Managers talk big, but invest small in innovationStaff Writer | August 11, 2016
A new study by Twisthink reveals that the C-Suite values innovation, few companies are organized to intentionally drive innovation and allocate resources and investments.
Innovation There is a lack of process and resources
The study found that while executives believe that innovation is necessary for their organization's continued success and growth, few have a process in place to foster innovation.
An overwhelming majority (93 percent) of executives surveyed agree that innovation is important to their organization, yet still 15 percent of executives hope that it will occur organically.
Less than half of those surveyed (48 percent) have a dedicated innovation process in place. One third reported that while innovation is encouraged, there is no formal process in place.
Furthermore, strategy is perceived to have the strongest impact on a company's ability to innovate. More than three-quarters of the respondents (76 percent) believe a clear business strategy has a strong impact on a company's ability to be innovative.
The study also found that the majority (68 percent) of leaders believe that the ability to implement an idea is one of the most important determinants of a company's ability to succeed at innovation, but there is a disconnect when it comes to investing in this capability.
Roughly half of the leaders surveyed reported their top two concerns were their company's abilities to keep up with rapid technological advancements (47 percent) and to allocate proper talent to drive innovation (49 percent), yet few look externally to add expertise, talent and resources.
Among the leaders surveyed, only 38 percent form strategic partnerships with others in the industry, 33 percent increase capabilities through acquisitions or mergers, and 16 percent engage with external consulting firms. ■