96% of executives believe innovation — the development of new processes, products or services that increase business value over existing offerings — will be a primary source of achieving growth ov...
NTT DATA 2023 Innovation Index reveals what the most innovative companies do differently to succeed
PLANO, Texas: 96% of executives believe innovation — the development of new processes, products or services that increase business value over existing offerings — will be a primary source of achieving growth over the next two years. However, according to NTT DATA’s 2023 Innovation Index research findings only 21% of executives definitively met their innovation goals as reported in the research of 1,000 North American executives across a wide range of industries and company sizes.
The NTT DATA report, “Innovation Index 2023: How North American Organizations are Achieving Growth, Value and High Performance,” explores the primary drivers of innovation, and where organizations focus their resources to support innovation.
“A failure to achieve innovation goals leaves organizations at a disadvantage,” said Tanvir Khan, Chief Digital and Strategy Officer, NTT DATA Services. “When faced with big tech leaps like generative AI, most organizations are ill-prepared to handle or implement this or other technologies into existing infrastructure to reap the full benefits. What I think is most critical is the speed of adoption of these new technologies. Waiting is not an option. If you wait, you’ll be playing catch-up.”
Five Significant Challenges Hinder Innovation Initiatives:
“It’s not a winning strategy to rely on the marketplace to change the skills in your workforce,” said Kim Curley, Vice President of People & Organization Consulting, NTT DATA Services. “All of us — from the highest level of leader to the folks early in their careers — need to be learning constantly. Investing in-house is a no-brainer.”
Organizations are not performing in innovation and speed to market either, both critical elements for CX. 54% said they were average or below average in product and service innovation and 63% said the same for speed to market.
Meet the Innovators
The study also identified a select group of organizations as being more advanced and mature in innovation systems and infrastructure, leadership, culture and digital customer experience. These “Innovators” (11% of survey respondents) are exceeding expectations from innovation investments compared to the rest of the market. Interestingly, the Innovators believe that using new technology to create a new market or disrupt an existing market will achieve the biggest impact for their organizations. This is a different, more aggressive view from the majority of executives who believe innovation that builds on past successes (gradual, incremental, and significant innovation) will produce the best ROI for their organizations in the coming two years. The higher-risk bets that Innovators take pay off with higher revenue growth, profit and innovation ROI compared with the rest of the organizations:
The NTT DATA report, “Innovation Index 2023: How North American Organizations are Achieving Growth, Value, and High Performance,” provides details on what the Innovators are doing differently to achieve business impact, as well as how organizations are approaching and investing in innovation to increase profit and grow faster.
About NTT DATA
NTT DATA is a $30 billion trusted global innovator of IT and business services. We help clients transform through business and technology consulting, industry and digital solutions, applications development and management, managed edge-to-cloud infrastructure services, BPO, systems integration and global data centers. We are committed to our clients’ long-term success and combine global reach with local client service in over 80 countries. Visit nttdata.com or LinkedIn to learn more.Contacts
Scott Keenan, NTT DATA Services
Fonte: Business Wire
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