COVID-19 & the Impact on Innovation Teams
Last month we reached out to our network of innovation leaders to better understand how COVID-19 has impacted their innovation efforts. Here are some of our key findings below!
Maintaining ‘business as usual’ isn’t as high on the agenda as you may think.
Only 25% of our network have changed their innovation objectives to help their organisation adapt to ‘business as usual’ in the new environment. An overwhelming majority of our network, however, have taken this new environment as an opportunity to realign their focus towards new business objectives.
55% of our network are aiming to launch new products and revenue streams over the next 12 months.
Over half of our network have responded to the crisis with plans to create new products and services. Rather than sticking to current projects, it is essential to stay agile and respond to the times; there is no better time to try doing things differently or to try new things.This could also be a good chance to see whether your organisation can test out new value propositions or potentially capture new markets.
60% of our network feel that the biggest hurdles to achieving their innovation objectives are uncertainty and an overwhelming focus on short term goals.
It’s no surprise that a majority of our network believe that the biggest hurdles to achieving their objectives are uncertainty in the industry and the economy. If COVID-19 has taught us anything, it’s that we must be prepared to adapt and pivot in the face of change. However, this brings about another challenge. Innovation leaders believe that the progression of long-term goals may be hindered by the need to rapidly react and the overwhelming focus on short term challenges in these unprecedented times.
Almost two thirds of our network have seen an increase in the priority placed on innovation.
Unsurprisingly, innovation has become increasingly important during the crisis. This has resulted in over 50% of our network scrapping previous innovation plans to work on new ones. Despite having to pivot and start anew, many within our network have received an increase in budget to reflect this.
Ultimately, the pandemic has shaken up the way we conduct our business. As a result, it has forced a re-evaluation and re-prioritisation of projects and initiatives. While there is still so much uncertainty around, from our survey results it is evident that large organisations must be ready to, or are planning to, pivot and adapt with the times. The market and our lives have been so disrupted this year that sticking to what you know, or trying to maintain things as they were will no longer suffice.
How do these changes/results compare to your organisation and your innovation plans? If we missed anything or you have insights to share, please get in touch! We’d love to hear from you and to learn more about how the pandemic has impacted your organisation.
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