The examine was carried out in two phases within the Asia Pacific area: December 2019 to January 2020 (pre-COVID) and July 2020. In India, 439 enterprise leaders and 438 staff have been surveyed.
The report stated that 77 % of corporations in India think about that “innovation is now a ‘should’ to reply shortly to market challenges and alternatives, and to make sure enterprise resilience.”
The examine discovered that in a brief span of six months, organizations in India have elevated their potential to innovate by four% as their ‘Tradition of Innovation’ matured, and that almost 78% of surveyed organizations say they’re accelerating digitization in a wide range of methods to adapt to the “new actuality.”
This included the launch of digital merchandise and the introduction of digital funds to embrace e-commerce and automation.
Based on the survey, 64 % of respondents acknowledged that innovation has develop into simpler within the post-COVID-19 period. Earlier than the pandemic, solely 32.5% of Indian corporations stated that it was straightforward for them to innovate their services.
“Innovation is not an possibility, however a necessity. We now have seen how the latest disaster has stimulated the necessity for transformation; for organizations to adapt and innovate to emerge stronger,” stated Microsoft India COO Rajiv Sodhi.
He added that the analysis was commissioned to raised perceive the connection between having a tradition of innovation and rising a corporation.
“However now, somewhat than attaining progress, we see that having a mature tradition of innovation interprets into resilience and power to resist financial shocks to get well,” he stated.
IDC Managing Director – India and South Asia Vasant Rao stated throughout COVID-19, 31 % of corporations in India stated they consider their enterprise mannequin will lose competitiveness in 5 years.
“This want and urgency for steady enchancment via agility and adaptation to vary will decide the success of enterprise on this new regular,” he added.
Based on the report, a number of the greatest practices will embrace creating a tradition that encourages funding in disruptive applied sciences and leveraging information to distinguish and enhance services.
One other space of focus is folks. Within the subsequent 12 months, 18.5% of corporations surveyed in India stated they plan to give attention to taking dangers and driving innovation via steady studying and the correct expertise and expertise.
With the help of know-how transformation, organizations should additionally give attention to fostering new and revolutionary concepts amongst their workers, in addition to recruiting a various workforce.
Sodhi stated it’s encouraging to see enterprise leaders acknowledge this and plan to give attention to know-how to drive sustained innovation.
“Reaching success in digital transformation requires each the adoption of instruments and applied sciences and the enhancement of individuals’s capabilities, what we name know-how depth, a essential part of the tradition of innovation,” he added.
Microsoft’s objective is to realize an inclusive future through which all organizations in India are dynamic and resilient, to get well properly and prosper regardless of the disaster, and the corporate is dedicated to creating this occur collectively, he added.