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Wednesday, April 30, 2008

The Challenge of Innovation? Executing on Strategy

According to findings of a recent survey published by Accenture, business strategy is driven largely by innovation, but corporate responsibility for the innovation process is highly fragmented.

Additional findings from the study:

  • Innovation is a top corporate priority, but it also indicates that more senior-level accountability, greater CEO involvement and improved speed-to-market execution can help companies deliver on their promise of innovation and boost their competitiveness.
  • 62 percent of respondents said that their organization’s business strategy is either totally or largely dependent on innovation.
  • The challenge of innovation for organizations is not commitment and intent but rather execution against the innovation vision.
BOTTOMLINE: "The role of the CEO in the innovation process has grown dramatically in its importance and needs to evolve from vision- and direction-setting to enabling and driving execution,” said Dan Chow, a senior executive in Accenture’s Strategy practice.

“CEOs need to properly align resources and action with the innovation vision and performance goals. However, simply having a vision for innovation and naming an executive to head innovation is not enough to make it work. Senior management must look at innovation as a core process to be actively managed; avoid a quick-fix approach; and focus their energy on execution.”

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