To better understand the benefits of innovation for companies, we are going to analyze the following study. A study by Forrester Consulting, commissioned by Bounteous, a technology innovator to some of the most prestigious brands in the world, evaluated the state of digital transformation maturity and the benefits that companies at varying maturity levels have realized.
The study took place in September of 2022, so the findings are as relevant as they are revealing. The study results in a clear conclusion. It’s no longer an issue of whether to transform your business digitally. It’s how far down the rabbit hole you want to go and how fast you can do it. Continuous innovation is the new goal.
In summary, the study showed that advanced companies operate with greater agility and speed, allowing them to focus on customer satisfaction and employee empowerment. Not surprisingly, the study showed that advanced companies have significantly happier customers and employees and are twice as likely to experience double-digit year-over-year growth compared to their less mature peers.
Benefits of innovation for companies
Here are the top five objectives that drive this continued commitment to greater innovation:
- 66% – Improve existing IT capabilities to promote agility and innovation
- 60% – Improve the customer experience
- 57% – Improve customer retention
- 54% – Improve employee experience
- 50% – Become more innovative
As a result the digital transformation is about changing the customer experience. While we often recognize the accelerated pace of business, today’s most successful companies ensure that they can move at the velocity of their customers through a closer engagement process, allowing them to understand their customers’ anticipated needs.
A very important tool to keep in mind when you want to innovate in a company is security risk assessment.
Source:
(1) Spiceworks
(2) Managementexchange
