Research commissioned by Agilitas has found that innovation projects cost channel leaders on average £66,587.74 last year and that figure is expected to rise by 50 percent by 2020.
Technology innovation was the main area of spending, followed by solutions, business analytics and contracts as the channel looked to make sure it continued to be ahead of the game.
Agilitas CEO Shaun Lynn said that as the industry faces disruption, complacency doing the same thing is no longer an option.
“What has been clear over recent years is that there is demand for us to continue to adapt our offerings as the needs of the technology industry and business community evolves,” he said.
His advice was for the channel to make sure that they create environments where they can be open to encouraging, accepting and developing fresh ideas.
“As a result, creating and fostering a positive environment, where new ideas are trialed and embraced is set to be critical as we approach 2020, particularly if the current levels of uncertainty continue to be seen across the market,” he said.
The research revealed that many channel firms were hiring and around a third were prepared to invest in training that would encourage innovation and just over a quarter were happy to explore employee ideas.
“It is critical to understand that the only thing in the channel that remains constant is change. As an industry, we need to make sure that challenges are met with creative new ideas. Our research has highlighted positive movement, and I expect to see continued investment growth as we approach 2020,” Lynn said.
There have been warnings to the channel that it needs to invest in digital transformation to make sure it can convince customers that the skills and knowledge is there to help them.