According to a report by Accenture, although CEOs recognize the importance of utilizing data, technology, and people for growth, only a small percentage of large global companies are effectively utilizing these elements. Those that do have the potential to increase productivity by 11%, leading to increased profitability and revenue growth.

Crucially, however, the report underlines the crucial role humans play in this equation, as when people are not at the center, the productivity premium from using data and tech falls from 11% to just 4%.

Productivity gains

According to a survey of CEOs, the top factors for driving growth include using data, technology, and AI to improve performance and productivity (38%), recruiting and developing top talent (38%), promoting collaboration within the company (35%), and modernizing the company’s digital infrastructure (34%).

The report states that the CHRO (Chief Human Resources Officer) plays a crucial role in utilizing these elements to drive growth, and 89% of CEOs surveyed believe that CHROs should have a significant role in achieving long-term profitability. However, only 45% of CEOs reported that they have created an environment that allows CHROs to effectively contribute to growth.

“CEOs who empower their CHROs as growth executives create the conditions for them to think and act beyond their title,” Accenture explain. “When they recognize that people are central to their business, these CEOs cultivate the connections, skills and environment for CHROs to lead across the C-suite to drive business growth and exceptional human experiences.”

The study found that CHROs with strong abilities and relationships, and who work in a supportive environment, are almost twice as likely to successfully integrate data, technology, and people, and four times more likely to have effective relationships and influence with other C-suite executives, including the CEO, CFO, CTO, and COO.

“As leaders look to digitize faster and put more resilience in their business operations, talent and the role of the CHRO have never been more strategic,” Accenture continue. “The research underscores the tremendous benefit of close collaboration across the C-suite, particularly as it relates to their people as companies adapt to new ways of working.”