The Ricoh Europe-sponsored "The Challenge of Speed" study reports many European businesses are overconfident about the speed their organisations respond to change, when in fact they are unable to rapidly adapt to new situations.
According to the study 92% of survey respondents claim speed as part of company culture, but 75% admit to not reacting fast enough to change and new opportunities. This leads to European countries “trailing behind the United States, Japan and Canada in building a smarter economy” across a wide range of metrics.
The speediest companies must excel in 3 areas-- product and service innovation, new technology adoption and business process change. However the report says only 29% of respondents can rapidly re-engineer processes to support change, while change tends to be slower when initiated by the C-suite, rather than line managers or department heads.
“For many business leaders the pressure and perceived complexity to change business operations from traditional to more digital ways of working is obscuring the true rate of success." Ricoh says. "As the latest research shows, the benefits to being able to rapidly adapt can only be achieved when innovation, optimised businesses process and employee engagement are implemented together."
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