Building the foundations of a sustainable innovation strategy

Technology has come a long way and it seems like everyone, from large corporations to small businesses, is in on the digital transformation trend. Just look at the numbers from a recent survey by the Federation of Small Business (FSB) in the UK: 69% of companies have brought new products to market, improved existing products, or introduced new internal processes within the past three years. That’s a lot of change, and it’s all in response to the need for increased profitability, diversified revenue streams, and overall business resilience.

This innovation wave isn’t just a UK thing, though. Worldwide, 68% of small and medium-sized businesses (SMBs) are investing in digital transformation projects, according to Cisco research. It’s not just tech investments that are on the rise – SMBs are also looking to shift their core workloads to the cloud and adopt data-driven approaches to measuring business value.

Speaking of technology, there’s a whole suite of it that’s helping companies on their innovation journey. IDC expects a host of emerging technologies, including automation, fraud detection, image and speech recognition, natural language processing, and machine learning to play a crucial role in innovation strategies. And behind every great innovation is great technology – successful innovation depends on a formal digitalization strategy, a technology roadmap, and effective governance.

But it’s not just the technology that matters – it’s how easy it is to use. With skill shortages being reported by over half of European SMBs (and a whopping 93% of UK companies highlighting the shortage of skilled IT professionals), Cisco is focusing on technology that’s easy to deploy, execute, and manage. Their cloud-managed network platform, Meraki, is specifically designed with small IT teams in mind, making it easier than ever to stay on top of networks.

When it comes to technology offerings, Cisco supports the mission for innovation with a wide portfolio of security, collaboration, and networking products. These solutions work together to offer top-tier threat protection, leading performance, and competitive pricing.

So, if you’re a small business looking to innovate, remember that resilient supporting technology is key. Think fast, reliable, and secure connectivity at your fingertips; don’t forget about frictionless collaboration; and keep in mind the security measures needed for a growing reliance on cloud technologies. Oh, and make sure it’s easy to use, especially if you’re experiencing an IT skills gap.

In conclusion, it’s clear that digital transformation isn’t just for big corporations – small and medium-sized businesses are embracing it too, with technology playing a pivotal role in driving innovation. With the right foundation of technology solutions, SMBs can increase agility, resilience, and overall business value. Cisco is just one of the tech providers supporting this wave of transformation, offering a suite of products to facilitate the growth and innovation of small and medium-sized businesses.

Key takeaways:
– Smaller businesses are investing heavily in digital transformation.
– Technology is the backbone of innovation for SMBs.
– Easy-to-use technology is crucial for businesses facing IT skills shortages.

Frequently Asked Questions:
1. What is driving digital transformation for SMBs?
– Digital transformation for smaller businesses is driven by the need to improve profitability, diversify revenue streams, and increase resilience in the face of changing market conditions.

2. What technologies are SMBs adopting for innovation?
– SMBs are adopting a range of technologies, including cloud computing, data-driven approaches, automation, and streaming video for connecting with customers.

3. What are the key factors to successful innovation for SMBs?
– According to IDC, successful innovation for SMBs is heavily reliant on a formal digitalization strategy, a technology roadmap, and effective governance. On top of that, the technology needs to be fast, reliable, secure, and easy to use.


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