Unveiling strategic pathways to accelerate innovation in South Africa
BCX, in collaboration with EY-Parthenon, has released the much-anticipated second edition of the BCX Digital Innovation Index Report.
This in-depth study delves into the core pillars of innovation – strategy, investment, operating models, skills and culture – offering actionable insights for businesses at every stage of their innovation journey.
Designed to help organisations assess their innovation strategies, the report also provides a detailed perspective on the rapidly evolving digital transformation landscape in South Africa.
Melvin Reynolds, BCX’s digital innovation lead, expresses his excitement for this year’s report: “The second edition of the BCX Digital Innovation Index provides a benchmark for South Africa’s leading organisations, guiding them in refining their innovation strategies to overcome challenges and capitalise on innovation drivers within the local context.”
The report delivers a comprehensive analysis of the innovation practices across South Africa’s leading organisations by combining data from surveys and in-depth interviews with 27 senior leaders from top companies. This holistic approach offers a broad view of how organisations in various sectors are navigating the innovation landscape.
“Digital innovation, as highlighted in the report, occurs at the convergence of business, data and technology. The emergence of transformative technologies such as machine learning, augmented reality and cloud computing is reshaping the market, creating both challenges and opportunities for businesses,” notes Iman Carrim, strategy consultant at EY-Parthenon.
At its core, the BCX Digital Innovation Index evaluates organisations from different industries, across five key business dimensions, referred to as ‘building blocks’ of excellence. Through a meticulous analysis of these assessments, the research team assigns each organisation an innovation archetype, which highlights their position on the index. This process allows the report to extract valuable insights from the collective experiences of these sectors, helping businesses better understand where they stand and how to accelerate their innovation journey.
The findings from the 2024 BCX Digital Innovation Index provide a clear roadmap for organisations aiming to navigate the challenges of innovation. Ultimately, it requires a collective commitment from all stakeholders to foster a more agile, innovative and resilient South Africa.
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