Industry Insights View the detailed results of our global survey by industry group. Reach out to your Protiviti contact for more detailed insights or contact us.Go deeper – Consumer Products and RetailGo deeper – Technology, Media and TelecommunicationsGo deeper – Manufacturing and Distribution Home Key findings Executive summary View infographic Call to action Join our webinar Industry Insights Regional Insights Does your company have clearly defined innovation goals? Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Yes 87% 84% 82% 72% 78% 74% 70% No 13% 16% 18% 28% 22% 26% 30% I don't know 0% 0% 0% 0% 0% 0% 0% Which of the below best describes the status of your company's technology innovation strategy? Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government We have a clear innovation strategy 69% 58% 61% 51% 53% 42% 42% We are currently developing an innovation strategy 27% 35% 36% 46% 43% 50% 49% We have no plans to create an innovation strategy 4% 7% 3% 3% 4% 8% 9% What percentage of your company's current innovation activity is focused on each of the following areas? Shown: Mean scores Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Optimisation (of current systems, products, processes etc.) 39% 40% 42% 43% 38% 42% 48% Building Resilience (against disruption) 30% 27% 27% 26% 30% 27% 36% Growth (new markets, revenue, etc.) 31% 33% 31% 31% 32% 31% 16% Other 0% 0% 0% 0% 0% 0% 0% Does your company have a dedicated lab or think tank that focuses on innovation? Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Yes 68% 63% 67% 52% 54% 53% 44% No 32% 37% 33% 48% 46% 47% 56% I don't know 0% 0% 0% 0% 0% 0% 0% Which of the following best describes your organisation's top three challenges when it comes to innovation? Shown: Ranked #1 Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Architectural constraints (including technical debt) 5% 8% 8% 4% 8% 12% 10% Board/executive buy-in 6% 2% 4% 5% 2% 5% 6% Culture (collaboration, curiosity, exploration) 4% 6% 14% 2% 6% 10% 6% Justifying investment in innovation 11% 11% 7% 9% 12% 12% 10% Lack of diversity of perspective 8% 5% 11% 13% 6% 8% 11% Lack of governance and infrastructure 11% 10% 7% 9% 11% 13% 5% Operational challenges (for example, prioritising "business as usual" over innovation) 10% 6% 8% 11% 9% 4% 5% Organisational structure (teams, processes) 5% 7% 4% 12% 10% 7% 4% Regulatory and compliance requirements 16% 14% 14% 17% 15% 18% 14% Security risks 12% 16% 12% 14% 13% 7% 13% Talent (upskilling, staff retention, resource capacity) 7% 11% 9% 4% 6% 3% 14% Who is the key person responsible for driving innovation at your company? Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Chief Executive Officer or equivalent 4% 5% 2% 4% 3% 4% 10% Chief Information Officer or equivalent 8% 12% 5% 6% 16% 13% 14% Chief Innovation/Strategy officer of equivalent 53% 35% 52% 55% 34% 52% 46% Chief Operations Officer or equivalent 6% 3% 6% 6% 11% 3% 4% Chief Product Officer or equivalent 3% 6% 4% 1% 5% 5% 2% Chief Technology Officer or equivalent 26% 39% 31% 28% 31% 22% 24% A different person than above 0% 0% 0% 0% 0% 1% 0% There is no-one driving innovation at my company 0% 0% 0% 0% 0% 0% 0% Which of the following type(s) of technologies, if any, does your company use? Shown: "Currently using" responses. Multiple responses permitted. Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government 5G 64% 64% 44% 44% 54% 46% 50% Artificial intelligence/machine learning 49% 49% 49% 59% 46% 53% 38% Augmented reality and/or virtual reality 18% 37% 46% 32% 28% 30% 6% Blockchain 52% 42% 46% 49% 41% 42% 28% Cloud 71% 79% 79% 76% 68% 79% 68% Edge computing 44% 48% 50% 44% 43% 52% 39% Internet of Things 65% 67% 74% 78% 73% 68% 66% Metaverse 8% 11% 13% 2% 12% 3% 3% No code/Low code 32% 38% 46% 26% 26% 32% 38% Quantum computing 19% 24% 24% 20% 24% 27% 10% Robotics 23% 28% 17% 24% 31% 19% 30% Web 3 22% 31% 21% 21% 25% 12% 37% How concerned are you about the security risks (for example, breaches, data loss, improper controls, poor access management) associated with implementing innovative new technologies? Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government 5 Very concerned 48% 50% 42% 54% 35% 42% 25% 4 40% 34% 36% 29% 45% 36% 55% 3 Moderately concerned 12% 14% 22% 16% 18% 22% 20% 2 0% 1% 0% 1% 2% 0% 0% 1 Not at all concerned 0% 1% 0% 0% 0% 0% 0% Which of the following areas do you consider the MOST important for maintaining an innovative organisation? Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Building the right processes and activities 18% 19% 22% 26% 26% 29% 23% Enabling an agile technology environment 26% 24% 24% 24% 20% 23% 35% Fostering an innovative culture 41% 38% 37% 32% 37% 32% 31% Hiring the right talent (different roles and specialisms) 14% 18% 16% 18% 16% 15% 11% None of the above 1% 1% 1% 0% 1% 1% 0% What skills-related gaps, if any, impede innovation at your company? Multiple responses permitted. Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Collaboration 19% 20% 19% 24% 13% 19% 14% Communication and organisation change enablement 27% 24% 22% 28% 24% 10% 25% Design thinking 31% 37% 45% 25% 37% 48% 38% Enterprise agility 32% 31% 35% 31% 35% 49% 34% Lack of training 25% 16% 19% 14% 21% 18% 22% Leadership 12% 11% 13% 9% 18% 17% 14% Project management 23% 24% 18% 21% 16% 22% 26% Solution architecture 44% 39% 29% 36% 46% 34% 31% Strategic thinking 29% 28% 28% 31% 31% 28% 30% Technical knowledge 38% 30% 24% 32% 31% 25% 37% Other 0% 0% 0% 1% 0% 0% 0% None 1% 2% 1% 1% 3% 0% 1% Are you using any of the following approaches to help drive innovation at your company? Shown: "Yes, and it enables our innovation, helping us to deliver the results we would like" responses. Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Agile 76% 59% 68% 63% 70% 58% 59% Design thinking 58% 54% 52% 62% 59% 58% 56% Hackathons 51% 39% 39% 46% 25% 40% 31% Journey mapping 57% 48% 49% 51% 49% 58% 50% Lean start-up method 31% 38% 41% 38% 37% 34% 29% How well do innovation leaders bridge the gap between technology and business needs at your company? Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government 5 Very well 39% 31% 29% 29% 27% 24% 22% 4 Somewhat well 55% 56% 58% 54% 57% 58% 62% 3 Neutral 6% 12% 13% 16% 16% 18% 15% 2 Somewhat poorly 0% 1% 0% 1% 0% 0% 1% 1 Very poorly 0% 0% 0% 0% 0% 0% 0% When it comes to innovation, how well do your company’s business and technology leaders collaborate in the following areas? Shown: Top 2 Box scores (aggregate percentage for "Very well" (5) and "Somewhat well" (4) on our 5-point scale). Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Educating non-technical board members on the benefits of investing in innovation 60% 68% 56% 64% 57% 62% 43% Governance, risk and compliance 72% 74% 77% 81% 72% 78% 77% Innovation culture 67% 69% 71% 61% 65% 66% 69% Innovation processes 70% 69% 68% 64% 69% 67% 73% Innovation strategy 82% 81% 79% 81% 82% 75% 82% Knowledge sharing 79% 81% 78% 78% 78% 78% 83% Strategic leadership 82% 79% 82% 72% 80% 79% 81% Talent upskilling and retention 71% 70% 68% 66% 56% 70% 83% Transformational change 74% 72% 72% 73% 69% 67% 78% What impact is technical debt having on your ability to innovate? Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government 5 Significant impact 31% 24% 18% 18% 19% 18% 20% 4 47% 50% 53% 43% 51% 50% 42% 3 Moderate Impact 21% 25% 27% 37% 28% 31% 38% 2 1% 0% 2% 2% 1% 1% 0% 1 No impact 0% 1% 0% 0% 1% 0% 0% What percentage of the resources below would you estimate is dedicated to resolving technical debt? Shown: Mean scores Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government IT budget ($) 36% 33% 32% 27% 34% 33% 25% IT effort (human resource) 21% 21% 21% 24% 20% 22% 19% What are the top three strategies that your company prioritises when dealing with technical debt? Shown: Ranked #1 Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Appointing a technology leader as responsible and accountable for technical debt solutions 11% 10% 5% 9% 9% 12% 7% Educating teams on technical debt and how to report it 12% 12% 14% 10% 15% 13% 14% Formulating and following guidelines to managing technical debt 9% 15% 8% 6% 11% 14% 10% Having a knowledge base to provide information even when specific employees have left the team or business 15% 10% 12% 10% 16% 11% 6% Having a process in place to track and report technical debt 11% 8% 14% 15% 11% 10% 17% Incorporating technical debt management into innovation strategies 9% 9% 12% 10% 9% 8% 12% Revamping software, hardware and systems where technical debt occurs (e.g., refactoring code, etc) 9% 9% 10% 8% 11% 10% 14% Tracking software, hardware and systems where technical debt occurs 10% 16% 11% 16% 9% 14% 11% Tracking technical debt in new systems 14% 11% 14% 16% 9% 8% 9% Other strategies 0% 0% 0% 0% 0% 0% 0% Which of the following technologies, if any, is your organisation using to help reduce or alleviate technical debt? Shown: "Currently using" responses. Multiple responses permitted. Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government 5G 56% 58% 43% 40% 49% 44% 42% Artificial intelligence/machine learning 46% 42% 28% 36% 44% 40% 34% Augmented reality and/or virtual reality 8% 16% 37% 14% 14% 6% 1% Blockchain 32% 25% 26% 28% 30% 30% 12% Cloud 59% 74% 68% 70% 60% 75% 49% Edge computing 33% 33% 38% 29% 36% 34% 22% Internet of Things 58% 59% 68% 68% 68% 61% 58% Low code/no code 18% 17% 28% 18% 12% 11% 18% Metaverse 3% 7% 3% 4% 4% 1% 2% Quantum computing 14% 21% 22% 18% 17% 22% 5% Robotics 14% 17% 8% 16% 16% 9% 15% Web 3 12% 10% 12% 11% 8% 6% 24% If an economic recession happens, how do you anticipate your technology innovation strategy/investments will change? Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government We expect to advance our technology innovation strategy/investments 42% 39% 29% 26% 32% 28% 27% We expect to cut back on our technology innovation strategy/investments 40% 40% 51% 54% 47% 46% 58% We anticipate no changes to our technology innovation strategy/investments 18% 20% 20% 20% 21% 26% 15% I don't know 0% 1% 0% 0% 0% 0% 0% Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Sample Size 160 160 160 160 160 125 125 Industry Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Financial Services: (Net) 100% - - - - - - Financial Services - Asset & Wealth Management 19% - - - - - - Financial Services - Banking & Capital Markets 25% - - - - - - Financial Services - Mortgage & Consumer Lending 16% - - - - - - Financial Services - Payments 16% - - - - - - Financial Services - Private Equity 12% - - - - - - Financial