Who do European companies innovate with?
The current environment of disruption requires companies to be in constant transformation if they are to avoid being left behind, and to set themselves apart from the competition. In this race, an increasing number of companies choose to open themselves up to collaboration from external actors.
In its report “Innovation in Europe”, Deloitte highlights how opening up in this way marks a change in promoting innovation and protecting against the incursion of disruptive innovation, and stresses how crucial it is, in this commitment, for companies to create within a coordinated ecosystem of collaborators, which they can feed from to innovate.
Innovation that is open to experts and large audiences.
Also, when citing the main actors and external resources for innovation, organizations mention niche experts and other sectors (45% and 41%, respectively, generally through workshops) and, secondly, the “generation of ideas by a large volume of users” (34%) through online platforms and communities.
Deloitte’s report also highlights the main obstacles European companies find when they implement innovation strategies, underlining the cultural resistance to change, the absence of technical competencies within their internal talent, and the lack of availability among technology suppliers to implement new technologies.
Inviting external collaborators and large audiences to participate is one of the most common ways to innovate, according to Deloitte.
5 improvement areas for European innovation.
According to the consultancy firm, Europe “is not lagging behind in the race toward a digital future”. However, its report establishes five great development areas to increase its companies’ competitiveness in Innovation:
1. Not confining themselves only to technology.
Having the right technology and investing in it is not enough, if the right professionalsand organizational structures are not behind it.
2. Change in corporate culture.
Resistance to change is one of the main obstacles to innovation. To break that barrier, European companies not only need to instill the importance of innovation in all their employees, but also to make them participate in innovation.
3. Innovate in a state of permanent beta.
There should be no limit to innovation. Rather, it should be directed towards the most relevant aspects that will increase competitiveness in an industry or sector. With that goal in mind, companies should adopt flexible and iterative work models.
4. Prioritize skills.
Training talent is essential to obtain more innovative results; it is also a factor in continuous development, which requires investment from companies.
5. Mold their own ecosystem, with internal and external help.
Opening up to external collaborators is a key factor in accelerating innovation processes. The report is clear in this respect, and stresses advantages like the exchange of knowledge, technology and expertise.
The need to innovate, a constant also for large Spanish companies
Spain has positioned itself at the head of innovation in Europe, according to Deloitte's survey, which also highlights that the next two years are expected to see an increase in the innovation budget of 93% of Spanish companies, exceeding the European average (88%), and putting Spain in second place within the continent in the area [find out how we can help you drive your corporate innovation program].
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Gartner’s 6 barriers for digital transformation in businesses.