Singapore- based firms are more likely to have a formal process in place for IT innovation activities as compared to the global average, according to a new survey conducted by IDG Research and Services.
A resounding 84 percent of the firms polled in the country report having a formal process that encourages activities such as hypothesising and learning as well as rewarding experimentation and enabling freedom and flexibility.
Globally, 63 percent of firms reported having innovation-driving processes.
"It is heartening to see Singapore-based firms laying the framework for innovation by providing formalised processes, but it is also critical for IT to take charge of the process and lead their organisation's transformation in terms of innovative projects," said Victor Cheng, vice president for Asia South, CA Technologies, who commissioned the survey.
Hindrances and triggers
The same survey revealed the entrance of a new disruptive competitor as the top reason (25 percent) behind what drives Singapore firms to start innovation projects.
On the negative side of things, 36 percent cited executive management as a key barrier to innovation. But according to the survey, 88 percent of Singapore respondents report having a collaborative or cooperative work relationship. This is 20 points higher than the global average of 68 percent.
"With ongoing economic challenges causing companies to investigate new routes to market and new delivery mechanisms, and increasingly tech-savvy customers expecting 24 by 7 mobile connectivity, IT needs to deliver innovative business services faster than ever before," said Andrew Dobbins, Group Vice President of Asia Pacific, Verizon Enterprise Solutions.
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