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The Innovation Imperative
Our survey of 777 senior executives from across the globe has uncovered a global innovation phenomenon - accelerated, concentrated and expedited by the tumult of the last few years. A mindset shift is clear across the traditionally laggard infrastructure, construction, transportation, energy and natural resources sectors, with executives uniting through a refreshed push for innovation within their organisations.
Our survey of 777 senior executives from across the globe has uncovered a global innovation phenomenon - accelerated, concentrated and expedited by the tumult of the last few years. A mindset shift is clear across the traditionally laggard infrastructure, construction, transportation, energy and natural resources sectors, with executives uniting through a refreshed push for innovation within their organisations.
The Innovation Imperative
A new report from GHD Digital
Organisations that don't change obviously, will find it very difficult to grow, number one. And if they're not growing, they're dying. The first thing I would ask the clients who are looking at digital transformation is to look at the leaders that they are nominating to drive those initiatives. It must be the responsibility of the CEO and the executive team to digitally transform the organisation, which is also the business transformation. But very importantly, the people who you select to drive these initiatives will ultimately determine the future of not only the initiative but the future of your organisation.
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89% of executives believe that disruption and uncertainty in their industry is creating greater pressure to innovate and stay relevant.
Digital disruption was not seen to be a negative, however, with 94% of executives regarding digital as an opportunity rather than a threat.
Key findings
How digital transformation has become a matter of survival
COVID-19 and its associated shocks have had an extraordinary impact on innovation. The status quo has been de-constructed, fresh thinking is bubbling up, and there is a confidence and a bullishness that did not exist pre-COVID.
We have identified key themes that explain how COVID-19 has changed innovation in the infrastructure, construction, transportation, energy and natural resources industries.
Unified around why
The barriers to innovation are clear
- Lack of investment resources
- Lack of the right skills/capabilities
- Short-term thinking
Who’s really ahead?
Majority of respondents think they are ahead of competitors.
- Moved ahead - 55%
- Moved significantly ahead - 31%
- Neutral - 13%
- Fallen behind - 1%
Re-think resource constraints
The most important technologies over the next three years
- Intelligent automation
- Advanced automation
- AI/Machine learning
- Connected infrastructure
Humanised innovation
The primary ways organisations source digital innovation from the outside
- Customer analytics and customer experience data - 58%
- Workshops with those in other industries - 53%
- Online idea generation / Online communities - 49%
- Workshops with those in the same industry - 49%
Research insights
How can organisations respond to The Innovation Imperative?
There are five critical enabling capabilities that need to be considered to set the stage for a more innovative future.
Creating an inspiring leadership narrative
To create an environment that shapes the culture, mindset and behaviours, where businesses think ahead to future-proof the organisation.
Fostering an innovation mindset
The need for openness to new ideas, for curiosity, for a willingness to challenge how things are done, and for a risk-driven, experimental approach.
Tracking technology and market trajectories
The need for insight and intelligence capabilities to assess how different market and technology trajectories are developing and to better understand a set of probable futures in terms of applications, use cases and competitors.
Pursuing more radical forms of collaboration
The need to pursue even more progressive and radical forms of collaboration to keep pace.
Driving innovation top-down and bottom-up
The ability to create a culture of innovation that empowers all to pursue their ideas and opportunities, whilst also ensuring the foremost strategic bets are being properly pursued.