Mena firms ‘back innovation, best practices’
Dubai, January 14, 2014
A majority of companies in the Mena region value innovation and encourage customers to participate in their innovation strategies, said a report, adding that they keep up to date with other firms and adopt best practices.
The majority (82.9 per cent) also said that their companies employ a long-term innovation strategy rather than a short-term one, which, according to 63.8 per cent of respondents, has led to their companies’ innovation performance surpassing that of other firms in their industry, according to the ‘Innovation in the Middle East and North Africa’ poll, recently conducted by Bayt.com, the region’s number one job site.
About 61.8 per cent also say that innovation has led to improved financial performance.
When it comes to problem-solving, 81.1 per cent of respondents say that pitching of ideas is welcomed, and reaching out to other departments for help is also encouraged within their organisation.
Around 79.2 per cent of respondents say that their company involves customers in the innovation process by asking for their feedback. This is likely a contributing factor to 68 per cent of respondents saying that their companies are perceived as innovative by their customers.
“There is undoubtedly high value placed on innovation in the Mena region as our survey respondents demonstrate” said Suhail Masri VP Sales, Bayt.com.
“There seems to be strong emphasis on encouraging employees to be a part of the innovation process, making creativity an important skill for professionals to hone.
“At Bayt.com innovation is a core value and Bayt.com professionals are encouraged and empowered to think outside the box, suggest new things and explore creative solutions that enhance the customer experience and ROI. It is important for organizations to create a culture that fosters and rewards innovation, and companies stand to benefit from giving their staff the freedom, tools, encouragement and flexibility to ask new questions, seek new answers and experiment in new ways,” he added.
The majority of respondents to the Bayt.com Innovation poll (76.8 per cent) claim that company leaders are, for the most part, willing to replace existing products with new and better ones. Eight out of 10 (78.3 per cent) say that new ideas are encouraged and tried out, with sufficient time set aside for people to think and explore new possibilities (according to 49.3 per cent).
These new ideas are praised and rewarded to a large extent as per 43.5 per cent of respondents, with a further 34.8 per cent stating they are ‘sometimes’ recognised for their innovative contributions.
“In order for an organization to experience innovation optimally and for a culture of innovation to cascade fluidly across an organisation,” Masri continued.
“There needs to be a fundamental emphasis placed on employee recognition. Going beyond salaries, rewards, and bonuses, recognizing employees with verbal support through formal and informal appraisals and a commitment to regular constructive feedback can go a long way.” – TradeArabia News Service