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goals , and leverage Generative AI while addressing talent constraints and rising capital costs .”
When GCC business leaders were asked to rank the challenges facing their innovation teams , talent pool constraints emerged as one of the top concerns , alongside the rising cost of capital .
The GCC is in flux when it comes to attracting top talent . While Dubai , Abu Dhabi , and Riyadh have all ranked highly as cities of choice for global talent , the region is still in the nascent stages of building its talent pool .
To improve innovation readiness and link innovation with business strategy , BCG recommends focusing on key elements :
• Executive ownership : Ensure innovation is championed by the CEO or other prominent members of the C-suite .
• Clear sense of purpose : Develop a shared story on the purpose of innovation and how it supports the company ' s strategy .
• Focus on competitive advantage : Explicitly focus on opportunities where the organisation has an explicit right to win .
• Target portfolio structure : Create a vision for how resources should be deployed across the innovation portfolio .
• Quantified objectives : Establish a fact-based perspective on how innovation contributes to financial goals .
As GCC economies diversify towards knowledge-based sectors , strategic innovation becomes crucial . By addressing current challenges and aligning innovation with business strategy , GCC companies can compete globally and drive regional economic growth . p a higher level than their global counterparts , they face greater challenges in translating that ambition into readiness .
This aligns with global patterns where companies across various regions are struggling to match their innovation priorities with practical readiness , though the gap appears more significant in the GCC .
“ We are seeing GCC organisations prioritise innovation , with 85 % of executives ranking it highly . However , converting this ambition into readiness remains a challenge ,” said Faisal Hamady , Managing Director and Partner at BCG . “ To close this gap , it is crucial to strengthen the link between innovation and business strategy . Organisations must benchmark processes , align them with strategic
Source : Innovation Systems Need a Reboot , BCG
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