In collaboration with Enterprise Strategy Group, Splunk surveyed business leaders at 1,250 organizations to determine the role of innovating thinking in improving an organization’s performance.
Splunk, a trailblazer in data analytics, joined forces with Enterprise Strategy Group to investigate the effectiveness of organization leaders in using innovation as a tool for success. The survey was conducted on business managers and leaders from 1,250 organizations. The research studied the role of innovative thinking in organizational cultures and the creative techniques applied to data and their outcomes.
The research findings were quite impressive. According to the survey, organizations with superior performance tend to have a strong innovation culture and mature data practices. In addition, some prominent statistics from the research showed that companies with better results introduced twice as many new products/ services as beginner-level organizations.
Moreover, these firms also saw a 16% rise in employee productivity in the last year, more than beginner-level innovators, which only showed a 9% increase.
According to Splunk’s ‘The State of Data Innovation 2021’ report, it was seen that leading companies are expected to monetize the data by 66% directly, which is double that of their counterparts. In addition, these firms are also likely to have made a significant or minor change in their operations, such as introducing innovation in sales, marketing, customer care, and development departments.
Another eye-opening statistic revealed that leading organizations create jobs that foster innovation. For instance, the roles of innovation officer or customer officer are reserved for creative individuals to bring positive changes in the organizational culture.
Customers lie at the heart of innovation. Companies that prioritize and understand the needs of their customers tend to flourish. The report gives businesses the recommendation to gather maximum customer data to understand their likes, dislikes, and experience with products/services, which should then be used to perfect the products or services offered.
The report further urged organizations to establish an innovation-centered culture that fosters novel ideas, creative strategies, and improved results.
The State of Data Innovation 2021 report revealed that innovative practices are integral to boosting performance and productivity.