-management firm. The company wanted to organize itself for growth by enhancing its reporting capabilities, with a major focus on data governance, to ensure that the data being reported was accurate and did not introduce reputational risks or regulatory fines. By establishing an enterprise-wide data governance and data quality capability together with a data governance automation solution, the company was able to derive significant benefits: improved business decision-making due to high-quality data and common structures and taxonomy; reduced operational cost and risk by establishing common artefacts that were shared across the organization; and, by automating key manual data integrations, enhanced efficiency and decreased risk.

STEP

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71% of Innovation Champions (compared with just 32 % of other firms) also adopt guidelines, standards and other governance measures to ensure data compliance and the effective interoperability of their systems.

71% vs 32%

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CONVERTING DATA INTO INSIGHTS AND ACTION

At this stage of the roadmap, companies would do well to focus on their analytics strategy. Our research finds that 71 percent of Innovation Champions (compared with 21 percent of other firms) have created well-defined objectives for their analytics strategy, as well as a well-defined operating model for their analytics teams.

Champions also empower their employees to easily explore and prepare data, and to generate simple reports on their own initiative. And, of course, champions equip their data analysts with the best tools and technologies.

Champions also embrace “human augmented” AI at higher rates than other firms (43 percent vs. 22 percent, respectively). They use statistical methods and AI techniques to build models that make predictions, perform complex analyses and offer recommendations. They use automated approaches to continually tag, annotate and catalogue data. They leverage machine learning and computer vision to train computers to learn from patterns and perform tasks that require intelligence. And they invest in automated efforts, such as intelligent systems, to improve the trustworthiness of their data. Our research also shows that champions are more likely than other firms (57 percent vs. 25 percent, respectively) to use advanced analytics—including visualization and statistical techniques—to learn from data and predict trends.

For an example of the benefits of translating data into actionable insights, consider Singapore’s Changi Airport, consistently ranked among the world’s best.5 As it looked to satisfy its retail vendors’ desire for better space and services, the airport’s management implemented a digital and analytics program with the aim of consolidating retail vendors’ and their customers’ information across multiple sources, while providing actionable insights to vendors. The result: Changi’s management can now observe what customers look at and buy, in real-time, at retail outlets throughout the airport.

STEP

03

71% of Innovation Champions (compared with 21% of other firms) have created well-defined objectives for their analytics strategy, as well as a well- defined operating model for their analytics teams.

71% vs 21%

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REALIZE VALUE FROM DATA

One way that companies can do this is through data-driven performance management. Our research shows that Innovation Champions are much more likely than their peers to prioritize data over instinct when making decisions (65 percent versus 42 percent, respectively).

Further, champions typically train employees and empower them with access to the right datasets and tools, so that they can use data in their day-to-day jobs.

Another way that companies realize value from data is by developing data-driven business models. Our research reveals that 72 percent of Innovation Champions are preoccupied with monetizing their data (compared with only 25 percent of other firms), devising (legal) ways to sell it or to use it to propel growth. And champions use frameworks and technology platforms that enable sharing data with vendors, partners, customers and other stakeholders in their business ecosystem.

Finally, companies need to track the value realized from data. According to our Research, 57 percent of Innovation Champions (compared with 24 percent of other firms) have metrics in place to measure the value that data initiatives are adding to their organizations.

For an example of the benefits of realizing value from data, consider Coca-Cola’s “Social Centers,” which use data-mining tools to monitor the brand’s presence across various social media platforms.6 The resulting data-driven insights have contributed to numerous branding strategies, such as the use of AI to predict the most popular drinks sold at vending machines; or Coca-Cola’s “bring back SURGE” campaign from 2015, which saw the relaunch of the previously retired soda after enthusiasts petitioned for the drink’s revival on Facebook and elsewhere.

STEP

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72% of Innovation Champions are preoccupied with monetizing their data (compared with only 25% of other firms), devising (legal) ways to sell it or to use it to propel growth.

72% vs 25%

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DISRUPT, OR BE DISRUPTEDThe disruption that digital has ushered into the world is only beginning. Innovation is both the source of that disruption and incumbents’ ticket to thrive in a transformed future.

