Management of technological innovations
This is how you promote an innovation culture in your company. Results of our publication
Promote a culture of innovation in your company
Managing technological innovation means bringing two systems together at different speeds: This is because technological innovation is rapidly evolving, and the concept of dynamic investing is in contrast to the annual review and financing plan that most organisations follow. This makes it difficult for companies to decide which transformation technologies are to be used and when, as well as how they should be integrated into existing systems.
In our publication, we have therefore summarised the results of four different KPMG studies on the topics of technology, innovation and IT leadership. The publication shows who the innovation driver in the company is, what the greatest barriers to innovation are and how best to measure innovation success.
The CIO is the most important innovation driver in the company
KPMG’s Technology Industry Innovation Survey shows that the Chief Information Officer (CIO) has been named the most important innovation driver in the technology industry for the second year in a row. This finding also fits in with the Harvey Nash/KPMG 2019 CIO survey: In the survey, 60 percent of the CIOs questioned by technology companies said that their role is becoming more strategic.
Innovation success is measured on the basis of financial results
When it comes to measuring innovation success, a company’s financial performance is key. Market leaders in the technology industry rate market value as the best metric, followed by return on investment (ROI) and revenue growth.
Top five barriers to innovation
According to the respondents, the biggest barriers preventing tech companies from monetising their innovations, whether in the form of new revenues or cost savings, are:
- Return on investment (ROI)
- Data protection and governance
- Old IT infrastructure
- Compliance with legal regulations
For more results that are critical to establishing, measuring and driving innovation in businesses, please refer to our “Managing Technology Innovations” publication.