Innovation is a crucial priority for businesses in every industry. There is a clear need to differentiate and grow ahead of the competition to deliver on customer need. But with this drive for innovation comes a need for a cultural shift to foster creativity amongst workforces. A responsibility that is being handed to CIOs more than ever before. Data from the Logicalis Global CIO Survey reveals CIOs are stating that innovation is now 30% of their role, a survey of over 1000 IT decision-makers which looks to uncover the key challenges facing the evolving position of the CIO.
This report builds on the previous parts of the survey, which examines how the role of the CIO has changed, the power of data and how CIOs must harness it. Business resilience links the previous reports to Part 3, with the study revealing that 95% of businesses are using innovation to build resilience.
This drive for innovation is overwhelmingly positive, however, this does not appear to be converting into real company-wide action. Less than one-third of CIOs describe innovation as part of their company culture meaning businesses must reconsider their approach to embracing innovation in order to inspire creativity in their workforce. Having a desire for innovation is a must in today’s business landscape, but it must be modernised to ensure that employees are retained and to maintain a positive customer experience.
The risk of hesitation towards innovation is the inability to be competitive, which can cause staff and customer retention rates to fall. The approach to innovation must shift to one that emphasizes the importance of creative ideas and innovative thoughts to push the business forward.
The shift in approach to innovation will also help the 79% of CIOs who believe their business is already falling behind. The main reasons for this are keeping up with increasing efficiencies (38%), streamlining workflows (37%) and enhancing services (36%).
Toby Alcock, CTO of Logicalis said: “If CIOs believe they are currently falling behind competitors, the time to innovate is now, and it starts with fostering a culture of innovation. An innovative culture brings people together, allows employees to explore their creative skills, and bolsters employee engagement. As a result, employees will produce groundbreaking ideas and solutions and in turn, employees will feel satisfied within their roles and employee turnover will decrease.”
Alongside the innovation within company culture, CIOs must ensure their employees are satisfied as the hybrid workplace takes shape. The CIO Survey found that half of organisations have learned the importance of focusing heavily on employee wellbeing throughout periods of work-from-home advice but acting on it is increasingly important to boost the culture of the business.
With 80% of CIOs preparing to focus on employee-based initiatives in the next 5 years, the outlook is positive and demonstrates that CIOs are aware of the need to update their approach to both company culture and innovation to match the business of today and tomorrow. However, this cannot be rushed. Businesses must consider the needs of employees and customers to be able to create a culture that is inclusive, creative and innovative.
Businesses must act now to start integrating innovation into the company culture to ensure they remain competitive in the modern market. Click the button below to find out how businesses can create a culture of innovation to improve business resilience.