The pandemic has unleashed the creativity of many companies – but action is needed to turn innovation from a buzzword into tangible results
LONDON, July 21, 2021– (BUSINESS WIRE) –Lenovo Group (HKSE: 992) (PINK SHEETS: LNVGY) today launches Beyond Boundaries, a new report on the state of innovation in business today. The study examines how businesses are innovating in the post-COVID future, not only to meet pent-up demand and unleash growth, but also to improve their social and environmental performance.
The pandemic acted as a catalyst for innovation – as the scientific community produced a vaccine at unprecedented speed, commerce was even faster to largely turn into a working model from anywhere .
But how do companies not only retain these advantages of innovation, but continue to ride the wave? To find the answers to these questions, Lenovo interviewed top decision-makers in North America, Europe, the Middle East and Asia, and Asia-Pacific. The result is the “Beyond Boundaries” report, a deep dive into the changing attitudes towards innovation and post-pandemic tensions that exist for businesses looking to rebuild and grow.
Highlights of the report include the following findings:
Companies recognize that diversity is directly linked to successful innovation, but there is still work to be done before individuals can be authentic themselves at work.
Shaking up a hierarchical and stifling culture – also linked to effective innovation – is far from easy. The study reveals that some leaders struggle to embrace a bottom-up work environment.
The agility of the company has led to improved innovation. However, there are concerns that these gains may be lost as companies return to the office or adopt a hybrid model that balances on-site and remote work.
Tellingly, despite all the positive talk about risk taking and innovation, many companies remain reluctant to leap into the unknown. Six in ten companies (59%) say that senior management often requests that an innovation be discontinued because it is too risky or experimental. This figure reaches 70% in North America.
And what about the much-vaunted environmental impact of innovation? It seems that the larger the company, the more likely it is to use innovation to improve environmental sustainability. Encouragingly, almost half (49%) of large companies say that a key driver of innovation is to improve their overall performance on environmental sustainability.
Meanwhile, 60% of large companies say the crisis has catalyzed their efforts to use innovation to improve their social and environmental performance, compared to 54% of all respondents.
“Over the past year, COVID has challenged everyone and changed everything. So we rose to the challenge with what we know best: innovation, ”said Yuanqing Yang, CEO of Lenovo. “Today, on the threshold of the next reality, innovation remains the key to unlocking our full potential. As we move from a leading device maker to a global technological powerhouse, capable of solving the most difficult problems facing our customers and the world, this commitment to innovation is more critical than ever.
“For us, innovation is inherently unpredictable and applies to unexpected places, such as the revolution of hybrid workplaces and improving environmental and corporate governance practices. But none of this happens in a vacuum, which is why we spoke with business leaders around the world. the world on what’s next – and how, together, the focus on innovation can help us change the world for the better. “
Other highlights include the following findings:
Senior leaders say they want to step back and let innovation flourish, but the experience of young executives suggests otherwise.
Innovation relies on diversity, but the ability to “fit” helps if you want to challenge the status quo.
To unlock the next level of innovation, businesses must use technology to build on the openness and collaboration of the COVID era.
You can read the full report here.
Lenovo (HKSE: 992) (PINK SHEETS: LNVGY) is a $ 60 billion Fortune Global 500 company serving customers in 180 markets around the world. Centered on a bold vision to deliver smarter technology for all, we develop world-changing technologies that power (through devices and infrastructure) and empower (through solutions, services and software) millions of customers every day and together create a more inclusive and trustworthy environment. and a sustainable digital society for everyone, everywhere. To learn more, visit https://www.lenovo.com and find the latest news through our StoryHub.
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