Tech Tracker 2020: the innovation imperative

In an unconventional year, innovation became business critical. Businesses are functioning with one eye on the pressing challenges impacting their operations and the other eye on the future and what the new world of work will look like. Before the coronavirus crisis, a lack of appetite for digital adoption held many businesses back, but amid widespread disruption, standing still was not an option. With pressing challenges prompting new-found buy-in at every level of business, the pace of change has been extraordinary.  

Through a survey, regional roundtables and insight from the CBI’s Innovation Adoption working group, the new CBI and Microsoft report ‘Tech Tracker 2020: the innovation imperative’ highlights how businesses have adopted new technologies and processes, the challenges they have faced and their underlying motivations to innovate.  

COVID-19 means many more businesses have embraced digital basics and are getting the most out of them with the vast majority applying readily available solutions such as video conferencing and cloud computing. Investments in data are helping businesses unleash the potential of digital technologies. But for many, more advanced technologies, that could have real operational benefits, remain a future “nice to have,” especially for smaller businesses. 

The boundaries of the new world of work are yet to be defined, but whatever the future looks like, technology and innovation will play a central role. But the driving force for innovation is decreasing. This year’s Tech Tracker outlines three common ‘digital dilemmas’ businesses are currently facing:  

• The capacity and cash to keep going 
• Turning data into decisions  
• Prioritising people.  

Drawing on case studies and best practice from across CBI membership, Tech Tracker 2020 shares practical steps and considerations your firm can take to address these issues.

As business innovation moves from urgent to important, these dilemmas risk limiting progress. But leaders should be confident in their ability to embed the ingenuity, agility and resourcefulness that has seen them through this difficult period.  

Read the report below and for more information on the CBI’s wider innovation adoption campaign, please contact Nathan Brown.