87% of CIOs say innovation is a challenge at their organisation. Attending CIOs at the inaugural Innovation Leadership Summit in London on September 20 were surveyed on the state of innovation culture at their organisations.
These CIOs are not alone, 93% of attendees said innovation was a challenge across their vertical market. Luckily for many, they are in markets (or so they believe) that as yet are not being challenged by organisations that will disrupt their marketplace, according to 70% of the CIOs attending that took part in the survey.
Former CIO and now fast growth business advisor with the Leading Edge Forum Ian Cohen told attendees ”there is a shift from predictable to unpredictable business models. Efficiency and reliability are no longer enough”. Cohen who has been CIO for organisations such banking giants Lloyds, the Financial Times and Daily Mail media groups as well as financial services provider JLT said CIOs and innovation leaders were at a nexus of change as the existing orthodoxy of business benefit being driven by process improvements was no longer enough.
This was further demonstrated by startup insurance company Neos and its founder Matt Poll (pictured left) who described how you can build a new internet of things (IoT) business in just nine months using existing platforms and new services.
Carolyn Lees, Global IT Director of investment firm Permira told peers not to forget the importance of translation as they seek to secure their place in the innovation opportunity. She said peers in the business outside of IT never talk of or describe CRM systems by this name.
The Innovation Leadership Summit brought together innovation leaders from technology service provision, code development and the CIO community. CIOs from major organisations present included engineering and building services firm Carillion and Bellrock, building suppliers Aggregate Industries, automotive leader Nissan Europe, fitness firm Virgin Active, logistics firm DX, chemicals major Bayer, rail project HS2, Tata Steels as well as financial services firm Investec and engineering firm James Walker as well as leaders from charity, housing and the cream of the NHS leadership.