January

From the Expert’s Desk

Welcome to the Jan '24 edition of Forsys Frame. In this edition, we focus on why companies need to build a Culture of Innovation – a crucial factor that drives growth, adaptability, and competitive advantage. It also develops an environment where creative thinking and problem-solving are encouraged, leading to breakthroughs and continuous improvement in products, services, and processes. Let's uncover and examine this more closely.

Why Are Large Organizations Embracing Innovation for Competitive Edge?

As the world is increasingly becoming digital and interconnected, large organizations are constantly aligning their strategies, workforce, and operational models to not just keep pace with change, but to lead it. Supporting the culture of innovation is not merely about generating new ideas; it's about creating an environment where these ideas can thrive, evolve, and integrate seamlessly into the existing corporate structure.

The growing emphasis on a culture of innovation within organizations is propelling a change in the role of the Chief Information Officer which is rapidly transforming into that of a Chief Innovation Officer. This evolution sees CIOs shifting from traditional IT management to becoming the vanguards of innovation, harnessing technology not just for efficiency but as a strategic tool for business growth and transformation.

By leveraging this culture of innovation, the new-age Innovation Officers are catalyzing change across all levels of the organization, fostering creativity, driving technological advancements, and positioning their companies at the forefront of industry evolution. This role expansion underscores the integral link between technology and innovation in shaping the future of businesses.

What Large Organizations Do to Encourage Innovative Culture?

Often, the leadership and top management of large organizations set the tone for an innovative culture by practicing:

Statistics Speak

92% of the global digital leaders have adopted cloud technology whereas 61% have adopted big data/analytics. 77% of the CEOs emphasize on the importance of integrating innovation into their business strategies 60% of the survey respondents said they are using data to drive innovation. 52.6% of the responses indicate leadership support as the top enabler for innovation accomplishments and success 41.8% of the respondents agreed that implementing innovative practices at workplace positively impacts motivation and 39.5% strongly approved that an innovative and supportive work environment motivates to perform well

Forsys' Way of Innovation

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