Singapore Business Innovation – Research Paper – e0012468
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Singapore Business Innovation
Business Times – 22 Oct 2011Spore business innovation lacking: surveyCompanies here do not engage in innovation-sparking activities consistently, although ITsector seen as most innovativeBy VICTORIA HOTHERE is a lack of activity within Singapore firms to encourage innovation, a survey has found.Conducted across 150 business leaders here by AchieveGlobal, which provides corporate soft-skillstraining, the survey revealed that almost half of companies seldom or never undertake activities thatsupport an innovative environment.These include activities that challenge the status quo, the firm said.While 42 per cent of companies hold employees accountable for innovation, only a third believe thattheir company is innovative.There is also a significant disconnect between perceived levels of innovation within ranks incompanies: 46 per cent of junior-level staff believe their companies to be very innovative, while only27 per cent of directors feel the same way.AchieveGlobal listed some innovation-supporting activities that are practised more often here.Seventy-two per cent seek customers point of view, and a large proportion see failure as a chance totry again.The least-pursued activities were creating networks to drive innovation and actively identifying newways to understand customers, with about 40 per cent of companies practising these.Andrew Calvert, regional director for AchieveGlobal, told BT that while many of the companies doappear to undertake many of the innovation-sparking activities, most dont do this consistently.We found the single biggest differentiator with the most innovative companies is that they pushemployees to think and act in new ways. This shapes employee behaviour and gets noticeableresults, he said.Within the verticals surveyed, the IT sector is perceived as most innovative, Mr Calvert noted. Heattributed this to the pervasive role of technology in work and play, and that there is a growingsensitivity to the fast pace of change and innovation within IT.Sales and marketing, communications and the fast moving consumer goods industries are consideredinnovative, as well.Compared with multinational firms here, fewer workers in Singapore-headquartered companiesperceive their employers to be innovative. Twenty-three per cent hired by locally-headquartered firmsfeel their companies were innovative, compared with 51 per cent from North American-headed firmsbased here.None of the respondents from Singapore-based firm rated their companies as exceptionallyinnovative.Quick transformations from less innovative firms is tough, but possible, said the consultant.Companies need to identify what needs to be done, and enforce these.The most under-utilised activity here is engaging customers, he said. He pointed out that world-
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By: e0012468
Submitted: September 1, 2016
Essay Length: 500 Words / 2 Pages
Paper type: Research Paper Views: 438
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