Technology is becoming more important than ever for big business
Big companies believe that technology will play a more central role in their success this year, analysis of annual reports from FTSE 350 companies suggests.
According to consulting firm Accenture, technology is one of the most discussed topics in reports issued by these companies in 2019 and 2020, with discussions around technology growing by 50 percent year-on-year.
Running its annual report through its Natural Language Processing (NLP) tool, Accenture found that technology was the fifth most discussed topic together, covering 16 percent of the material.
It may not sound like much, but the only topics that get more screen time are mandatory: taxes & profits (58 percent) and financial reporting (41 percent). Fraud (16 percent) and efficiency (16 percent) are discussed as often as technology.
Outlining technology as a topic, Accenture found that cloud computing, IoT technology, DevOps, cloud infrastructure, intelligent automation, robotics, and AI were the most popular areas. All FTSE 350s “perform strongly” mentioning cloud virtualisation technology.
Traditional sectors – such as transport, construction and banking – showed the biggest increases in interest. Meanwhile, the software, telecommunications, media, medical and utilities sectors, devote most of their reporting to technology.