In today's dynamic digital landscape, venture capitalists and entrepreneurs are acutely aware of the pivotal role IT services companies play in driving business innovation. From Southern Code we tell you how these strategic collaborations provide access to a wealth of technological resources, igniting innovation and unlocking the full potential of businesses.
Based on a 2022 survey by the Information Management Research Institute (IMRI), a staggering 92% of IT executives firmly believe that IT services companies are instrumental in driving business innovation. This reflects the fact that technology stands as the bedrock of modern innovation. Additionally, the same survey highlights that 86% of these IT executives attribute their companies' elevated innovation capabilities to their collaboration with IT services companies.
On the other hand, an independent study conducted by McKinsey & Company in 2021 underscores the advantages of investing in technological innovation through IT services companies. Businesses that engage in these partnerships are 2.3 times more likely to experience accelerated growth compared to their competitors.
Unveiling how IT services companies fuel business innovation
IT services companies are the driving force behind business innovation, and their impact can be seen in several key areas:
Unlocking cutting-edge technologies
IT services companies serve as gateways to the latest technological advancements. Through cloud services and other offerings, these firms provide access to a wide spectrum of innovations, including data analytics, artificial intelligence, and machine learning.
Enhancing efficiency and productivity
A key chapter in this narrative is the contribution of IT services companies in streamlining operations. Utilizing technologies like Robotic Process Automation (RPA), these services free up employees from repetitive tasks, enabling them to focus on strategic endeavors.
Crafting new business opportunities
Another dimension of this story involves IT services companies fostering new horizons for businesses. Collaborative efforts with these companies often lead to the development of innovative products and services, opening doors to unexplored market segments. Furthermore, their digital marketing services expand reach, tapping into previously untapped customer bases.
Project success: enhancing the 3Sixty experience
At Southern Code, we recently embarked on a transformative journey with 3Sixty, a global leader in accommodations and B2B technology solutions. The objective was clear: update and elevate their technology stack to deliver an exceptional user experience and enhanced functionalities.
The partnership culminated in the 3Sixty mobile and web application, which received the prestigious Innovation of the Year Award at the CHPA | Corporate Housing Providers Association 2023 Annual Tower of Excellence.
Additional insights on the importance of IT service companies in business innovation
These statistics underscore the significance of an IT services company in propelling technological innovation for businesses. As business people like you are often avid fans of numbers and statistics for deciphering market trends, we've handpicked these compelling figures.:
- A remarkable 70% of IT executives believe that technological innovation is the most important factor for business success, according to a survey conducted by the Information Management Research Institute (IMRI) in 2022.
- Companies that invest in technological innovation are 30% more likely to gain a competitive advantage, as reported in a study by McKinsey & Company in 2021.
- Businesses that use IT services for innovation have a 20% higher likelihood of increasing their revenues, based on a 2022 research study by the Gartner research firm.
- Companies that leverage IT services for innovation have a 15% higher likelihood of improving customer satisfaction, according to a report by Forrester Research in 2021.