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Latest study shows adoption of new technology and ways of working over last year drove an extra $678 billion in revenue across industries
FORT LAUDERDALE, Fla., October 26, 2021--(BUSINESS WIRE)--Innovation drives the future. And if the past is any indication, it’s looking bright. According to The Era of Hyper Innovation, the latest research from Citrix Systems, Inc. (NASDAQ: CTXS), investments in new technology and flexible work models over the last year fueled a $678 billion boost in revenue across industries around the world. And the stage is set for continued growth.
"If the pandemic has proven anything, it’s that innovation can happen anywhere," said Tim Minahan, Executive Vice President of Business Strategy, Citrix. "While skeptical at first, business leaders now recognize the benefits that hybrid work can deliver and are moving quickly to embrace the model, along with tools and processes that empower employees to create and innovate, wherever they happen to be."
Turbo Charging Innovation
In-person collaboration and successful innovation used to be synonymous. But technology has changed this.
Almost nine in 10 business leaders who participated in The Era of Hyper Innovation survey say that the rollout and adoption of new, pandemic-inspired work tools has vastly improved the way individuals and teams interact.
And 80 percent expect their organization to enter a hyper-innovation over the next 12 months and generate more ideas than ever before as a result.
In the absence of face-to-face communication, employees have found new ways to connect that respondents to The Era of Hyper Innovation say are vastly improving collaboration among individuals and teams and driving greater innovation.
93 percent of those polled believe that increased digital collaboration has led to more diverse voices from across the organization being heard and a greater range of ideas being surfaced.
And 80 percent say that they, themselves, have come up with more creative ideas during the pandemic as they have had more free time to think.
Where traditional mechanisms such as new customer acquisition, expansion into new markets and additional marketing activity used to be the primary drivers, organizations surveyed as part of The Era of Hyper Innovation attribute almost half of their growth over the last financial year to innovation, and specifically cited the following drivers:
Adoption of new technology: 16 percent
New products and/or services: 14 percent
New ways of working: 14 percent
New client/customer acquisition: 12 percent
Expansion/entry into new markets: 12 percent
Additional marketing activity: 11 percent
New partnerships: 10 percent
Mergers and acquisitions: 4 percent
To capitalize on the trend, business leaders are shifting their focus to new products and services. Of those polled, 69 percent say they will increase investment in R&D in the next 12 months and 28 percent will retain current levels, while just three percent plan reductions.
"Innovation doesn’t happen by accident," Minahan said. "Companies that empower employees to do their best work, supported by the right technology and work models, can enable it and reap the benefits our research shows it can deliver."
About the study
The Era of Hyper-Innovation examines creativity and collaboration in a hybrid working world, and the role of technology in powering innovation. In 2021, Citrix, in partnership with Man Bites Dog and Coleman Parkes Research, ran an independent opinion research study, interviewing 1,200 business leaders (job titles included Chief Executive Officer, Chief Finance Officer, Chief Marketing Officer, Chief Technology Officer, Chief Operating Officer, and Managing Director), working in large and mid-market businesses. Respondents were based in the US (400 respondents), the UK (200), France (200), Germany (200), and the Netherlands (200). The study focused on the following sectors: financial services, healthcare and life sciences, technology, professional services, manufacturing, and retail.
Citrix (NASDAQ: CTXS) builds the secure, unified digital workspace technology that helps organizations unlock human potential and deliver a consistent workspace experience wherever work needs to get done. With Citrix, users get a seamless work experience and IT has a unified platform to secure, manage, and monitor diverse technologies in complex cloud environments.
For Citrix Investors:
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the impact of the global economy and uncertainty in the IT spending environment, revenue growth and recognition of revenue, products and services, their development and distribution, product demand and pipeline, economic and competitive factors, the Company's key strategic relationships, acquisition and related integration risks as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. Citrix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein. The development, release and timing of any features or functionality described for our products remains at our sole discretion and is subject to change without notice or consultation. The information provided is for informational purposes only and is not a commitment, promise or legal obligation to deliver any material, code or functionality and should not be relied upon in making purchasing decisions or incorporated into any contract.
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