Key Findings Technical debt remains a critical burden – On average, an organization invests more than 30% of its IT budget and more than 20% of its IT human resources to manage and address technical debt. Further, nearly seven out of 10 organizations believe technical debt has a high level of impact on their ability to innovate. For the most part, companies that are pursuing modernization to actively reduce technical debt are finding that innovation is a key methodology to get the most out of the process. Innovation brings with it new insights and ways to use collected data, as well as service customers better. Goals do not equate to strategy – Most organizations indicate they have clearly defined innovation goals; however, nearly half of organizations report they have not fully created a strategy to define that innovation. The priority is optimization – The area in which organizations focus their innovation efforts more than any other is optimization of current systems and processes. By comparison, there is less focus on resilience and growth. Regulatory compliance and cybersecurity represent significant concerns – When it comes to innovation, IT leaders view regulatory and compliance requirements as the top challenge their organizations must address. Security is also top of mind: Four out of five organizations have a high level of concern about security risks related to the implementation of innovative new technologies. Regardless of organization size, there remain significant questions and uncertainty when it comes to balancing innovation with protecting critical systems and data. Access to talent, culture, budgeting and agile processes are the keys – They are the foundational elements to fuel innovation, alleviate technical debt and deal with competitive challenges. Labs and think tanks are deployed often but not always – While a majority of organizations have created a dedicated lab or think tank that is focused on innovation, two out of five have not. Of note, as company size grows, so does the percentage of those leveraging these approaches. Home Key findings Executive summary View infographic Join our webinar Call to action Industry Insights Regional Insights CFO’s Perspective Explore the results Pro Document Consent Innovation is a clear goal for most – strategies and approaches are still works in progress Innovation is critical in an ever-changing business environment. Organizations that fail to prioritize innovation are more likely to fail. Pro Tools Gear Strategies to organize for innovation and address roadblocks vary Innovation cannot happen without building a business culture that fosters innovation and extending that culture takes people, skills and agility. Pro Digital Hightech Technical debt remains a major burden (on an organization) As organizations strive to increase their focus, and time and resources, on innovation, technical debt becomes a significant concern and burden. Pro System Security Innovation elevates security concerns While many organizations are pursuing an innovation agenda, security risks are on the minds of many technology executives. Pro Document Folder Attracting and retaining top talent drives technology adoption and innovation Organizations are deploying a number of innovative and emerging technology tools, but there is significant disparity in the findings that seem to depend on the maturity and benefits of each technology. Pro Location Globe A call to action for technology leaders Read about steps companies should undertake or continue over the near term to ensure they can increase their agility and sustain their innovation and transformation journey successfully over the long term. Pro Rightmark Square Survey methodology and demographics Protiviti surveyed more than 1,000 CIOs, CTOs, CISOs and other technology executives worldwide to ascertain the status of several concepts around innovation and technical debt. Pro Screen System Integration About our Technology Consulting solutions Whether you are looking to automate, modernize, or embark on an end-to-end transformation journey, our technology consulting solutions can help.
