Welcome to the Era of Hyper-Innovation
At the end of 2020, Citrix conducted a survey to measure how the corporate world was responding technologically to the sudden challenges and opportunities presented by the COVID-19 pandemic. They found that the “rupture of the corporate landscape cemented business leaders’ expectations of a bright, tech-enable future of work.” They have hence labeled this next phase of corporate collaboration, powered by a significant increase in the adoption of new tools amongst the workforce, as “The Era of Hyper-Innovation.” In fact, the paradigm shift occurred faster than anyone could have anticipated. Within 6 months of the start of the first global lockdowns, business leaders overwhelmingly (88%) claimed that rollouts of new tools had already vastly improved their ability to collaborate.
The buy-in from the industry leaders is undeniable. Companies have attributed an average of 45% of their growth in the last fiscal year to innovation of their products, services, working environments, and new technology tools. Research has shown that every 1% increase in spending on innovation leads to a 1.95% increase in overall revenue. With these numbers, it is no wonder that 4 out 5 business leaders are committed to bringing their companies into a hyper-innovation phase by investing in “tech-powered hybrid working.” 49% of companies surveyed have increased their investments in innovative technologies for this next phase of work.