General Electric (GE) examines the transformative actions that senior business executives are taking to pursue innovation through its 2014 “Global Innovation Barometer”. The study indicates that 84% of Malaysian business leaders are embracing a “disruption-ready” strategy of new trends, policies and processes. This corresponds with their recognition of the value of collaboration, with a majority revealing that revenue generated by collaborative innovation activities within their organisations has been growing over the past year.
“The most innovative solutions today comes from collaborative partnerships with local players to address the country’s needs. With more players crowding the space, Malaysian executives are striving to differentiate their businesses in order to stand out from the rest and are recognising the importance of collaborating with innovative multinational companies such as GE. Innovation is increasingly becoming a global game and it is critical for leaders to embrace new business models and technologies necessary to innovate today,” says Stuart L. Dean, Chief Executive Officer, ASEAN, GE Global Growth and Operations.
As innovation is a major thrust of Malaysia’s Development Plan to move up the value change, GE is also evolving in tandem with today’s growth drivers to remain competitive. Dean adds: “We want to instill this same practice among businesses here as we strive to support the country’s goals of building an innovation ecosystem to spur Malaysia towards a high-income status.”
The Global Innovation Barometer study – now in its fourth year, reached 3,200 senior business executives from 26 countries including Malaysia and saw a shift from the 2013 Barometer, which had disclosed high levels of anxiety among executives. This “innovation vertigo” last year led to uncertainties in moving forward for local businesses.
The 2014 study also revealed that business leaders in Malaysia are still far from developing and implementing the perfect innovation model however, many have begun identifying disruption drivers to prepare for and adapt to unexpected market changes whilst demonstrating momentum to innovate successfully.
As Malaysia continues its transformation journey towards becoming a developed nation by 2020, there is a need to boost innovation by enriching local start-ups and putting businesses on the global stage where they will be able to compete in an increasingly competitive landscape. Respondents in the 2014 GE Global Innovation Barometer revealed that understanding customers and anticipating market evolution; attracting and retaining the most talented and skilled employees; and swift adoption of emerging technologies are the key factors to embrace innovation and stay ahead of competition.