Once regarded as having one of the most innovative cultures, South Africa is now falling behind. Local organisations need to radically overhaul their attitudes towards innovation and, if they can’t get it right internally, they should outsource it. This will not only guarantee success but can also help operationalise innovation post development.
“Vision 2025 needs a lot more impetus if we are to remain competitive in the global financial services market from an innovation perspective,” comments Sergio Barbosa, CIO of enterprise software development house, Global Kinetic, and CEO of its open banking platform, FutureBank. “In general the larger the impact you want to make to your revenue projections, the more you should spend on innovation. I don’t see large local companies being calculated about their innovation spend at all. It feels more like a tick box on an executive summary than a thought through strategic initiative. As a result, companies dive into an innovation initiative without proper discovery and fail to realise the value of true innovation,” Barbosa shares.
Another viable, and highly successful way to innovate is to contract the innovation project out to a trusted third party.
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