Innovation key factor in driving growth of regional businesses

The Leaders Management Innovation Survey found that 77 percent of regional companies have implemented innovative business solutions and programmes in the last two years. Over half (53%) of the respondents said that their company allocated a budget to research fledgling ideas, while 58 percent of companies surveyed, actually encourage a culture of business innovation by allocating employee time for informal idea generation. More than half of all CEOs surveyed (53%) viewed innovation as very important within their overall corporate structure.

For Majid Al Futtaim Group, a leader in regional property development and pioneer in the shopping mall industry, innovation is integral to the Group's success. "The survey reiterates the common consensus that the UAE plays a big role in fostering and promoting innovation across the region. An interesting observation is that like Majid Al Futtaim Group, most companies echo the belief that promoting innovation has long term benefits that assist in creating better products and services. Our product and service offerings, including the region's first indoor shopping resort and first and only indoor ski run, are and will continue to be reflection of this," commented Ahmed Bin Brek, CEO, MAF Ventures.

Seventy-five percent of all government leaders surveyed, viewed innovation as very important and almost half (44%) of all large companies (those with more than 5,000 employees), had an assigned department or team dedicated to handling innovation. Overall the results showed positive acknowledgement that innovation in any company regardless of the size is important.

Throughout the survey it was evident that innovation was widely seen as an important mechanism that will add value to a company's products or services, improve brand value and perception, and increase or maintain market share.

According to Jamil Janjua, CEO, TCS EXPRESS Worldwide, value-added service and innovation have been the cornerstone for building a successful global courier service

"A service company that promises to deliver value can do so only by creating a culture where innovative thinking is encouraged and rewarded at all levels. At TCS innovation is a norm and the key objective that enables us to consistently and continually deliver business value to customers."

The survey reflects the opinions of over 200 business leaders and key decision makers from the UAE, Saudi Arabia, Oman, Qatar, Kuwait, Bahrain, Egypt, Syria, Jordan and Lebanon.

The sample of respondents covered a wide cross section of industries with 46 percent from service industries (financial services, advertising, and consulting) and 54 percent from primary industries (construction, transportation and manufacturing). The overall response reflected a balance in knowledge and understanding of innovation and its needs between all industries.

The survey, commissioned by IIR, organisers of the upcoming Management Innovation Forum, was conducted in conjunction with Dubai-based Fusion Marketing and Management and American survey company, SurveyMonkey.

The Management Innovation Forum, being held in Dubai from the 8th to 10th of May, is the first time event from the organisers of Leaders In Dubai Business Forum. The event will encourage regional directors and managers across all areas of business to innovate on a global scale, allowing companies to think differently, and bring their innovations and ideas to the world.

Delegates will focus on how innovation must become the core of business in areas including strategy, profit growth and marketing. Key topics at the Forum include: 'How disruptive change has become the new paradigm for business,' and 'Why companies often look for growth in the wrong areas.'