Welcome to the Era of Hyper-Innovation
Citrix conducted a survey at the end of 2020 to assess how corporate leaders were responding to the unexpected challenges and opportunities presented to them by the COVID-19 pandemic. Citrix found that the “rupture of corporate landscape cemented the expectations of business leaders of a bright, techno-enable future of work.” This next phase of corporate collaboration was powered by a significant increase of the adoption of new tools within the workforce. The paradigm shift happened faster than anyone could have expected. Business leaders (88%) stated that new tools had significantly improved their ability to work together within six months of the global lockdowns’ inception.
It is evident that industry leaders are willing to buy in. Companies attribute an average of 45% to their growth in the past fiscal year to innovation in their products, services and working environments. Research shows that every 1% increase of innovation spending leads to a 1.95% rise in overall revenue. These numbers are enough to make it clear that 4 out of 5 business leaders are determined to bring their companies into hyper-innovation by investing in “tech powered hybrid working.” 49% have increased their investments for this next phase.
Where do companies rank when it comes innovation? The majority of business leaders think their companies are either “moderately innovative” (or “newly-innovative”), while 32% of top-tier executives believe their organizations are “hyper-innovative.” This refers to organizations where innovation is central to their mission and the ability to come up with new ideas.
Some industries needed to completely change the way they look at innovation. Retail, for example, was faced with challenges they hadn’t tackled before and had to rethink the way they did business. Retail business is now at the top of innovative industries because it has to keep up with customers and their competitors. 83% of retail business leaders allow their employees autonomy to solve problems and find solutions. This is in contrast to 68% of Professional Services, who are not subject to such intense pressure to innovate. Similar increases in innovation were also observed in Manufacturing, Financial Services, and Healthcare.
Amy Haworth, Senior Director for Employee Experience at Citrix, says that “Crisis-driven adaption has not only transformed organizations but also changed the mindset of employees.” Collaboration is more than a tool investment. Surveys were conducted to find out how business leaders approach hybrid work. Companies have been innovating across all industries, not only in technology infrastructure and tools, but also in employee well-being and working methods. Although not all industries saw the same increase in R&D investments and innovative recruiting techniques, there was a significant increase in spending in the Healthcare sector.
Here is where it all comes together. Companies that are more innovative have higher levels of collaboration between their employees. 44% of hyper-innovative businesses saw improvement in collaboration, while only 22% reported any increase.
The next phase in the post-pandemic economy’s evolution is already underway. Many organizations are likely to adopt a hyper-innovation mindset with 32% of them already doing so. 84% of companies stated that they will try new ways of working in future. 70% also said they would invest more in new technology tools. The longer they wait, however, the more they will fall behind their competitors. In order to attract and retain talent in a highly competitive market, it is crucial to create a collaborative and innovative workplace that incorporates hybrid work. However, optimism is high and Hyper-Innovators will see a rise in their stock prices.