Digital disruption: The growth multiplier
Accenture Research and Oxford Economics have estimated that the digital economy, involving some form of digital skills and digital capital, represents 22.5 percent of global GDP. However digital’s ability to unlock value is far from being fully exploited. Until now, it is the technology giants and born-digital companies that have taken advantage of digital disruption. But there is an opportunity for traditional incumbents to more aggressively pursue new digital business models. By optimizing their digital investments, business leaders and policy makers can be more competitive, productive and bring quality of life to people. Understanding where to make those investments to realize the greatest improvement in gross domestic product is the subject of recent analysis by Accenture Strategy and Oxford Economics.
We found that high-performing economies could realize better returns from the optimal combination of investments in digital skills, digital technologies and digital accelerators. Our modelling shows how the smarter use of digital could boost productivity and generate US$2 trillion of additional economic output by 2020. In this way, digital investments can act as a growth multiplier in the coming years. Take the United States where optimised in investments in digital skills, digital technologies and digital accelerators in line with our calculations could see the nation increase its GDP by 2.1 percent—which equates to US$421 billion in 2020. Business leaders and policy makers need to invest the right amounts in the right areas; by doing so, they can discover new profitable, scalable and sustainable ways to help their economies grow.
Oxford Economics Research Team
Our Economics Impact team produces original, evidence-based research made accessible to decision-makers and opinion leaders. Principals for this project included: