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Business innovation can kickstart after the pandemic

innovation
(Image credit: Image Credit: TeroVesalainen / Pixabay)

The pandemic has served as a catalyst for innovation, but in order to continue riding the innovation wave, businesses will need a little bravado, a little diversity, and a little agility, suggests a new report. 

A survey from Lenovo polling senior decision-makers across North America, Europe, the Middle East, Asia, and Asia Pacific found that businesses identified a clear correlation between diversity and successful innovation. 

However the issue is that there’s a lot more work to be done before individuals can be their authentic selves at work. Furthermore, the hierarchical culture most organizations cherish is “stifling” in nature, and successful innovation lies in its disruption. Similar to diversity - it’s hard to achieve, as some leaders struggle to embrace a bottom-up working environment, the report says.

Having an agile business also helps. However, many respondents fear losing all they’ve gained, once they transition back into the office or adopt a hybrid model.

All of this will mean very little without some bravery, something many firms seem to be missing. Six in ten companies said senior leadership often pulled the plug on innovation for being “too risky or experimental”, rising to 70 percent in North America.

Bigger companies are more likely to use innovation to improve their environmental sustainability, it was concluded. Almost half of larger businesses said improving their overall performance in environmental sustainability was their number one driver.