TechnologyOne ‘hacks’ its way to innovation
After lending its support to the government’s $1.1 billion Innovation Statement late last year, one of Australia’s largest and most successful software companies TechnologyOne (ASX:TNE) has reinforced its commitment to innovation.
With a firm emphasis on challenging the norm and investing in innovation, the company last week took some 550 employees offline to participate in its TechnologyOne Hack Day.
The regular Hack Day event is one of several tangible commitments the company is making to innovation and culture, with TechnologyOne already investing a considerable 20 per cent of revenue into Research and Development each year - well above the industry average.
The company also recently invested more than $1 million to upgrade its collaborative Village Green area, creating an environment conducive to innovation and achievement. It has also started to rollout its collaborative Village Green concept to regional offices.
“Australia is fast gaining a reputation for creative and innovative technologies,” TechnologyOne’s Executive Chairman Adrian Di Marco said.
“There is a lot of positive energy around the technology scene in Australia now, and we hope to see this continue and grow through the opportunities the Innovation Statement will bring. However, there is an onus on Australian businesses to drive innovation as well, and to continually invest in fostering transformation.
“It’s important that we actively foster a diverse and vibrant ICT industry, and create enthusiasm around this exciting time in Australia’s economy. This is why TechnologyOne is committed to initiatives like the Hack Day, which encourage our people to push boundaries, make ‘the impossible’ happen and have the freedom to be truly innovative.
“It provides an opportunity for our people to break down traditional silos and work on projects that are outside their normal day-to-day work. It also enables us to showcase some of our emerging leaders, by giving our people the freedom to lead outside a traditional organisational structure.”
In addition to the cost of taking all employees out of work for one day per quarter, TechnologyOne plans to spend at least $700 million on R&D and innovation over the next ten years, with all expensed in the year it is incurred. Mr Di Marco insists that this kind of investment is necessary to maintaining TechnologyOne’s position as a market leader in cloud and mobile computing.
“The question shouldn’t be what is the cost of innovation, but rather, what is the cost of not innovating?
“We recognise the importance of ongoing R&D investment. Through R&D, companies can continue to reinvent themselves and their business to keep pace with changing technologies and market developments. At TechnologyOne, our significant investment of 20 per cent of revenue back into R&D ensures we are encouraging local and sustainable innovation.
“This allows us to maintain our start-up spirit and creative work environment, despite the tremendous business growth we have undergone.
“I believe companies must commit to reinventing themselves every seven to 10 years to grow and prosper, regardless of the success they are currently enjoying. This kind of reinvention simply isn’t possible without a significant investment in innovation and creativity.”
Watch the video of TechnologyOne’s Hack Day in action here.
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TechnologyOne (ASX:TNE) is Australia's largest enterprise software company and one of Australia's top 200 ASX-listed companies, with offices across six countries. We create solutions that transform business and make life simple for our customers. We do this by providing powerful, deeply integrated enterprise software that is incredibly easy to use. Over 1,000 leading corporations, government departments and statutory authorities are powered by our software.
We participate in only eight key markets: government, local government, financial services, education, health and community services, asset intensive industries, project intensive industries and corporates. For these markets we develop, market, sell, implement, support and run our preconfigured solutions, which reduce time, cost and risk for our customers.
For 28 years, we have been providing our customers enterprise software that evolves and adapts to new and emerging technologies, allowing them to focus on their business and not technology. Today, our software is available on the TechnologyOne Cloud and across smart mobile devices.
For further information please visit: TechnologyOneCorp.com