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Wednesday, October 29, 2008

The Art of Successful Innovation

Towers Perrin, a global professional services firm, recently published an innovation study and found that companies are adept at generating innovative ideas, but are far less effective at turning those ideas into reality.

Their findings suggest that the next battleground for companies will be around innovation sustainability -- building a “machine” to institutionalize and formalize innovation processes and outcomes in a more structured way

The biggest problem? They may be overly invested in the creation phase and significantly short-changing the implementation (execution) phase.

  • 44% of survey respondents felt their company was not good at moving quickly from idea to implementation outpaced slightly the percentage (42%) who felt their companies did this well.
BOTTOMLINE: "The finding that organizations rate themselves relatively poorly when it comes to implementation is a serious concern because taking action -- commercializing an idea -- is what innovation is all about. We see a noticeable disconnect between organizations’ desire to innovate and their ability to do so effectively."

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