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Lenovo Research Finds the 3 Steps Businesses Can Take to Innovate Beyond Boundaries

The pandemic opened the creativity of many companies; however, actions are required to transform a buzzword innovation into tangible results.

LONDON, July 21, 2021– (BUSINESS WIRE) –Lenovo Group (HKSE: 992) (PINK SHEETS: LNVGY) today launches Beyond Boundaries, a new report on the state of business innovation today. The study examines how companies are innovating for the future after COVID, not only to meet pent-up demand and unleash growth, but also to improve their social and environmental performance.

The pandemic acted as a catalyst for innovation: As the scientific community produced a vaccine at unheard of speed, trade was even faster, largely transforming into a work-from-anywhere model.

But how can companies not only maintain these benefits resulting from innovation, but also continue to ride the wave? To find answers to these questions, Lenovo surveyed senior decision makers in North America, Europe, the Middle East and Asia, and Asia Pacific. The result is the “Beyond Boundaries” report, an in-depth analysis of changing attitudes toward innovation and post-pandemic tensions for companies looking to rebuild and grow.

The highlights of the report include the following findings:

Companies recognize that diversity is directly related to successful innovation, but there is more work to be done before people can be truly authentic at work.

Managing to disrupt a suffocating hierarchical culture, also related to effective innovation, is not easy. The study finds that some leaders struggle to adopt a bottom-up work environment.

Business agility has resulted in better innovation. However, there is a fear that these gains will be lost as companies return to the office or adopt a hybrid model that balances on-site and remote work.

Clearly, despite all the positive talk about risk taking and innovation, many companies are still wary of leaping into the unknown. Six out of ten companies (59%) report that senior leadership often requests that an innovation be discontinued because it is too risky or experimental. This rises to 70% in North America.

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Also, what about the much vaunted environmental impact of innovation? It seems that the larger the company, the more likely it is to use innovation to improve environmental sustainability. Encouragingly, nearly half (49%) of the largest companies say that a key driver of innovation is improving their overall performance on environmental sustainability.

Meanwhile, 60% of the largest companies say the crisis catalyzed their efforts to use innovation to improve their social and environmental performance, compared to 54% of all respondents.

“Over the past year, COVID has challenged everyone and changed everything, so we responded to the challenge with what we know best: innovation,” said Yuanqing Yang, Lenovo president and CEO. “Now, standing on the threshold of the next reality, innovation remains key to unlocking our full potential. As we transform from a leading device manufacturer to a global technology powerhouse, capable of solving the most challenging problems facing our customers and the world at large, this commitment to innovation is more crucial than ever.

“For us, innovation is by nature unpredictable and applied in unexpected places, such as in the hybrid workplace revolution and in improving corporate governance and environmental practices. However, none of this happens in a vacuum. That’s why we talked to business leaders around the world about what’s next and how together a focus on innovation can help us change the world for the better. “

Other highlights of the report include the following findings:

Senior leaders indicate they want to step back and let innovation flourish, but junior executives’ experience suggests otherwise.

Innovation is built on diversity, but the ability to “fit the mold” helps if the desire is to challenge the status quo.

To unleash the next level of innovation, companies must use technology to harness openness and collaboration in the age of COVID.

You can read the full report here.

About Lenovo

Lenovo (HKSE: 992) (PINK SHEETS: LNVGY) is a Fortune Global 500 company with revenues of $ 60 billion serving customers in 180 markets around the world. Focused on a bold vision to deliver smarter technology for all, we are developing world-changing technologies that deliver (through devices and infrastructure) and empower (through solutions, services and software) to millions of customers every day. and together they create a more inclusive, reliable and sustainable digital society for everyone, everywhere. For more information, visit https://www.lenovo.com and read our latest news through our StoryHub.

The original text in the source language of this release is the official authorized version. Translations are provided as an adaptation only and must be checked against the text in the source language, which is the only version of the text that will have legal effect.

View the original version at businesswire.com: https://www.businesswire.com/news/home/20210721005959/en/

Contacts

Hannah Taylor, Zeno Account Director (LenovoBeyondBoundaries@zenogroup.com)
Charlotte West, Executive Director, Global Corporate Communications, Lenovo (cwest@lenovo.com)

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