Data has consistently shown that innovation leads to long-term business growth, quicker penetration of new markets and that all-important edge to compete in a digital economy. However, a recent study has revealed that board members globally do not rank innovation as a priority in their strategic challenges.
From Samsung and Hewlett Packard to Lego and even NASA, larger companies are taking a leaf out of small firms’ books by embracing the power of human-driven innovation. Rather than traditional R&D, they have started to recognise the potential of more inclusive operating models.
Did you know?
65% of companies say their employees are their most important partners in innovation, ranking them above technology partners.
‘Reinventing innovation 2017’ by PwC’s Innovation Benchmark
79% of strong innovators have digitised innovation processes compared to 29% of weak innovators.
‘The Most Innovative Companies 2018’ by BCG
There is a link between a greater proportion of women and a more mixed ethnic and cultural composition in leadership roles, and company financial performance – companies with gender diversity on their executive teams were 21% more likely to have above-average profitability.
‘Delivering Through Diversity’ by McKinsey (2018)
Six in ten Millennials say that a sense of purpose is part of the reason they chose to work for their current employer. And only 28% believe their current employer is making full use of their skills.
‘The Deloitte Millennial Survey 2015’
61% of C-suite executives consider people skills one of the most significant external forces behind business growth.
‘Employer Outlook 2018′ by Indeed
Digital business is still a top priority for CEOs, says this year’s Gartner’s CEO Survey, but it also noted several important shifts in CEO perspectives. The most significant change was how workforce-related issues now represent one of the biggest challenges for executives today.
One of the biggest challenges facing businesses looking to compete in a digital environment is lack of experimentation, according to the latest study by MIT SMR and Deloitte. The 2018 Digital Business report found that digitally maturing organisations are more likely to experiment and iterate, something that more established companies struggle with.
In the 30th edition of the IMD World Competitiveness Rankings, the US has overtaken Hong Kong as the world’s most competitive economy, with Singapore placing third. The rankings emphasise the long-term trend that the leading global economies each have a unique approach to becoming competitive.
Rather than getting to the market as quickly as possible, businesses are taking a more measured approach to innovation in 2018. Comparing to data from 2016, the GE Global Innovation Barometer found that “innovation achievers” are increasingly cautious in their approach to innovation.
Retaining its position for the fifth consecutive year, South Korea is the most innovative country in the world, according to a recent league table published by Bloomberg. The Asian country took the top spot in the 2018 Bloomberg Innovation Index, which used seven criteria to compile the list, including research and development spending and concentration of high-tech companies.
According to Indeed’s Employer Outlook report, most companies are expecting to hire more people in 2018 than in 2017. These figures back up one of the trends that everyone was pinpointing for the year ahead: people skills really do matter.
Beyond being an issue of social justice, inclusion and diversity in companies have a direct effect on their growth, innovation and performance. These were the findings published in McKinsey’s latest study, “Delivering through diversity”.
Companies that capitalise on the four elements of digital innovation, including big data analytics, fast adoption of new technologies, mobile products and capabilities and digital design, out-innovate competitors and grow faster, according to an annual report from the Boston Consulting Group (BCG).
Human experience and end-user insights are the most valuable tools for business innovation, according to the Innovation Benchmark Report conducted by PwC, which surveyed more than 1,200 companies in 44 countries.
As innovation goes beyond Research and Development, the Chief Innovation Officer is the main person responsible for guiding technology innovation within organisations, say 35% of the executives surveyed by KPMG’s Global Technology Innovation report.
More CEOs put innovation first, when asked which priorities they want to strengthen to capitalise on new opportunities. In its twentieth edition, the ‘PwC CEO Survey’ listened to 1379 leaders worldwide to understand how businesses are facing today’s challenges.
KPMG International teamed up with the Alternative Investment Management Association and Managed Funds Association to produce the report, ‘Transformative Change: How Innovation and Technology Are Shaping an Industry’.
Dedicated to the theme, ‘Winning with Global Innovation’, this ninth edition of the GII shows how a rising share of innovation is carried out through collaborative networks that leverage talent worldwide.
However, only 46% of the 7,000 companies surveyed in 130 countries believe their organisations are prepared to deal with employee engagement challenges, according to Deloitte’s report ‘Global Human Capital Trends 2016 – The new organisation: Different by design’.
The title question was asked by an innovation director that Arthur D. Little (ADL) interviewed for their report From Idea to Results: Insights into World Class Idea Enrichment. This is one of three recently released ADL studies offering best practices to help companies manage innovation and research and development (R&D) processes.
Five of the top 10 most innovative companies in 2015 are in the field of technology, yet five are not. Apple and Google lead the list, followed by Tesla Motors, Microsoft, Samsung, Toyota, BMW, Gilead Sciences, Amazon and Daimler, according to The Boston Consulting Group’s (BCG) tenth annual global survey of the state of innovation.
Japan, the U.S., Germany, France, the UK and South Korea have alone accounted for 75% all-time patent filings in three breakthrough areas: robotics, 3D printing and nanotechnology. The results are part of the 'World Intellectual Property Report 2015 – Breakthrough Innovation and Economic Growth', produced by the United Nations’ World Intellectual Property Organisation.
Australia, the US, New Zealand, Canada and Denmark are the five most creative countries in the world, according to the Martin Prosperity Institute’s Global Creativity Index (GCI) 2015. The GCI measures advanced economic growth and sustainable prosperity, considering the ‘3Ts’ of economic development: talent, technology and tolerance.
Smarter machines, virtual and physical worlds merging and new, safer and more advanced system architectures are key strategic technology trends for 2016, forecasted by the research and advisory company Gartner.
‘The state of the global innovation economy is alive and well,’ as innovation has become part of a broader portfolio of organisational activities, states ‘The 2015 Global Innovation Economy Survey’. Commissioned by Leading Edge Only, the research was fielded by BizTechReports.
How can my company grow and stay relevant as new disruptors change the markets? This question leads the list of chief executive officers (CEOs) concerns (74%), according to KPMG’s 'Global CEO Outlook 2015 – The Growth Imperative in a More Competitive Environment'.
According to PwC’s The Global Innovation Survey, over the next five years, the most innovative companies in the world will grow at a rate of 62.2%, as compared to a 21% average for all the businesses analysed.
More than 80% of manufacturers have adopted more collaborative business models that involve suppliers, customers and other and stakeholders. However, this transformation appears to be still in its early stages, according to KPMG’s 2015 Global Manufacturing Outlook 'Preparing for battle - Manufacturers get ready for transformation'.
‘How do we attract, engage and lead people in this new world of work?’ The question is one of the 10 key trends identified in the report ‘Predictions for 2015: Redesigning the Organisation for a Rapidly Changing World’.