GE today unveiled the UAE results of its 2016 Global Innovation Barometer, which explores how business leaders and members of the public perceive the opportunities for and barriers to innovation in a changing complex global environment.
Now in its fifth year, the research surveyed 2,748 senior business executives and 1,346 informed publics across 23 countries. In the UAE, the survey covered 100 C-level business executives, and was conducted as the nation continued its focus on innovation, following the ‘Year of Innovation’ announced last year.
Rania Rostom, Chief Innovation Officer for GE in the Middle East, North Africa & Turkey said, “The UAE Innovation Barometer findings showcase the success of the UAE government’s National Innovation Strategy, which is focused on accelerating innovation to become one of the world’s leading knowledge economies. There is a strong readiness amongst leading business executives in organisations across the country to invest and collaborate on innovation initiatives.”
She continued, “At GE, we are committed to promoting localised innovation that strengthens productivity and efficiency, and are aligned with a digital industrial future. Here in the UAE, we drive this through the GE Ecomagination Innovation Centre in Masdar City, where we are developing never-before-seen hardware and software solutions focused on the needs of our customers and partners. GE is committed to supporting the UAE’s robust innovation ecosystem as it adapts to the next industrial era.”
Advanced manufacturing ready
Highlighting the role of digital industrial technologies in driving manufacturing sector efficiency and productivity, 87% of the UAE executives – higher than the global average – said in the next 10 years, advanced manufacturing such as through 3D printing, will radically transform the industrial sector.
The digital future
Several questions in the latest survey discussed the importance of digital technologies. Not surprisingly, UAE executives are ‘digital ready,’ with 58% of the respondents, 11% higher than the global average, recognising the strategic value of data and analytics. Additionally, 82% have already increased their ability to analyse large amounts of data – up from only 50% in 2014.
Nearly 85% share their concern on the impact of the fast-paced growth of digital technology on businesses, stating they are mindful that more and more businesses face the challenge of ‘Digital Darwinism’ – the risk of becoming obsolete if they fail to adapt and embrace technological changes.
Collaborative Innovation: New business Models & Risk-Sharing
Nearly 75% of respondents said their firm is open to sharing the revenue stream or losses that could be generated through a collaborative innovation initiative, while 85% said revenue and profit through such collaboration has been growing over the last year, indicating that businesses are looking both inside and outside their own walls to drive innovation forward.
Underlining the innovation-focused business and entrepreneurial landscape of the UAE, 77% of the respondents said their company has a clear innovation strategy, with 87% stating that the most innovative companies not only launch new products and services but also create a new market that did not previously exist.
Energy Sector Ripe for Disruption
Some 61% respondents said the energy industry would be the sector to benefit most from investment in innovation, with nearly half of them agreeing that innovation will most likely be felt in increasing energy efficiency, and helping consumers use and waste less energy.
Future of Work
With 74% responding positively, the UAE is one of only a few countries that feels their education system is ready to answer the future skills challenge. The same number believe that the digital revolution will have a positive or neutral net impact on employment.
Localised Innovation
The UAE findings of this year’s Innovation Barometer highlight the clear focus of businesses on developing a culture of innovation in preparation for a digital future. GE has introduced several digital industrial technologies and is an active member of the innovation ecosystem, supporting the region in achieving its goals of economic and industrial diversification.
