Most companies seem to have adapted innovation. In 2017, 63 percent of companies were hiring chief innovation officers (CIOs). Over 90 percent of businesses also use modern technologies to support the innovation process.
Innovation is essential for the growth of a company. It allows you to align your business plans and strategies to get ahead of the competition. Innovating your workplace also improves your operations and boosts your team’s productivity. Creating an innovative culture, however, remains a challenge for many businesses.
The Struggles Behind Innovations
Although companies understand the importance of innovation for business growth, several factors hinder them from incorporating innovating technologies. Such challenges include:
• Handling legacy applications
Large companies invested in complex technology stacks and legacy applications may find it difficult to transition to a streamlined digital workplace. The cost of modernizing legacy applications would be three times higher than the cost of digital transformation from 2018 to 2020, which may not appeal to companies looking to manage expenses. This expense, however, is necessary because innovating your IT system helps enhance productivity and agile processes.
• Transitioning to cloud
A study shows 83 percent of workload will be on the cloud by 2020, and 41 percent of them run on public cloud platforms. But some companies remain hesitant in jumping on the bandwagon. Most of these companies worry about the reliability and data security of cloud services, what with data breaches and cyber-attacks are making headlines.
• Senior executives are not on board
According to the 2018 Digital Transformation Index, over 35 percent of companies said the CEO is a major obstacle to digital transformation. The survey also shows almost 20 percent of companies said their leaders don’t know how to deal with digital transformation. It’s essential to have the leaders’ support to make the transition as smooth as possible.
Secure your business by adapting workplace innovation as soon as new technology comes up. There may be several challenges along the way, but it will be beneficial for your company in the long run.
Embracing Innovations to Improve Productivity
It’s essential to determine the innovation your organization needs before making some changes. Experts suggest imagining innovation as a spectrum that comprises four factors, namely:
• Iteration – this refers to an incremental change to a product or process
• Evolution – this pertains to an important change to a product or process
• Revolution – this is about a new or historic change to a product or process
• Disruption – this kind of change creates an entirely different market
You need to identify in which category your company fits. Determine whether you want to catch up to the competition or keep your position in the market.
Innovation also requires time. Encourage your team to schedule a time to think of new ways to improve the process and reach the organization’s business goals. Proper innovation helps you achieve results that exceed expectations.
Spending more time on primary tasks also helps improve the productivity of your team. ; Emails and pointless meetings are the top factors that hinder workers from finishing their work. Your primary tasks should take only 40 percent of your workday.
Despite the challenges linked to innovation, you shouldn’t be afraid to embrace it and act fast. Lack of innovation hurts the growth of your company, and you’ll be left behind by your competitors. Identify the innovation your workplace needs and encourage your employees to contribute ideas to improve productivity.