7% of businesses in India consider that innovation is now a ‘must’ for them to respond quickly to market challenges and opportunities, and ensure business resilience, said a recent Microsoft and IDC report. Released today, the India findings of the study ‘Culture of Innovation: Foundation for business resilience and economic recovery in Asia Pacific’ highlighted that a large majority of business decision makers agree that innovation is a necessity to staying resilient in a crisis.
The findings were released by Rajiv Sodhi, Chief Operating Officer, Microsoft India and Vasant Rao, MD India and South Asia, IDC, in the presence of Mukesh Sharma, Chief Technology Officer, Paisabazaar.com and Gaurav Aggarwal, Director and Head of Unsecured Loans, Paisabazaar.com.
The study introduced the culture of innovation framework, which spans the dimensions of people, process, data, and technology, to assess organizations’ approach to innovation. It surveyed 439 business decision makers and 438 workers in India within a 6-month period, before and since COVID-19. The India study was part of a broader survey among 3,312 business decision makers and 3,495 workers across 15 markets in Asia Pacific region.
The study found that in a short span of 6 months, organizations in India have increased their ability to innovate by 4% by maturing their Culture of Innovation.
78% of India organizations are speeding up digitalization in a variety of ways to adapt to the new reality. This included launching digital products and introducing digital payments to embracing ecommerce and automation.
Indian companies are aiming at increasing their revenue from digital products and services to 50% in the next 3 years from 36% at present. According to the survey, 64% of respondents acknowledged that innovation has become easier in the post-COVID-19 era. Prior to the pandemic, only 32.5% of Indian business found innovation in their products and services easy.
Through the research, organizations’ maturity was mapped and as a result, organizations were grouped in four stages – traditionalist (stage 1), novice (stage 2), adaptor (stage 3) and leaders (stage 4). Leaders comprise of organizations that are the most mature in building a culture of innovation
“We see amongst leaders a constant appetite for growth and evolution. During COVID-19, 31% of firms in India said they think their business model will lose competitiveness in five years’ time. This desire and urgency for continuous improvement through agility and adaptation to change will determine the success of businesses in this new normal,” said Vasant Rao, Managing Director – India and South Asia, IDC.
Focus on Technology and Skilling
When asked about their priorities for the next 12 months ahead, organizations in India (45%) indicated that they will focus on Technology as most essential for business resilience and recovery.
According to the report, some best practices will include developing a culture that promotes investing in disruptive technologies and leveraging data to differentiate and enhance products and services.
The other area of focus is People. In the coming year, 18.5% businesses in India plan to focus on embracing risks and driving innovation through ongoing learning, and the right talent and skills.
Showcasing a new technology feature that deploys?Microsoft Azure and Azure AI to enable extensive digital solutions for loans & credit cards, Mukesh Sharma, Chief Technology Officer, Paisabazaar.com, said, “Most large lenders and Fintechs were unprepared due to the lack of digital processes and infrastructure.
Microsoft is utilizing its platforms and services to enable a culture of innovation among Indian enterprises – across retail, IT/ITeS, and healthcare, among other sectors. This is helping organizations adapt, innovate and reimagine their business in the COVID-19 era.
Crisis can be an opportunity for transformation
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