Strategic innovation is key driver for future growth: Wipro-Forbes Insights

 

According to an exclusive Wipro-Forbes Insights
survey, with the blurring of geographic boundaries and the need to expand in
global emerging markets, business leaders at the world’s largest companies see
strategic innovation as crucial to their future growth plans.

 

The in-depth insight study examined and summarized the
views of over 300 CEOs and other C-level executives at global enterprises
(Defined as corporations with USD 500 million-plus in annual revenues).

 

Global CXO Outlook: Growth Strategies for 2012 and
Beyond” found that fully two thirds of surveyed executives believe that
innovation is more critical than ever, particularly as a way to differentiate
their businesses following the 2008-09 downturn.

 

In addition to innovation, the study also examines
C-suite attitudes towards two other key areas of future revenue growth:
sustainable or green” business practices, and opportunities in emerging
markets such as China and India. The survey was conducted by Forbes Insights in
association with Wipro.

 

Traditionally, R&D was one of the first casualties
in times of business distress,” said Rajan Kohli, chief marketing officer,
Global IT business, Wipro.

 

With innovation being pushed to the fore of growth
strategy, companies are willing to overcome budgetary constraints and invest
prudently, yet confidently on this business imperative. Bucking the trends of
the past, we see innovation, sustainability, and emerging markets as the three
pillars of growth that CXOs will rely on in the coming years.

 

Speed-to-market is necessary for successful
innovation. More than 80 percent of survey respondents agreed that getting a
product or service swiftly out to market is a critical business innovation
tactic.

 

Cost remains the biggest hurdle to fostering innovation.
It topped the list of innovation barriers cited by C-level executives, followed
by issues related to the regulatory environment, and finding and retaining top
talent.

 

Paying attention to best practices is the most effective
way to foster innovation. Other innovation tactics promoted by C-level
executives included technology, data-based decision making, and customer
collaboration.

 

Executives see a very clear business case for using
green” practices, and more than 70 percent have embraced green business
practices as part of their corporate innovation strategies.

 

Green IT is a priority for more than three quarters of
companies. Their strategies in this area include reducing data center
footprints, greater use of server virtualization, and greater use of cloud
computing.

 

Executives see investment and expansion into emerging
markets as crucial to their strategies today and in the near future. More than
half believe China holds the greatest opportunity, followed by India, Southeast
Asia, and Eastern Europe.

 

Expansion into emerging markets is being driven by lower
costs and a higher rate of growth, according to executives surveyed. Potential
barriers to strategic success in these areas include poor distribution
channels, unstable political environments, and a shortage of skilled talent.

 

By Telecomead.com Team
[email protected]