GE has released a first ever report, surveying 1,000 business executives in 12 different countries, entitled the GE Global Innovation Barometer. The purpose of this survey is to highlight the opportunities and roadblocks of working in a global economy and what businesses need to do to maintain success in these different economies.
The central principle behind the data gathered is that innovation will be key in this economy. Never before have businesses needed to meet the needs of so many vastly different markets. This is where localization is of the utmost importance. The study shows that the new innovations have shifted from ones that simply make a profit, to those that enrich people’s lives. 77% of executives believe that the greatest innovations of the 21st century will be those dealing with human needs, such as healthcare, environmental quality, energy security and access to education.
Also to be noted, in the survey it was found that because of the new emphasis on innovation, many companies must restructure and redesign their business models, leaving a wide opening for small to mid-sized companies to come in and become major players. Also, 86% of those surveyed say that this century is about partnerships between several entities, as opposed to single company successes.
Don’t let your firm be left behind in the innovation boom of the 21st century. Access those global markets and connect with other businesses that you can connect with and can grow with you. This is the perfect time to get involved with a translation service provider. Epic Translations can provide you with all the translation services necessary to transition your company from national to international. Let’s all grow together. Give us a call today!