NEW YORK, May 13, 2020 /PRNewswire/ -- Nearly 80% of CEOs
and their direct reports say that less than half of all innovation
projects at their organization succeed, according to a survey
released today from Broadridge Financial Solutions, Inc. (NYSE:BR),
a global Fintech leader, and G100 Network. The survey of CEOs and
their direct reports from Fortune 1000 companies across a diverse
range of industries uncovers how executives discover and implement
emerging technologies.
In the midst of this worldwide health crisis, companies have
been forced to accelerate and adapt their digital strategies. No
longer do CEOs have the privilege of a measured approach to digital
transformation; instead, they have been thrust into digital
leadership regardless of whether they are prepared. Even though the
survey was fielded pre-Coronavirus lockdown, the outcomes are even
more magnified.
When it comes to adopting emerging technologies such as
Artificial Intelligence, Blockchain, Cloud and Digital, CEOs agree
that these technologies can provide immense value across their
enterprises. Survey respondents identified the biggest benefits of
these emerging technologies in terms of business transformation as:
improved client experience and retention (67%), increased
efficiency (67%) and new revenue opportunities (57%). According to
the survey, the three biggest hurdles firms face in terms of
technology transformation are access to qualified talent (55%),
legacy systems architecture (54%) and an internal culture of
resistance to change (52%).
"Market uncertainty and volatility are creating immense
pressures for companies across industry sectors, leading to an even
greater reliance on new technology to drive change across the
enterprise," said Tim Gokey, CEO of
Broadridge. "Forward-thinking CEOs who embrace next-generation
technology to drive their business roadmap against specific success
metrics are best positioned to succeed in this rapidly evolving
environment. Recent events have also highlighted the importance of
new technologies including Digital and Cloud to adapt to a changing
world."
Innovation Starts at the Top
Enterprise-wide innovation starts at the top, with most
respondents stating that the innovation function reports to the CEO
(38%), followed by the CTO/CIO (21%). While CEOs are the ultimate
decision makers for technology transformation at most
organizations, their methods of driving innovation within their
companies range. A large majority of CEOs (68%) say they use an
internal incubator and/or partner with outside innovation
accelerators (67%) while over half (56%) rely on mergers and
acquisitions to innovate. A further 34% leverage their corporate
venture capital team to innovate.
To keep up with emerging technology trends, CEOs rely heavily on
updates from their internal teams (70%) or outside consultants
(55%) while many (59%) also get the latest from talking with their
peers.
Defining an Approach to Adoption
Although the value of technology is clear, almost half of CEOs
(42%) consider themselves "Fast Followers" when it comes to
adoption. This means they have yet to establish a defined approach
to experimentation and implementation of emerging technology, with
only a few use cases and/or point solutions. A quarter of
respondents (26%) consider themselves "Innovators" using
industry-leading technology, driving enterprise-wide adoption and
having multiple live use cases. A quarter of respondents consider
themselves "Experimenters": they are piloting solutions but without
mass support or resources to advance quickly.
In fact, when it comes to measuring the impact of innovation,
about one in five say they have no defined method to measure the
success of technology innovation at their organization. However,
most CEOs (57%) say enterprise value creation is the key metric
they use for the success of tech innovation while over quarter
(27%) say they assess direct profit/loss.
"Forward-thinking CEOs will reassess assumptions about emerging
technologies that might have previously been hindered by
organizational resistance, regulations or customer adoption.
Not all innovations will succeed, but companies that fail to adapt
and change face eventual disruption," said David Niles, President of G100 Network.
"Successful transformation requires not only experimentation with
emerging technologies, but also a change in business processes and
team alignment around a new way of doing business."
For an infographic on the survey findings click here.
Methodology
Broadridge and G100 Network's emerging technology survey was
conducted from November 2019 –
March 2020. The 96 respondents
include CEOs and their direct C-Suite reports from Fortune 1000
companies. Their businesses are global and represent a diverse
range of industries. Executives were asked to answer several
questions regarding how they discover, introduce and implement
emerging technologies into their enterprise. This study is for
informational purposes only and does not, and is not intended to,
constitute investment, legal or any other advice of any kind.
About Broadridge
Broadridge Financial Solutions, Inc. (NYSE: BR), a $4
billion global Fintech leader, is a leading provider of
investor communications and technology-driven solutions to banks,
broker-dealers, asset and wealth managers and corporate issuers.
Broadridge's infrastructure underpins proxy voting services for
over 50 percent of public companies and mutual funds globally, and
processes on average more than U.S. $7 trillion in fixed income and equity
securities trades per day. Broadridge is part of the S&P 500®
Index and employs over 11,000 associates in 18 countries.
For more information about Broadridge, please
visit www.broadridge.com
About G100 Network
G100 Network is the preeminent executive peer-to-peer convening,
learning and development company. Membership programs bring the
outside in, delivering actionable insights that improve business
performance.
Contact
Information
Media:
Gregg Rosenberg
Corporate Communications, Broadridge
(212) 918-6966
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SOURCE Broadridge Financial Solutions, Inc.