2016 General Electric (GE) Global Innovation Barometer Supports
Malaysian Government's Focus on Transforming Innovation to
Wealth
KUALA LUMPUR, May 26, 2016 - (ACN Newswire) - A significant number
of Malaysian executives are more positive about entering the fourth
industrial revolution as compared to their peers globally.
GE, in unveiling the Malaysia Report of its biennial 2016 GE Global
Innovation Barometer today, said that a high percentage of
Malaysian executives feel optimistic (76% vs. 68% globally),
excited (67% vs. 61% globally) and confident (72% vs. 60% globally)
about the prospect of entering the fourth industrial revolution,
otherwise known as the Age of the Industrial Internet.
GE's Global Innovation Barometer is an international survey which
takes place across 23 countries, gathering perceptions of
innovation in the world today. The recently compiled fifth edition
of the barometer gathered insight from over 2,700 innovation
business executives and nearly 1,350 innovation educated members of
the public to deliver a comprehensive report on the global
perception of innovation.
In Malaysia, GE gathered insight from over 100 business executives,
revealing our own national perceptions of innovation. The results
show an optimistic country, and one excited by the opportunities
afforded by innovation.
The Industrial Internet describes the next wave of innovation
impacting the way the world connects and optimises machines.
Through the use of sensors, advanced analytics and brilliant
machines, the fourth industrial revolution is profoundly
transforming the way machines connect and communicate, enabling
productivity and efficiency gains, anticipating maintenance before
breakdowns occur and transforming today's workforce.
Innovation Champions
Globally, the U.S. remains the number one innovation champion among
business leaders, while Germany dropped from number two to number
three. Japan is still among the top three countries considered to
be a leading innovation champion, moving to the number two
position. Malaysia emerged as a new entrant to the list, along with
countries such as Australia, Canada and Switzerland.
Embracing Innovation to Drive Growth
The 2016 GE Global Innovation Barometer also revealed that 93% of
Malaysian business executives are mindful of the developments that
are changing the face of innovation. The Malaysia Report stated
that 93% of the respondents believe that innovative companies are
defined in their ability to not only launch new products and
services but also create a new market that did not exist previously
(vs 90% globally).
In terms of innovation strategy, 79% of Malaysian businesses (vs.
68% globally) have a clear and defined innovation strategy,
favouring incremental innovations (59% vs. 63% globally) and
internal innovations (57% vs. 60% globally). Having said this, the
Report discovered that while more Malaysian business executives
have a clear process and structure in place to manage innovation as
compared to the global average, (48% vs. 42% globally), the
reliance on consumer research as a foundation for innovation (42%
vs. 35% globally) and turning data and analytics into actionable
decision making tools (40% vs. 40% globally) are the most
challenging best practices that they are currently facing.
Adopting New Models and Technologies
Executives are taking action on decisions that used to make them
nervous, including increasing investments in new partnerships,
data, and analytics to inform decision-making and remain
competitive. Collaboration has increased in most markets, and
businesses across the globe are seeing results. Globally, 77% are
seeing an increase in revenue and profit generated by collaborative
activities in 2015 versus 64% in 2014. Malaysia scored 81% in this
category, significantly higher than the global average.
Talent Conundrum Remains
The 2016 GE Global Innovation Barometer also found that many of the
innovation challenges that faced Malaysian executives in 2014
remain, such as talent and sufficient investment. Talent remains a
major challenge, with three-in-four businesses (74% vs. 71% in 2014
and 58% globally) seeking for a workforce that is creative (64% vs.
54% globally) and problem solving (58% vs. 56% globally).
Speaking at a briefing, Azli Mohamed, Chief Operating Officer of GE
Malaysia said that while corporate Malaysia has readily embraced
innovation, the innovation eco-system needs to be further elevated
in order to impact the nation's growth. "One of the most difficult
things to teach and to learn is innovation; the ability to do
things differently from how it was done before to bring about
beneficial change not only for an organisation but also the larger
community and subsequently, the country."
"The Global Competitiveness Report 2014-2015 has moved Malaysia up
four notches from 24th place out of 144 countries in 2013-2014 to
20th place in 2014-2015. Malaysia's progress is reflected in the
Report's Innovation Pillar (Pillar 12), in which improved scores
were recorded in each of the criteria measured. This certainly
indicates that Malaysia is moving in the right direction when it
comes to innovation."
"We also laud the Malaysian Government's focus on transforming
innovation to wealth by catalysing innovation at both the
enterprise and societal levels, while improving collaboration among
all stakeholders, as outlined in the 11th Malaysia Plan. Through
efforts such as strengthening industry-academic collaborations to
inculcating higher order thinking skills in the society, we are
confident that the nation's goal of becoming a high income nation
by 2020 can be achieved with an innovative and forward-looking
society," he added.
Notably, 34% of the respondents see multinationals as the driving
force behind innovation in Malaysia today. This is a significant
departure from the global average of 18%. "At GE, we have and will
continue to work closely with our Malaysian partners to create
innovative solutions that address the community's needs.
About the GE Global Innovation Barometer
Now in its fifth year, the research was commissioned by GE and
conducted by Edelman Berland between October 13, 2015 and December
7, 2015. Interviews with the 2,748 senior business executives and
the 1,346 informed publics were conducted by telephone or online
across 23 countries. Seventy percent of the business executives
surveyed are at the C-suite level. The countries included in the
research are: Algeria, USA, Australia, China, Canada, South Africa,
India, Poland, Sweden, Russia, Nigeria, Malaysia, Brazil, France,
UAE, Mexico, Israel, Japan, South Korea, Indonesia, Germany, Turkey
and Saudi Arabia.
About GE
GE (NYSE:GE) is the world's Digital Industrial Company,
transforming industry with software-defined machines and solutions
that are connected, responsive and predictive. GE is organized
around a global exchange of knowledge, the "GE Store," through
which each business shares and accesses the same technology,
markets, structure and intellect. Each invention further fuels
innovation and application across our industrial sectors. With
people, services, technology and scale, GE delivers better outcomes
for customers by speaking the language of industry. www.ge.com
About Edelman Berland
Edelman Berland is a global, full-service market insights and
analytics firm that provides corporate, non-profit and government
clients with strategic intelligence to make their communications
and engagements with stakeholders the smartest they can be. The
firm specializes in measurement, tracking and analysis in
reputation, branding and communications. Edelman Berland is part of
Edelman, the world's largest public relations company. Edelman
Berland has more than 200 employees and 12 offices around the
world. Edelman Berland: Intelligent Engagement.
Media Contacts:
Sumitra Valliappan
E: sumitra.valliappan@ge.com
M: +60124445025
Source: GE
Copyright 2016 ACN Newswire . All rights reserved.
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