Innovation is all about curiosity and change. Businesses with a culture of challenging the status quo, and continuous improvement and reinvention, are in a much better position to be resilient and lead in times of marketplace disruption. We now live in an increasingly agile business world where innovation through technology adoption has enabled businesses to transform themselves and enhance efficiency by launching new products and services, gaining competitive advantage, and reducing costs. Ultimately, those who have embraced innovation and embed it into their culture, engaging the whole organisation in the process, will thrive in the long term.
For businesses adjusting to a new normal, digital transformation is the way forward
When the quarantine first began, most companies were caught off guard. The immediate need was to set up a remote workforce, with some organisations handling this transition better than others.
This was quickly followed by the need to stabilise cash flow to make sure more money was coming in, than going out - no small task during a global economic downturn.
RSM International commissioned a study of successful companies across Europe to investigate how and why they pursue innovation.
Undertaken by the European Business Awards, the report comprises responses from 791 companies in 33 countries, spanning multiple industries and sizes.