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Robert Allen | Smart Insights | Fri, 23 Sep 2016 15:20:00 +0000

In today’s innovative economy, businesses need to embrace digital transformation to stay ahead.

According to new research from The Economist, Britain and America are the most innovative major economies. This is great news for the economy as a whole, but it means businesses within the economy can’t afford to be complacent. With increased innovativeness comes increased competition for established businesses. Thus they need to embark on digital transformation programs if they haven’t already. Staying still is not an option.

It is also interesting how China is ‘punching about its weight’ when it comes to innovation plotted against GDP per capita. This again should be a warning to major brands to expect stiff competition from China’s emerging digital champions, who are using the lessons they’ve learnt appealing to price-conscious mobile consumers in their home market. Both East and West can learn from each other.