Technology that Enables Innovation Key to Success, Says HP Study
Front and center to driving growth and accelerating productivity is innovation. Across the globe, there is a dire need for organizations to retool their innovation engines to innovate more efficiently and to bring better performing products to market faster, continuously.
One of the biggest barriers organizations face when it comes to innovation? Technology. So concludes HP in its recent innovation study. The company commissioned the study which included a survey of more than 300 executives at private companies and governmental agencies in influential markets across the globe. Findings of the study underscores the importance of innovation and the role technology plays in driving innovation.
In fact, according to the study, the first area executives would invest in is applications and software that enable more flexible processes to drive innovation. The report did not touch on how companies are addressing one of their greatest challenges – the knowledge enablement of innovation personnel. Clearly, this is another area where companies need to invest in order to accelerate innovation processes.
Other findings of the study:
- 98% of the executives surveyed believe innovation is key to the success of their organization over the coming five years with 79% of those surveyed finding innovation critical to future growth and 74% of private organizations citing innovation as important to their organization’s profitability.
- Nearly 70% of survey respondents indicated that they are a leader in innovation in their industry. CEOs, in particular, were very confident of their leadership, with 74% of them citing their innovation leadership.
- 29% of those surveyed believe that the primary goal of innovation is to meet changing customer or citizen demands; 24% feel the objective of innovation at their organization is to produce higher quality products and services and another 23% believe innovation should increase efficiency.
Access a summary of the HP Study here.