Unlocking 2021 Business Growth: Key Insights from Enterprise Research and Development Survey
The year 2020 has been a challenging one for businesses worldwide, with the global pandemic causing significant disruption. As we step into the new year, businesses need to adapt and find new ways to grow and thrive in the post-COVID landscape. In this context, the Enterprise Research and Development (ER&D) survey provides insights into the key drivers of business growth and innovation, which can help companies unlock growth in 2021 and beyond.
The Role of Innovation in Business Growth
Innovation is the engine that drives business growth, and the ER&D survey highlights its critical importance. The survey found that 56% of executives consider innovation to be a top priority for growth, ahead of cost reduction and operational efficiency. Innovative companies also reported higher revenue growth and profitability than their peers. These findings underline the importance of investing in innovation and R&D as a key driver of business growth.
Technology as a Key Enabler
Technology has been a game-changer for businesses, and the ER&D survey shows that it will continue to play a crucial role in unlocking growth opportunities. The survey found that the adoption of digital technologies is a top priority for businesses, with 64% of executives citing it as a key driver of innovation. Cloud computing, big data analytics, and artificial intelligence are among the top digital technologies being adopted by businesses.
Collaboration and Open Innovation
Collaboration and open innovation are emerging as key themes in driving business growth. The ER&D survey found that 78% of companies are collaborating with external partners to drive innovation, highlighting the importance of partnerships and alliances in unlocking growth opportunities. Open innovation, which involves leveraging external resources and ideas to drive innovation, is also gaining traction among businesses.
Leveraging Data Analytics for Growth
Data analytics is another area that is emerging as a key driver of business growth. The ER&D survey found that 86% of executives believe that data analytics is critical for driving growth, with predictive analytics and machine learning emerging as the top technologies being adopted for this purpose. Companies that leverage data analytics to gain deeper insights into customer behavior, market trends, and operational efficiencies are better positioned to unlock growth opportunities.
Conclusion
In conclusion, the Enterprise Research and Development survey provides valuable insights into the key drivers of business growth and innovation. Innovation, technology adoption, collaboration, open innovation, and data analytics are emerging as critical themes that businesses need to focus on to unlock growth opportunities in the post-COVID landscape. By embracing these themes, businesses can navigate the challenges of the new normal and emerge stronger and more resilient.
