The research was carried out in two phases within the Asia Pacific area – December 2019 to January 2020 (pre-COVID) and July 2020. In India, 439 business leaders and 438 staff had been surveyed.
The report stated 77 per cent of companies in India contemplate that “innovation is now a ‘should’ for them to reply shortly to market challenges and alternatives, and guarantee enterprise resilience”.
The research discovered that in a brief span of six months, organisations in India have elevated their potential to innovate by 4 per cent by maturing their ‘Culture of Innovation’, and that near 78 per cent of organisations surveyed saying they’re dashing up digitalisation in a wide range of methods to adapt to the “new actuality”.
This included launching digital merchandise and introducing digital funds to embracing e-commerce and automation.
In response to the survey, 64 per cent respondents acknowledged that innovation has develop into simpler within the post-COVID-19 period. Previous to the pandemic, solely 32.5 per cent of Indian enterprise stated they discovered innovation of their services simple.
“Innovation is now not an choice, however a necessity. We’ve seen how the current disaster has spurred the necessity for transformation; for organisations to adapt and innovate so as to emerge stronger,” Microsoft India COO Rajiv Sodhi stated.
He added that the analysis was commissioned to achieve higher understanding of the connection between having a tradition of innovation and a corporation’s progress.
“However now, greater than reaching progress, we see that having a mature tradition of innovation interprets to resilience, and power to resist financial crises to recuperate,” he famous.
IDC Managing Director – India and South Asia Vasant Rao stated throughout COVID-19, 31 per cent of companies in India stated they assume their enterprise mannequin will lose competitiveness in 5 years’ time.
“This need and urgency for steady enchancment by way of agility and adaptation to vary will decide the success of companies on this new regular,” he added.
In response to the report, some greatest practices will embody creating a tradition that promotes investing in disruptive applied sciences and leveraging information to distinguish and improve services.
One other focus space is folks. Within the coming yr, 18.5 per cent companies surveyed in India stated they plan to concentrate on embracing dangers and driving innovation by way of ongoing studying, and the suitable expertise and expertise.
Supported by technological transformation, organisations additionally must concentrate on encouraging new and breakthrough concepts amongst its workers in addition to hiring a various workforce.
Sodhi stated it’s encouraging to see enterprise leaders recognise this side, and plan to concentrate on know-how to drive sustained innovation.
“Reaching success in digital transformation requires each the adoption of instruments and applied sciences in addition to enhancing folks’s capabilities – what we time period as tech depth – a vital part of the tradition of innovation,” he added.
Microsoft’s purpose is to understand an inclusive future the place all organizations in India are dynamic and resilient – to recuperate effectively and thrive regardless of the disaster, and the corporate is dedicated to make this occur, collectively, he added.