Building a foundation for innovation: A guide for the CIO
Innovation is of central importance in almost any vertical sector you can think of. It dominates the thinking of most C-level executives, is a staple of discussion at conferences and trade events, and is regularly aired as a topic in speeches, blogs and articles.
In order to find out more about what C-levels are doing to keep their companies ahead of the pack in the drive to innovate, TIBCO commissioned its CXO Innovation Survey. Not only does it examine C-level strategy on innovation, but it also looks beyond strategy to some of the practicalities too.
Knowing that the funding and driving of innovation within a company is a role played by many across the organisation, the survey looked at which departments and management layers were the most important sponsors of new thinking. It was particularly interesting to note that finance departments have become the third most important sponsors and drivers of innovation in the enterprise, after executive management and IT management which might naturally have been expected to play a key role here.
While executive managers and IT managers remain key innovation drivers, some 63% of innovation projects are occurring and being paid by other areas of the enterprise, finance being the foremost. It is significant for any enterprise if the people who control the purse strings are also the ones pushing for new ways of doing things. In the past, it has all too often been the role of finance professionals to apply the brakes when they sense things taking a radical and perhaps unaccustomed turn.
When considering what type of innovation is making the biggest difference, digital transformation emerges in the research as of primary significance. We’re not alone in this finding. Research firm IDC is predicting that by the end of 2019, digital transformation spending will reach $1.7 trillion worldwide. That’s the GDP of a fairly large economic power being spent every year on finding ways to apply next generation technology to solving corporate challenges.
Digital transformation is the best way for a company to own its destiny, to stay competitive and drive innovation in a way that really makes a difference.
