Page 18 - IIA MAGAZINE_March 2017_English

Innovation

BY ADIL BUHARIWALLA

INNOVATE OR
DETERIORATE

Innovation is a key to a company’s ethos of my profession, “Progress Through Sharing”, I will provide
success. It is one of the essential means a summary of what I have learnt, which will give you additional
that organizations can use to thrive and insights on the subject.
differentiate their business or products
from the competition. Let us start by looking at certain facts about innovation:
• Over 40% of Fortune 500 companies who were on the 2000
To a greater extent in the business world, and to some extent at the
individual level, there is a constant push to think of ways to bring list, were not on the 2010 list. One of the reasons attributed to
about innovation. this, was the lack of innovation.1
• Both, in the public and private sectors, there are significant
Being an Internal Audit professional, I have considered how obstacles in the path of innovation implementation.2
innovation can be applied in the auditing sphere, and how internal • By 2025, and due to continuous innovation it is estimated
auditors can become effective drivers of business innovation. that solar power will become the largest source of electricity
This led me to further explore the topic. And in keeping with the in the world, there will be no more food shortages and food
price fluctuations as genetically modified crops will be grown
rapidly indoors, petroleum-based packaging will be replaced
by fully biodegradable cellulose, and Quantum Teleportation,
will be tested.3

1Innovation Excellence: 99 Facts on the Future of Innovation for 2014 - http://innovationexcellence.com/blog/2014/01/01/99-facts-on-the-future-of-innovation/
2Brookings: A Dozen Economic Facts About Innovation - https://www.brookings.edu/research/a-dozen-economic-facts-about-innovation/
3International Business Times: 10 Innovations Analysts Predict Will Change The World By 2025 - http://www.ibtimes.com/10-innovations-analysts-predict-will-change-world-2025-1614130

18 INTERNAL AUDITOR - MIDDLE EAST MARCH 2017