To stay in the game companies need to innovate, but how?

May 18, 2017

With the sheer range and number of individuals and companies that are upending business models around the world, we are all under pressure. We have to be agile, lean, search for competitive advantage. We need to innovate.

“Digital disruption hits incumbent companies hard, on average cutting 45% of their revenue growth and 35% of their earnings. The reason for this dramatic effect is that digital entrants tend to pursue business models which directly undermine those of traditional players, and often offer better value for customers’ money.”[1]

But being innovative does not only mean inventing the next Uber or Tesla. Businesses that innovate create more efficient work processes and have better productivity and performance. Successful innovation should be part of our business strategy, where you create a culture of innovation and lead the way in innovative thinking and creative problem solving.

“Firms rated highest for engaging and enabling their staff achieve four and a half times the revenue growth of their lowest scoring counterparts and see up to 54% improvement on staff retention.” Mark Royal, senior principal at Hay Group

That’s all well and good, I hear you say, But where to start?

One thing to consider is whether your employees have the tools they need to realise their potential. Hiring the best people and then stifling then them with difficult systems, repetitive tasks and painful processes is a waste of your investment and will see them heading for the door in short order. Particularly if you have any intention of hiring younger people, giving them an email address and a file share will no longer cut it.

What’s needed is a Digital Workplace, the core platform where you can perform your work, collaborate with colleagues, access essential information and find out what’s going on within the organisation.

A Digital Workplace can help your people save time on administrative tasks, find the information they need, communicate efficiently across time zones, form positive relationships and build a culture where people feel safe to develop and exchange ideas. To spend less time catching up on emails and updating documents and more time learning and building and testing. Collaborating and innovating.

A Digital Workplace is now more possible than ever, with the advent of the Microsoft Office 365 cloud.

By enabling teams to work together, a Digital Workplace can create fresh energy in your organisation as people contribute and see that their contributions are valued. Your culture will benefit as social tools facilitate sharing and discussion, and encouragement from senior management is delivered with authenticity and immediacy.

Intranets were meant to be the Digital Workplace of the future. So how does your current Intranet stack up? Does it foster teamwork and innovation or boredom and frustration? Take our Intranet performance assessment quiz to find out.

[1] How to win the digital race by coming in second, and other (often surprising) ways to reinvent for the digital world, McKinsey & Company

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