Are you getting maximum innovation value from your technology?

It seems like a bit of a disconnect — or a potentially missed opportunity: While four out of five CEOs surveyed ranked technological advances as one of the top three drivers that will transform their business, only a quarter (27%) said they had actually completed or initiated an innovation-focussed change programme.

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What’s behind that apparent disparity? It would seem as though, while CEOs can feel the growing moment of upcoming change, few have a sense of confidence about precisely which technological breakthroughs will take off — and, more to the point, how such changes might impact their business models and long-run operating conditions.

The risks you face

  • Businesses that hold back on innovation risk becoming slow adapters, adapting to the wrong changes, or falling behind competitors.
  • Avoiding experimenting with technological innovation could lead to products or services becoming obsolete.
  • Organisations that appear slow to innovate run the risk, over the long term, of being seen as unattractive partners — a lag that can cripple their ability to attract not only the best strategic partners, but also the critical talent they need to compete.
  • As technology continues to proliferate across your business processes, creating greater connectivity and greater dependency on your data assets, your risks of exposure to cybercrime grow.
  • A failure to protect your (and your customers’) digital assets can lead to a damaging loss of trust in your business.

Resilience practices

  • Enable breakthrough innovation by putting disciplined innovation procedures in place.
  • Collaborate with partners on innovation, and identify benefit- and risk-sharing models.
  • Use new digital channels to involve clients and your supply chain more closely in your product development and process innovation.
  • Ensure robust IT risk and strategic alliance strategies are in place to protect what needs to remain confidential — while enabling you to collaborate openly.
  • Put cyber-risk management at the heart of your business strategy: cyber-resilience depends not only on your IT actions — it pivots on your people and processes as well.

Ask yourself…

  • What is my organisation’s risk appetite when it comes to opening up to outside parties?
  • Is ours a risk-averse culture? To what extent do we accept failure, and learn from mistakes?
  • How involved are our risk management leaders in growth strategy discussions?
  • Do we know everything we need to know about those we are collaborating with now?
  • How deftly can we keep control of our day-to-day operations, while also transforming the business?
  • Do we really know how to turn digital risks into business opportunities?
  • Are our IT networks, data collection and storage processes fully secure? Are we sure about that?
  • Are we on top of any and all cyber security risks we face that could actually affect our business goals?
  • Are we as an organisation agile enough to deal with new threats as they arise?

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Are you drawing the most innovation from your technology?
While four out of five CEOs surveyed ranked technological advances as one of the top three drivers that will transform their business, only a quarter (27%) said they had actually completed or initiated an innovation-focussed change programme.

What’s behind the disconnect?