Infosys, a provider of consulting, technology and outsourcing solutions, has released a report today that claims innovation, adoption of the latest technology and utilising new markets are essential for business development.
The study, called “Shaping Europe’s Future,” was conducted by the European Business Awards, an award scheme underwritten by the firm that recognises innovative European businesses. Data was gathered from interviews of 80 European business leaders at companies with revenue of $1bn plus.
Some 68% of the leaders interviewed said new ideas and innovation will be vital to accelerate businesses prospects in their organisations.
In fact, according to Infosys, 86% of the leaders surveyed actively encourage innovation in all areas of business, while 73% claim to have formal processes for capturing innovative ideas within their teams.
Entering into and sourcing from new markets also proved popular in the report, with 44% of interviewees saying they believe this will be a key driver of growth more than any other strategy.
Respondents also favoured new technologies, with 35% of them claiming the Internet, cloud and social media are “critical” for their continued expansion.
The report also found IT plays a strategic role in their plans, as most business leaders surveyed said IT has a more important contribution to make to business than just cutting costs. Instead, 63% cited their IT department as actually a primary growth enabler.
However, the study also revealed that over half of the businesses interviewed do not have a way to measure Return of Investment (ROI) on innovation - despite 84% saying an ROI model was essential and this led to the study concluding more work in required to track ROI.
“The results of this study speak to a renewed confidence amongst European businesses. For a region of the world that has struggled for the past few years, the results of this study are highly encouraging. Technology and innovation are crucial engines for growth,” claimed Infosys.