Creating value in new ways
The digital revolution has given birth to a new generation of consumers who want ever more accessible, portable, flexible and customised products, services and experiences.
CEOs see a clear opportunity to create value by meeting such needs. More than a third see product/service innovation as the main route to growth in 2014. And most see the need to change their R&D and innovation capacity, their technology investments and the way they use and manage big data.
But the challenges are also clear.
Only a quarter to a third of CEOs have made changes in these areas – and nearly two-thirds think the R&D function is insufficiently prepared to capitalise on the trends now transforming business and society. But the most successful CEOs are doing three things to ‘industrialise’ innovation, i.e. to make it repeatable, dependable and scalable: they’re focusing on breakthrough innovation in all its forms; putting disciplined innovation techniques in place; and collaborating much more actively.
CEO interview quotes
"Big data is going to become crucially important and I think the way in which we interpret it is going to become crucially important. How do we siphon off the noise and how we think about what is really impactful?"
"The next big thing that's going to happen in the global economy is the continued exponential growth in technology and what we are capable of doing."
"The penetration of telecommunications in India, the penetration of cell phones, the penetration of the internet and internet on the move, are going to influence the banking habits of young consumers who are not just aspiring but also wanting to bank via electronic channels."
"With consumers becoming more health conscious, there needs to be more innovation, not only in the traditional business of food but also beverages, so as to keep up with changes in demand for new products."
"I’m not seeing necessarily a significant new technology breakthrough just at the moment, but what I am seeing is applications of those three technologies [internet, mobility, cloud] to industry models that are really transformational. I think about healthcare. I think about education. I think about financial services."
"We need to…use and manage [client] data to better serve them, both in terms of type of product and solution that they want to have, and also in terms of the way they want to use these products."
"As long as we are innovating we can grow faster than GDP and the markets...The companies that will win are those that deliver true innovation. Not just from a medicines point of view, but also by helping those governments deliver positive patient outcomes."
"Our structure is changing dramatically – our distribution channels have evolved from a voice service sales points to data-learning and experience centres. It’s about ensuring people can see, experience the opportunities and get most benefit from global data communications…"
"[Our customers] don't want 30 pages of contracts, what they want is simplicity. Many people want it to be digital…they want it to be packaged and that's where we're going. Now, the glue that ties this together is technology and data…"