When it comes to implementing innovation within your organization, your people, technology, and company culture play a critical role. But it’s not just about having one of these ingredients; you need all three to work together, which means focusing on incorporating all of these elements into your organization.
Innovation strategy is comprised of three parts: identifying and employing innovative technology, creating and supporting a culture of innovation, and empowering innovative people and teams. According to the 2018 TIBCO CXO Innovation Survey, respondents said they focus on technology the most, getting 40.75 percent of their effort in placing importance on it. This strategy isn’t surprising as technology has a unique effect on businesses.
On the other hand, respondents are focusing 59.3 percent of their effort on people and culture. While technology is the apparent leader, it doesn’t make up the entire strategy. All three—technology, people, and culture— are critically important and necessary for a successful innovation strategy. They are dependent on one another to drive projects and overcome obstacles and barriers to success.
However, the emphasis placed on each of these categories isn’t the same in all regions and industries. For example, when looking at the Asia Pacific region, respondents indicated that they place more emphasis on creating a culture of innovation (41.28 percent), whereas in Europe, Middle East, and Africa, the emphasis is placed on employing innovative technology (39.29 percent).
Furthermore, when broken down by industry, organizations in the Financial Services, Banking, and Insurance industries focus on implementing innovative technology (42.47 percent), when compared to the Food, Beverage & Tobacco industry where culture and technology are tied in terms of importance (combined 50 percent).
These factors also related to where companies believe they are in their digital maturity. When taking the same data from above, companies from the Asia Pacific region who placed culture first among the three elements, also viewed themselves as digital fashionistas. However, for companies from Europe, the Middle East, and Africa, who placed emphasis on employing innovative technology, many saw themselves as digital beginners or a digital conservatives.
These findings prove that regions and industries attack their digital transformation problems differently based on their needs. If a company is beginning to look at their digital transformation, it is more likely to place emphasis on implementing innovative technology followed by empowering their people and creating a culture of innovation. Conversely, if a company already has a footing in their digital transformation technology, it is more likely to place importance on creating that culture and empowering their people as opposed to implementing innovative technology.
As the research shows, when it comes to innovation, technology isn’t the only key to success. To create a successful innovation strategy, you need new technology, empowered people, and a culture of innovation within your organization and its people. All three components must work together in harmony to help propel your organization forward in its digital transformation.