Innovation is not working out the way many companies expected.
The survey also found that those organizations that have a holistic, formal system in place for innovation, consistently report better outcomes and higher levels of satisfaction from their innovation investment. To help companies better understand the formal system approach to innovation the PoV describes five key aspects of a formal innovation system.
The report, authored by Adi Alon and Wouter Koetzier, is based on a survey of 519 executives from more than 12 industry sectors across the U.S., U.K. and France. The objective of the research was to explore the current state of innovation and the findings reveal some intriguing results. Let´s share some of them:
- The vast majority of executives, 93 percent, think innovation will shape the company long-term success. However, less than one out of five (18 percent) believe their own innovation strategy is delivering a competitive advantage.
- Companies feel that they have sluggish innovation processes.
- Those organizations that have a holistic, formal system in place for innovation, consistently report better outcomes and higher levels of satisfaction from their innovation investment.
There are 5 key aspects to implement this formal innovation system in your company:
- Run innovation as an end-to-end value chain emphasizing speed and flexibility.
- Move from product to business innovation.
- Apply risk management practices specially tailored to innovation.
- Leverage the digital power of Big Data and social media to integrate the Voice of the Customer.
- Pursue frugal innovation to capture middle class consumers in emerging economies and also to disrupt markets in developed economies.
More information:
https://primary.acn-edit.accenture.com/us-en/Pages/insight-low-risk-innovation-costly.aspx
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