Research shows adoption of new technology and ways of working can drive billions in revenue
Innovation drives the future. And if the past is any indication, it’s looking bright. Research shows that in the past year, companies that invested in new technology and flexible work models fueled a $678 billion boost in revenue. And the stage is set for continued growth.
If the pandemic has proven anything, it’s that innovation can happen anywhere. While skeptical at first, business leaders now recognize the benefits that hybrid work can deliver. And as revealed by The Era of Hyper Innovation, many are moving quickly to embrace the model, along with tools and processes that empower employees to create and innovate, wherever they happen to be.
Turbo Charging Innovation
In-person collaboration and successful innovation used to be synonymous. But the global pandemic has changed this. Forced by lockdowns to send employees to work from home, companies have had to rethink the way innovation happens and equip their teams with tools that allow them to connect and collaborate as efficiently and effectively outside the office as if they were there. Not an easy feat, but one that a majority have been able to pull off.
· Almost nine in 10 business leaders who participated in The Era of Hyper Innovation survey say that the rollout and adoption of new work tools has vastly improved the way individuals and teams interact, and
· 80 percent expect their organization to enter an era of hyper-innovation over the next 12 months and generate more ideas than ever before.
There’s no substitute for face-to-face communication, especially when it comes to collaborating. Sometimes, you just need to be in the same room to spark the conversations — and even debates — needed to keep projects moving. In a fully remote work world, this isn’t possible.
But as with so many other challenges the pandemic has created, businesses have found a way to adapt, leveraging technology to drive new ways of connecting that trigger fresh thinking and open the door to greater innovation.
· 93 percent of respondents to The Era of Hyper Innovation believe that increased digital collaboration has led to more diverse voices from across their organization being heard and a greater range of ideas being surfaced.
· And 80 percent say that they, themselves, have come up with more creative ideas during the pandemic as they have had more free time to think.
In the past, new customer acquisition, expansion into new markets and additional marketing were viewed as the primary drivers of business growth. But innovation has taken their place. Over the last financial year, organizations surveyed as part of The Era of Hyper Innovation say almost half of their growth has come from innovation, and they attribute it to the following:
· Adoption of new technology: 16 percent
· New products and/or services: 14 percent
· New ways of working: 14 percent
By comparison, new client/customer acquisition and expansion/entry into new markets each accounted for 12 percent, followed by additional marketing activity at 11 percent.
As a result, nearly 70 percent of business leaders polled say they will increase investment in R&D in the next 12 months.
Sustaining the Momentum
Innovation doesn’t happen without people. And employees today clearly want to innovate. According to a recent study, 60 percent of workers have left jobs in the last year for positions that provide more opportunities to innovate and try new things. And more than half took a pay cut to do so.
To attract the people they need to move forward in one of the tightest labor markets the world has ever seen, companies need to provide opportunities for employees to engage in innovative work, empowered by tools that allow them to be and do their best, whether they are working at home, in the office, on the road, or anywhere in between.
Because when employees feel trusted and empowered, they can focus and deliver transformative ideas and results. And that is the ultimate end game — and reason to make innovation a priority.