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Managing technology innovation

Managing technology innovation

Transformational technologies are no longer viewed as just a way to keep up with trends and competitors. They are now viewed as a key driver of innovation. With the world changing so rapidly, virtually every tech company feels the imperative to innovate. However, managing investment in innovation is not that easy and does not always result in great returns. Wrong tech investment means lost time, lost money and lost opportunities.

Complex budget processes inhibit technology innovation

As technology innovation moves rapidly, it does not adhere to an established quarterly or annual review and funding schedule that most organisations follow. It actually often cripples innovation. These conflicting realities make it difficult for companies to decide which transformational technologies to adopt, when to adopt them, and how to integrate them with, or even replace, existing systems, KPMG’s ‘Managing technology innovation’ publication reveals.

Key takeaways from ‘Managing technology innovation’ publication

  • The Chief Information Officer (CIO) is the key driver of innovation at technology companies, followed by the Chief Innovation Officer and Chief Digital Officer.
  • Direct financial results, such as market value, ROI and revenue growth, are the top metrics tech companies use to measure the success of innovation.
  • The most effective method for motivating both millennials and tech industry leaders to innovate is financial incentives, followed by career progression.
  • Measuring ROI, cybersecurity and privacy governance are the biggest barriers to monetising technology innovations.

 

To explore more, please download 'Managing Technology Innovation' publication.