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Innovation: Connecting the Dots That can Lead to Positive Transformation Eludes Many Businesses
Businesses increasingly feel pressure to speed their responsiveness to customer demands and continually transform and innovate their businesses. A report from PwC found that “U.S. CEOs are coming to realize that no matter their industry, they must now think like technology companies. How can they–before competitors or new entrants–meet changing customer expectations and reimagine how to deliver a product or service in a new way, at a new price point, or in a new market?”
The 2013 Harvey Nash CIO Survey found that innovation was a key priority for CIOs in the next 18 to 24 months. In particular, the survey found executives interested in investing in mobility and cloud technology to act as “positive disruptors” and to derive innovation. 62 percent of CIO’s think that the cloud can be a positive disruptor and nearly the same number plan to increase their investment in the cloud in hopes of promoting greater innovation.
Many businesses are keenly interested in new technologies like the cloud, mobile and big data, but their current IT systems are holding them back. A survey by Automic found that, on average, 85 percent of IT budgets are being sucked up by costs related to keeping existing operations running smoothly. And that doesn’t leave much budget for businesses to try to experiment with or to sue to enter into new ways of doing things. Only 10 percent of business executives say that they’re being able to apply innovative technologies to help their business create competitive advantage.
90 percent of the businesses said that innovation comes way too slowly for businesses, especially large ones. 70 percent of business executives said that they’re a bit envious of smaller businesses because they have no legacy systems to deal with. (Although on the flip side, undoubtedly many small businesses are envious of the huge budgets and resources that large businesses have at their disposal.) 75 percent said that cultural issues are part of the reason that innovation is blocked.