High performers—today’s Innovation Champions—are driving success across their businesses, carefully pivoting from core to new business by deliberately building innovation structures to power their growth. In the Middle East, companies must embrace innovation with a sense of urgency—or risk being disrupted, perhaps permanently. Their ability to derive value from data will, as this paper has argued, form the bedrock of their ability to innovate.

While an overall data infrastructure is built, organizations need to deliver concrete business results in parallel to be successful. They can achieve this by pursuing an iterative approach:

BEGIN YOUR JOURNEY TO BECOMING A DATA DRIVEN LEADER NOW

• Identify use cases to drive focus for creating business impact from the start

• Follow a “cross the bridge as we build it” culture

• Leverage multidisciplinary POD teams to deliver results while building capacity

• Employ design thinking to innovate while driving business results

Data Governance and Managements

Data Foundation

Insights Generation

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This report combines multiple streams of proprietary research using both outside-inand survey-based research methodologies.

Our survey of 200 C-suite executives (between June and August 2019) sought insights on how large Middle Eastern companies (across the UAE and Saudi Arabia) are responding to disruptive change: To what extent are they improving their innovation capabilities to unlock trapped value? Are they making good use of digital technology to transform legacy businesses and build new ones? These findings formed the basis for Accenture’s Innovation Maturity Index 2020. By studying innovation-related approaches, practices and processes of high growth companies globally we designed the Accenture Innovation Maturity Index framework. This included gathering demographic and financial information about our survey respondents. As well as evaluating the extent to which respondents applied 49 innovation factors and 26 structural processes that—as determined by an extensive review of existing empirical literature—underpin their ability to release trapped value.

By high growth companies we are referring to those who self-report revenue growth and profitability above the industry median over 2013-18 and expect this to continue from 2019-23. Innovation Champions are defined as high growth companies scoring one standard deviation above the mean score on the index.

Our separate analysis of 277 companies assessed the presence and penetration of disruptors across sectors. It considered 15 factors—including financial performance, operational efficiency, innovation capacity and the ability to maintain defenses against new market entrants—to gauge companies’ current level of disruption and their susceptibility to future disruption.

ABOUT THE RESEARCH

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Copyright © 2019 Accenture. All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture. This document is produced by consultants at Accenture as general guidance. It is not intended to provide specific advice on your circumstances. If you require advice or further details on any matters referred to, please contact your Accenture representative.

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REFERENCES1. https://www.accenture.com/t20181023T095450Z__w__/

us-en/_acnmedia/Thought-Leadership-Assets/PDF/Accenture-Unlocking-Innovation-Investment-Value.pdf.

2. https://www.networkworld.com/article/3325397/idc-expect-175-zettabytes-of-data-worldwide-by-2025.html

3. CEO Magazine: Underuse of Analytics could be costing organisations millions - April 2019

4. https://hbr.org/2018/08/what-data-scientists-really-do-according-to-35-data-scientists

5. businesstimes.com.sg/focus/in-depth/cio-speaks/how-it-helps-changi-airport-to-be-smart-sweet-and-swift and https://www.marketing-interactive.com/features/marketing-insights-making-data-analytics-work-in-your-favour-in-retail/

6. https://www.analyticsindiamag.com/coca-cola-leans-on-data-analytics-ai-for-deeper-industry-insights/

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SPECIAL ACKNOWLEDGEMENTSEbru Tuygun, Christine Yiannakis, Arlene Lehman, Dave Light, David Kimble, Babak Moussavi, Cynthia Florentino, Nicolas Loterstein and Piotr Goral.

Accenture also thanks Oxford Economics for partnering with us to carry out the fieldwork.

AUTHORSXavier Anglada Managing Director Accenture Digital LeadMiddle Eastxavier.anglada@accenture.com

Mounir ArissManaging Director Applied Intelligence Lead Middle East mounir.ariss@accenture.com

Yusof SeedatThought Leadership Director,Accenture Research yusof.seedat@accenture.com