Innovation culture is fueling country’s business resilience: Study

NEW DELHI: A report by Microsoft and International Data Corporation (IDC) stated that amid COVID-19 pandemic, almost 77 per cent of Indian organisations have found innovation to be critical in their performance. The study, published on Tuesday, November 24, found that in a short span of six months, the organisations have increased the potential of innovation by 4 per cent by improving the innovation culture.

The study found that around 78 per cent of Indian organisations are speeding up digitalisation in various steps to adapt to the new normal. It includes the launch of digital products and digital payments to embrace the concept of e-commerce. Indian companies aim to increase their revenues from digital products and services from the present 36 per cent to 50 per cent.

Rajiv Sodhi, Chief Executive Officer (CEO), Microsoft India, said that innovation is no longer an option but a necessity and the recent crisis has shown the importance of transformation to innovate and emerge stronger. The Indian study surveyed almost 3,312 business decision makers and 3,495 workers within 6 months since the start of the COVID-19 pandemic.

According to the report, some best practices will include developing a culture that promotes investing in disruptive technologies and storing data to differentiate and grow products and services.