{"id":45550,"date":"2020-12-03T20:40:24","date_gmt":"2020-12-03T20:40:24","guid":{"rendered":"\/us\/en\/blog\/?p=45550"},"modified":"2022-12-30T07:05:13","modified_gmt":"2022-12-30T15:05:13","slug":"how-global-tech-organizations-can-build-a-culture-of-innovation","status":"publish","type":"post","link":"\/us\/en\/blog\/how-global-tech-organizations-can-build-a-culture-of-innovation\/","title":{"rendered":"How global tech organizations can build a culture of innovation"},"content":{"rendered":"

Over the years, many smart thinkers have likened businesses to sharks\u2014they need to move forward or they die. In no sector is this truer than in tech, where making innovation a business priority can spell the difference between being a household name and becoming obsolete.<\/span>\u00a0<\/span><\/p>\n

While some industries view progress as something to be made in measured, incremental steps, the tech sector\u2019s rapid drive to innovate is better represented in Facebook founder Mark Zuckerberg\u2019s famous motto, \u201cMove fast and break things.\u201d Compared to other industries such as pharmaceuticals and automotive, global tech companies have historically invested the greatest percentage of revenues into innovation and are more likely to focus on developing \u201cbreakthrough innovations\u201d vs. \u201cincremental change,\u201d according to\u00a0<\/span>research from PwC<\/span><\/a>.<\/span><\/p>\n

And that was before the coronavirus crisis. Now, as companies try to beat back the fallout of the pandemic, three out of four executives agree innovation will be the\u00a0<\/span>key to business recovery<\/span><\/a>. That number is even higher within the tech sector, with 85% of tech leaders telling McKinsey they believe COVID-19 will create the biggest opportunity for growth in the coming years.<\/span><\/p>\n

As companies fight to recover\u2014or just survive\u2014creating and nurturing a culture of innovation has never been so important. According to\u00a0<\/span>Deloitte\u2019s 2020 Global Technology Leadership Study<\/span><\/a>, so-called \u201ctech vanguards\u201d\u2014organizations that prioritize leveraging technology to drive business growth and change\u2014outperform competitors across numerous critical success metrics including profitability, revenue growth, stock performance, and, yes, innovation. These outsized results are even more important during and after a crisis: McKinsey\u2019s reporting found that businesses that continued to invest in innovation amid the Great Recession outperformed competitors by 10% during the financial crisis\u2014and by more than 30% in the years immediately following.<\/span><\/p>\n

Innovation is intentional: proactively foster the right culture<\/b><\/h2>\n

But innovation doesn\u2019t happen by accident, and McKinsey\u2019s research found that only a slim 21% of businesses feel fully ready to jump on new growth opportunities, with all the right expertise and resources in place.<\/span><\/p>\n

As we head into 2021, we believe it\u2019s never been more important for global tech companies to think proactively and holistically about fostering innovation. But instead of thinking about innovation as a thing people do, businesses need to think about how to foster ongoing innovation by creating company cultures that both explicitly and implicitly support the nurturing and execution of new ideas.<\/span><\/p>\n

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\n\t\t\tSupporting innovation in high-tech\t\t<\/div>\n
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\n\t\t\t\t\tUnified communications gives teams everything they need to collaborate, wherever they work.\t\t\t\t<\/div>\n<\/p><\/div>\n
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