The research provides a deep dive into how and why companies are innovating, as well as the tactics and technologies needed to drive initiatives. The research results also examine the role of digital transformation in innovation across industries, which teams within an organisation are driving innovation the most aggressively, and the obstacles they are facing.
The 2018 TIBCO CXO Innovation Survey polled more than 600 respondents around the world including CXOs, senior vice presidents, vice presidents, senior directors, and directors from business and IT functional areas. Respondents represented industries that include retail/wholesale, manufacturing, financial services, healthcare, transportation, aerospace, energy, oil and gas, professional services, technology and software, and more.
Key findings include:
Digital transformation is a work in progress. Approximately 65% of respondents identified that they have yet to reach “expert” status in their digital transformation maturity.
Obstacles to success for innovation-based projects are directly linked to technology, culture, and people. Approximately 24% of respondents listed that limited time, resources, and budget associated with company culture priorities are top obstacles.
Respondents are adopting cloud, BI/analytics, and integration solutions as an early part of their innovation strategy. AI/ML, open source, blockchain, and IoT align with more sophisticated strategies. For example, of the respondents that consider their organisations to be experts in their digital transformation maturity, 41% have adopted blockchain technologies.
“Unlocking innovation potential is key for organisations that want to be at the cutting edge of their markets,” said Thomas Been, chief marketing officer, TIBCO. “People, data, and technology form the nucleus of innovation and executives across all industries need all three working together for success. This survey dives deep on these relationships and shows how more digitally mature companies are innovating faster and more often. We’re excited to bring forward compelling insights on the factors critical to innovation. These elements are what every executive should consider when determining strategies to stay competitive.”