According to the IDC report, Future of Digital Innovation Awards: Lessons from the Leaderboard, organisations that allocate more than 50% of software initiatives to external-facing projects will see 15% more revenue by 2023.
“Thanks to the digital transformation (DX) explosion sparked by COVID-19, software innovation has become a competitive imperative. Whether they are creating new markets or disrupting old ones, Asia/Pacific organisations must deliver evocative, high-quality experiences, and they must do it on a consistent basis,” Gina Smith, PhD, research manager of IDC Asia/Pacific’s digital innovation and DevOps.
Five key characteristics of leader organisations
#1. Customers matter most. The biggest success stories are ones that put customers front and centre. For IT leaders, customers might include partners, employees, or external customers. In all cases, enterprises must keep user experiences efficient, secure, and, wherever possible, evocative.
#2. Let business lead. Extraordinary software results when teams employ a collaborative mix of IT, development, security, creative and business talent. However, business goals must take the natural lead.
#3. Open innovation matters. Open source sustains innovation. The ability to freely adopt and modify software innovation is transformative: It at once accelerates the creation and release of new software solutions and enhances quality. It allows organisations to rapidly adopt cutting-edge technologies.
#4. Data differentiates. Enterprises that leverage data in their decision-making have a huge advantage. It empowers them to more energetically respond to market needs and demands. The challenge entails identifying data that matters and making sure that tooling takes such data into account.
#5. Experiment constantly and fail forward. Constant experimentation and the ability to bounce back and learn from failure is the real secret to innovation, digital or otherwise. Leading Asia/Pacific organisations must embrace this fail-forward philosophy and instil it among all stakeholders.