TIBCO Software, a global leader in API management, integration solutions and, industry analytics, released this week the results of its 2018 CXO Innovation report. The report provides insight into the state of innovation across the global business innovation, data sovereignty, business of data, and data-driven spaces.
The report’s data is drawn from over 600 CXOs, senior vice presidents, vice presidents, senior directors, and directors from business and IT functional areas, who represent industries including retail/wholesale, manufacturing, financial services, healthcare, transportation, aerospace, energy, oil and gas, professional services, technology and software.
"Unlocking innovation potential is key for organizations that want to be at the cutting edge of their markets," said Thomas Been, chief marketing officer, TIBCO. "People, data, and technology form the nucleus of innovation and executives across all industries need all three working together for success. This survey dives deep on these relationships and shows how more digitally mature companies are innovating faster and more often. We're excited to bring forward compelling insights on the factors critical to innovation. These elements are what every executive should consider when determining strategies to stay competitive."
Here are Business Chief’s three takeaways from the 2018 report.
1. “Digital transformation is a work in progress”: According to the report, 65% of respondents said their affiliated companies were yet to reach ‘expert’ status with regard to digital transformation maturity.
2. Change Management is the biggest obstacle: Almost 25% of respondents agreed that limited time, resources and budget associated with changes in company culture are major obstacles in the field of managing digital transformations.
3. Cloud computing and BI analytics: integrated, cloud-driven solutions are leading companies’ innovation strategies. AI/ML, open source, blockchain, and IoT align with more sophisticated strategies. 41% of respondents surveyed said their companies were adopting or had adopted blockchain technologies.