by   |    |  Estimated reading time: 3 minutes  |  in Business Technology, Creativity & Innovation, Strategy   |  tagged , , , , , , , , , , , ,

Modern systems and processes can provide an ecosystem where business innovation thrives, and with it, the ‘next big thing’ can be born.

Innovative products and services drive growth, therefore, nurturing a company culture that enables and encourages business innovation is a direct investment into future revenues. It is also a significant recruitment and retention tool as (according to a Deloitte survey) 78% of Millennials are strongly influenced by a company’s innovation credentials when considering whether to accept a job offer.

How the right systems can improve innovation effectiveness

According to this Bain and Company article, only 23% of executives believe their company was effective at innovation. There are many ways to increase effectiveness, from restructuring through to large capital investments. However, two of the most cost-effective and sustainable methods can be delivered using modern systems:

  1. Strategy and data-driven innovation
  2. Flexible and secure working

Method #1) Strategy and Data Driven Innovation (DDI)

Data Driven Innovation (DDI) refers to the derivation or advancement of products or services from big data analytics, where previously unavailable or unconnected data combine to show a new process, product, service or need. According to a 2015 survey by OECD, companies that embrace DDI increase productivity by 5-10% more than those who don’t.

Also, as business innovation is moving up on the corporate agenda and into strategy, indicators outlining innovation performance are becoming critical to corporate decision making. A study by PWC suggests that 64% of the 246 CEOs surveyed rated innovation and operational effectiveness as equally important in their company’s future success.

Products such as IFS Enterprise Operational Intelligence (EOI) can help companies deliver strategy and DDI through the collection and collation of big data, mapped to operational and strategic performance indicators.

Method #2) Flexible and secure working

“Innovation is a team sport,” according to PWC Director, Rob Shelton, in a recent article for creating an innovative culture. For that team to flourish, however, systems should provide data that is accessible in real-time, on a single platform, on a multitude of devices, anywhere in the world, and at any time, accessible securely only by those who have the right to see it.

This secure and ‘always-on’ data also aids cross-functional collaboration and quick, agile decision making, to promote a further dimension to the teamwork by maximizing the potential for connecting previously disparate activities and information.

IFS Applications is role-security enabled throughout and available remotely on most major platforms.

Synergistic bonuses

The reason for choosing these two methods is that together they provide other synergistic bonuses. Placing innovation at the heart of strategy using visible metrics, allows performance to be monitored and actions to be taken quickly. Also, dispersing innovative thinking amongst collaborative teams as an integral part of working removes silo thinking.

Together these additional benefits allow companies to broaden the potential, reduce the complexity and maximize the opportunities to innovate, and with it support business growth.

Further reading

I welcome comments on this or any other topic concerning Finance, HR, CSR and business strategy.

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