By Juliet Umeh
Digital technology consulting firm, Accenture, has said only organisations that seamlessly integrate innovation into everything they do will achieve sustainable growth and retain competitive advantage.
The company said this is because global leaders in innovation know that digitalization of business processes is an enabler of revenue generation.
Revealing this, recently, at the Nigeria Innovation Index 2018, the company said Banks and Financial Technology, Fintech companies that participated in the maiden edition of Accenture Nigeria Innovation Index, provided insights on how they leverage innovation to stabilize and drive growth for maximum benefits. They said on average, organizations invest 35 percent of annual revenues in innovation and realize a 40.5 percent return. They also said a few outliers invest 22 percent of revenues and achieve returns of 61 percent -1.5 times the market average.
Speaking at the unveiling of the report, the company’s Country Managing Director, Mr. Niyi Yusuf, said, “We are calling these organisations Innovation Leaders. As we dug deeper to understand what they do differently to achieve such returns on their innovations, a number of key themes stood out as distinguishing factors. Strategy, innovation culture, talent, collaboration, business intelligence and digital innovation leadership were significantly higher in these firms than others.”
Also speaking, the company’s Managing Director, Mrs. Toluwaleke Adenmosun, said leadership makes significant investment in innovation strategy and lays a solid foundation for a high performing innovation culture, ensuring a steady flow of ideas from an engaged workforce.
She said: “Innovation Leaders prioritise projects, foster a strong collaboration culture central to their innovation strategy, use digital as a business enabler and revenue generator, leverage the power of ecosystems to gather intelligence and apply insights that help them differentiate offerings in the market.
“The Index indicates that Innovation Leaders are cultivating their people to be innovative-encouraging employees to share ideas openly and promoting the use of interactive tools and digital platforms for collaboration. Ninety five percent of Innovation Leaders are giving more control to their employees to ideate and offer strong incentives as a reward for innovative ideas.
The company noted that another differentiating theme is collaboration, the ability to break down silos and collaborate within and outside the organization gives Innovation Leaders distinct edge in ensuring long-term success. They also said there is a stark contrast in how Innovation Leaders and other organisations generate ideas.
Ademosun said, “Hundred percent of Innovation Leaders make use of the rest of dedicated multi-functional innovation teams as well as external platforms and channels to generate new ideas compared to 28 percent of other organisations.
“Innovation Leaders clearly see opportunities in leveraging the broader ecosystem: 85 percent look to academia, clients, customers and suppliers to crowd sourcing information to innovate,” she said.