Innovation was once seen as an investment for the future and was constantly competing with pressures to allocate funds to deliver short term performance. Our data shows us that innovation drives business growth, gives companies a competitive edge, helps in attracting and retaining talented people, creates business agility and improves businesses processes.
This section provides insight into the three key areas we see driving innovation success in businesses: use of technology, embracing an innovative culture and frequency of stakeholder engagement. Technology developments have been changing the business landscape irrevocably, creating both huge opportunity and huge disruption. Today the old models of competition are proving less relevant as traditional barriers to entry are obliterated by technology.
Innovation naturally lends itself to some sectors more easily than others and results must be seen in this context, however we believe every sector can learn from the success of all businesses, especially today. Read our sector review here.
The data from our survey identifies the core issues and solutions for employers prior to the COVID-19 pandemic and offers insight into how and why that might change moving forward, as businesses adapt to the new normal.
This new world will present challenges but will also be full of opportunity. The business community has been presented with a blank slate - now is a once in a lifetime moment to reinvent, innovate and find a new space in the market. Organisations that have most successfully embedded innovation and adopted new technologies to drive change will play a strong role in this new world - and companies of all sizes and sectors can learn from their success.
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.