New research [pdf] from Capgemini Consulting, drawing on the views of 57 leading Senior Executives1, shows that nearly two-thirds (64%) of businesses in the UK struggle to monitor and realise the benefits from digital innovation. This is despite the fact that 100% the businesses surveyed believe that embracing digital innovation would make their organisation more competitive.
The research, carried out at the Senior Executive level across a range of sectors including insurance, financial services and retail, also reveals that only 21% are happy with the ability of their businesses to deliver digital innovation. Further key findings include:
- 50% of executives believe that organisational culture is the biggest challenge to digital innovation and 48% think innovation is impeded by a lack of IT capability
- Only 28% felt their organisation had a clearly identified and well utilised enterprise-wide innovation process
- Only 26% believe they are able to easily access and sort the best digital innovation ideas
See this infographic for a summary of the main findings.
Rick Freeman, Director of Innovation at Capgemini Consulting said:
“Digital Innovation is essential to driving business growth, but our survey shows that many organisations, whilst recognising its importance, are unable to effectively select which solutions they need, or successfully implement them. This data demonstrates the need for companies to invest in strategies that will help them understand how to best drive forward digital innovation so that their companies can thrive in this competitive global marketplace.”
Businesses within financial services
Of the financial services businesses surveyed, 63% felt their business does not have a clearly identified and well utilised enterprise-wide innovation process and 40% say they are unable to monitor and realise the benefits from digital innovation. Meanwhile, 52% struggle to access the best ideas within their business, with 63% unable to deliver digital innovation effectively.
Rick Freeman continues:
“This problem is persisting across all sectors, but seems the most severe across the financial services sector. It is clear that these companies feel unhappy with the way their organisations are delivering digital innovation, even though they recognise its significance.”
Simon Allen, Chief Operating Officer at Aon, who took part in the survey said:
“From my conversations with my peers, it is clear that the UK as a whole is struggling to deliver digital innovation. In my view, there are many factors contributing to this, but a big one is the lack of digital innovation process. But at least people seem to recognise the challenge and are beginning to address it.”
You can find more details about the survey and download our report at the Capgemini Consulting UK website.
– ENDS –