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According to the 2022 Global Innovation Index Australia ranked 25th, not shifting year on year from 2021 and slipping 5 places since 2018.
In its quest to help Australian organisations thrive, ADAPT developed the Exponential Value Roadmap (EVR) so they can move from simply “doing enough” to becoming global powerhouses of innovation and growth.
In this ADAPT EVR introductory research document there are four key takeaways:
- As the custodians of technology investment and enablement, on average CIOs have less than 10% of their IT budgets allocated to Innovation.
- Organisations at the higher end of the ADAPT EVR derive 35% of their revenues from innovation.
- Organisations at the higher end of the ADAPT EVR achieve almost double the net profit of their counterparts who have not progressed beyond merely doing enough.
- Organisations at the higher end of the ADAPT EVR deliver significantly increased revenue growth and value from operational and customer centric initiatives.
Developed over two years, the ADAPT EVR is designed to help organisations realise significantly higher business value through:
- Benchmarking the organisation’s business maturity and technology operations against industry peers and high performers.
- Identifying areas to elevate business maturity with the right focus on strategy, experience, and technology execution.
- Providing a roadmap that prioritises execution and offers best practices to realise greater business value.
The ADAPT EVR focuses on advancing business functions through three stages of maturity as shown in Figure 1 below – beginning with Modernised IT (classified as doing enough), progressing to a Connected Business, with the aim of becoming an Exponential Enterprise.
