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Monday, October 31, 2005
Cisco, IBM: innovation imp’t. in firm’s success
This perception has been shared by multinational and international companies, which have conducted surveys and conferences to identify the needed approach to survive.
In a recent Cisco Innovation 2005 Survey, majority of the 635 executives interviewed identified increased innovation over better education, reduced wages or reduced corporate taxes as the key to increased competitiveness in their companies. Improved education ranked second.
The International Business Machines (IBM) Corp. also earlier identified innovation as essential in addressing the various areas that hold the most potential to improve the quality of lives across the world as well as stimulate significant economic opportunity. The information technology company launched its first Global Innovation Outlook (GIO), a worldwide conversation to examine the changing nature of innovation in the areas of healthcare, government and its citizens.
Cisco and IBM have recognized the importance of innovation not only for economic benefits but also in improving the quality of life.
The Cisco survey, conducted by independent research firm Momentum Research Group, reports that business and technology leaders cite innovation as the most critical factor in their companies’ success.
Critical
Innovation is considered to be more critical in the manufacturing industry than in construction, education, government or other sectors. And the more innovative respondents consider their own firms to be, the more they want to increase the rate of innovation or increase employee education.
“The economic benefits of innovation, which include greater productivity and leadership in new markets, are what will help ensure that global economies maintain their competitive edge,” said Cisco Systems president and chief executive officer John Chambers.
“As countries, companies and even individuals make choices about where to invest, these results underscore the role innovation has in driving global competitiveness at all levels within an economy, from the government to education to private business,” Chambers added.
The Cisco survey identified healthcare as the sector in most need of innovation as it will not only be about medicine but it will also be about using information to drive patient-centric, safe and efficient care.
Chambers said innovative technologies and applications would be from e-prescribing and electronic health records to remote patient monitoring and disease management that can have demonstrable effects on patient care.
Participants to IBM’s Global Innovation Outlook also identified healthcare as an essential area that needs innovation as health data are centralized and nurses could just use a software to screen patients and recommend simple treatment for common ailments.
As a whole, executives clearly recognize the importance of innovation. Once applied to today’s already advanced Internet technologies and applications, it can result in organizational productivity that will bring competitive advantage and success aside from making life easier with work becoming virtualized.
(October 31, 2005 issue)
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