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Majority of firms anticipate period of post-pandemic 'hyperinnovation'

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What started out an attempt to preserve business continuity during the pandemic may now become a catalyst for hyperinnovation, a new report from Citrix suggests.

The Covid-19 pandemic forced businesses to come up with new ways for their employees to collaborate while working remotely. According to the report, these tools are being used to fuel innovation at a scale unseen in years, and could result in a period of increased innovation that could last at least a year.

Citrix says that increased digital collaboration has led to more diverse voices from all over the organization being heard. Consequently, a greater range of ideas make their way to the surface, sparking innovation.

Almost all (92 percent) of the report’s respondents agree that collaboration tech will trigger an age of hyperinnovation, while 80 percent say they personally managed to come up with creative ideas during the pandemic.

What’s more, innovation is now becoming a stronger driver of growth than traditional mechanisms, such as customer acquisition, new markets, or marketing activity.

The respondents attributed 40 percent of their growth over the last financial year to innovation, including the adoption of new technology (14 percent), new products or services (13 percent), and new ways of working (13 percent). 

To capitalize on the trend, UK business leaders are increasingly focusing on new products and services. Two-thirds of the respondents (66 percent) will increase investment in R&D in the next twelve months, while a quarter (26 percent) will maintain current levels.

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.