Services - Other - - - - - - - Insurance (other than Healthcare Payer) 12% - - - - - - Technology, Media, Telecommunications: (Net) - 100% - - - - - Technology (Software/High-Tech/Electronics) - 33% - - - - - Media and Entertainment - 33% - - - - - Telecommunications and Data Infrastructure - 34% - - - - - Consumer Products & Services: (Net) - - 100% - - - - Consumer Packaged Goods - - 50% - - - - Retail - - 50% - - - - Healthcare: (Net) - - - 100% - - - Healthcare - Integrated Delivery Systems (Provider & Payer) - - - 34% - - - Healthcare Payer/Insurance - - - 34% - - - Healthcare Provider/Services - - - 32% - - - Manufacturing & Distribution: (Net) - - - - 100% - - Automotive - - - - 14% - - Biotechnology/Medical Devices - - - - 11% - - Chemicals and Materials - - - - 11% - - Manufacturing (other than Technology) - - - - 18% - - Pharmaceuticals and Life Sciences - - - - 11% - - Transportation and Logistics - - - - 18% - - Warehousing/Distribution - - - - 17% - - Energy & Utilities: (Net) - - - - - 100% - Mining - - - - - 24% - Oil and Gas - - - - - 26% - Power and Utilities - - - - - 26% - Renewables - - - - - 24% - Public Sector (National Gov. only): (Net) - - - - - - 100% Government - - - - - - 100% Size (by Annual Revenue in USD) Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Less than $25 million - - - - - - - $25 million - $99.99 million - - - - - - - $100 million - $499.99 million - - - - - - - $500 million - $999.99 million 5% 22% 15% 34% 24% 17% 20% $1 billion - $4.99 billion 10% 29% 18% 21% 24% 30% 40% $5 billion - $9.99 billion 45% 21% 31% 19% 21% 34% 20% $10 billion or more 40% 28% 36% 26% 31% 19% 20% Size (by Assets Under Management in USD) Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Less than $250 million (0.15) - - - - - - - $250 million - $999.99 million (0.62) - - - - - - - $1 billion - $4.99 billion (3) - - - - - - - $5 billion - $9.99 billion (7.50) 27% - - - - - - $10 billion - $24.99 billion (17.50) 22% - - - - - - $25 billion - $49.99 billion (37.50) 22% - - - - - - $50 billion or more (62.50) 29% - - - - - - Ownership Type Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Publicly held, for profit entity 52% 58% 65% 34% 59% 69% - Privately held, for profit entity - preparing to become publicly held 14% 14% 13% 18% 11% 9% - Privately held, for profit entity - no current plans to become publicly held 33% 28% 22% 40% 30% 22% - Government agency 1% 0% - 1% - - 100% Non-profit organisation - - - 7% - - - Company Headquarters Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Australia 4% 7% 2% 2% 2% 10% 9% Canada 14% 9% 6% 6% 4% 19% 10% China 2% 8% 6% 6% 6% 2% - France 8% 4% 6% 2% 8% 3% 2% Germany 4% 3% 7% 3% 12% 2% 2% Hong Kong 1% 4% 7% 8% 7% 6% - India 5% 4% 2% 7% 6% 10% 2% Italy 5% 4% 5% 5% 6% 7% - Japan 2% 5% 8% 4% 6% 6% - Netherlands 4% 3% 9% 6% 4% 4% 3% Singapore 5% 9% 2% 7% 4% 3% 3% United Arab Emirates 3% 4% 2% 7% 6% 7% 3% United Kingdom 17% 12% 12% 2% 7% 8% 8% United States 26% 24% 26% 35% 22% 13% 58% Job Title Financial Services Technology, Media, Telecommunications Consumer Products & Services Healthcare Manufacturing & Distribution Energy & Utilities Government Chief Information Officer 21% 10% 16% 22% 18% 24% 6% Chief Information Security Officer 23% 15% 21% 17% 11% 12% 3% Chief Technology Officer 16% 32% 10% 18% 16% 18% 4% Senior Vice President of Information Technology 15% 14% 19% 14% 15% 16% 2% Vice President of Information Technology 16% 9% 16% 19% 17% 18% 15% Director of Information Technology 9% 20% 18% 10% 23% 12% 70%
