As the post-COVID-19 world resumes, companies are still grappling with how to incorporate innovation in a way that reflects the current and future business outlook for their sectors, especially in areas where innovation must be prioritized to remain competitive.
According to KPMG’s The New Imperatives: Innovation, Agility and Openness report, 59 percent of corporate innovators reported that their mandate was changing or expanding to include new activities and objectives in July 2020 — just as organizations considered resuming general business operations across various industries while keeping certain online aspects.
Eight months later, the survey found that 81 percent of corporate innovators say the pandemic is still impacting their innovation strategy or investment, with 42 percent of respondents describing the impact as “significant” or “extreme.” Engineering and construction were the industries that reported the most impact, while financial services reported the least. Industries like financial services have had a much easier transition to remote services since the onset of the pandemic.
Below are three ways corporations can prioritize transformational projects.
“Above all, organizations should speak transparently and celebrate any innovation initiative within the organization, especially in this age of continual virtual interaction coming out of the pandemic,” Justice said. “It’s not only about advocating for technology but also about illustrating how it will help enable more streamlined and meaningful work.”
To learn more about the new imperatives, please download the full report here.