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.
“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.”