Innovation is increasingly viewed as critical to sustaining a competitive advantage in the changing global marketplace. Yet many people also indicate that their innovation efforts are lacking. What gives? We explore the business results behind innovation, the top challenges and ingredients for innovation, and why strategy is key.
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Innovation Is A Business Priority
Business leaders agree. CEOs surveyed by pricewaterhouseCoopers say there's a high premium placed on the ability to regularly pioneer new ideas and approaches. 61% of CEOs worldwide say that innovation is a priority or a primary focus within their businesses.
Innovation Efforts Are Sluggish And Ineffective
Despite the high premium placed on innovation, more than half of business leaders surveyed by Accenture don't have innovation strategies, and those that do aren't executive on them. 55% don't effectively seek innovation opportunities. 66% don't have well-defined innovation strategies.
The Right Ingredients For Innovation
Much of what fosters innovation involves processes and organization-wide support. A survey by PricewaterhouseCoopers asked CEOs which are some of the most important ingredients to successful innovation.
57% the right culture to foster and support innovation.
44%strong visionary business leadership.
37% willingness to challenge norms and take risks.
31% ability to capture ideas throughout the organization.
31% capacity and capability for creativity.
A Holistic Approach Is Innovation Done Right
Innovation must be part of a holistic and formal system to net positive returns over time. According to an Accenture study, companies with such a system in place see significant yields.
