We live in uncertain times, marked by economic turmoil, geopolitical strife, and ecological peril. But the flip side of every challenge is an opportunity—a chance to think differently, do better, and make a difference. Organizations that embrace a culture of innovation will have the best chance to thrive.
To understand how digital leaders are creating value for their stakeholders in this tumultuous environment, ServiceNow and ThoughtLab conducted a survey of 1,000 C-level executives in five industry sectors across 13 countries. Annual revenues of their companies ranged from $350 million to more than $5 billion. We categorized respondents as beginners, intermediates, or leaders, based on their levels of innovation across people, processes, and technology.
This helped us identify the best practices of innovation leaders, as well as the benefits to be gained by moving to the next stage of maturity. More than half of all respondents said fostering a culture of innovation drives revenue growth. What’s more, companies on the cutting edge were much more likely to unlock a wide range of benefits, such as better customer service and more satisfied customers, along with new products and business models.
Technology alone can’t solve the challenges facing businesses and the world. The human element is just as important. On this front, many organizations still have work to do. Currently, only 10% of companies involve customers in decisionmaking around innovation, and only 5% involve their own employees.
Download the full report to learn the strategic benefits of digital innovation.