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Need a Reason to Innovate? Citrix Research Uncovers More than Half a Trillion
Latest study shows adoption of new technology and ways of working over last year drove an extra $678 billion in revenue across industries
FORT LAUDERDALE, Fla. – October 26, 2021 – Innovation drives the future. And if the past is any indication, it’s looking bright. According to The Era of Hyper Innovation, the latest research from Citrix Systems, Inc. (NASDAQ: CTXS), investments in new technology and flexible work models over the last year fueled a $678 billion boost in revenue across industries around the world. And the stage is set for continued growth.
“If the pandemic has proven anything, it’s that innovation can happen anywhere,” said Tim Minahan, Executive Vice President of Business Strategy, Citrix. “While skeptical at first, business leaders now recognize the benefits that hybrid work can deliver and are moving quickly to embrace the model, along with tools and processes that empower employees to create and innovate, wherever they happen to be.”
In-person collaboration and successful innovation used to be synonymous. But technology has changed this.
In the absence of face-to-face communication, employees have found new ways to connect that respondents to The Era of Hyper Innovation say are vastly improving collaboration among individuals and teams and driving greater innovation.
Where traditional mechanisms such as new customer acquisition, expansion into new markets and additional marketing activity used to be the primary drivers, organizations surveyed as part of The Era of Hyper Innovation attribute almost half of their growth over the last financial year to innovation, and specifically cited the following drivers:
To capitalize on the trend, business leaders are shifting their focus to new products and services. Of those polled, 69 percent say they will increase investment in R&D in the next 12 months and 28 percent will retain current levels, while just three percent plan reductions.
“Innovation doesn’t happen by accident,” Minahan said. “Companies that empower employees to do their best work, supported by the right technology and work models, can enable it and reap the benefits our research shows it can deliver.”