Innovation is driving the UK’s economic recovery with research showing that over two thirds of business leaders think that fresh ideas will be the key reason for its continued success.
Infosys’ Shaping Britain’s Future study interviewed 80 business leaders from companies with annual revenues topping $1 billion [£600 million] and found that 68 per cent think new ideas and innovation are central to the economy continuing to prosper.
“Technology and innovation are crucial engines for growth. However, for these growth drivers to deliver on their potential, it is important that organisations put in place robust models for accurately measuring the efficacy of innovation. This must include clear visibility on ROI to ensure that as businesses grow they keep a prudent eye on cost control and operational efficiency,” stated BG Srinivas, president and member of the board at Infosys.
Of the business leaders interviewed, 44 per cent stated that entering into and sourcing from new markets would also be a key driver for growth over the coming 24 months. This was followed by 35 per cent of respondents being of the opinion that new technologies like the Internet, cloud and social media are critical for future growth.
Even though the new ideas and innovations were identified as being key, the report found that more must be done to track the return on investment [ROI] coming from new ideas.
In this regard, 84 per cent stated that an ROI model is essential at all times or some of the time and this came after over half had stated that they don’t have a way to chart or measure ROI on innovation.
Lastly, 63 per cent stated that the company’s IT department is now the primary growth enabler for the business and the most important areas of this are to bring new ideas, implement new technologies quickly and effectively, and to co-create in order to tap new markets and bring new products to market.