‘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’. Seeking competitive differentiation (93%) and creating new products (89%) and services (77 %), as well as reducing costs for clients (73%) and internal costs (60%), are the focuses and main objectives of the initiatives developed by the 213 executives interviewed worldwide.
Commissioned by Leading Edge Only, the research was fielded by BizTechReports. Among its key findings, the report highlights:
- 88% of respondents indicate that innovation is a major element of their product development initiatives.
- 86% acknowledge that innovation is a key element in new technology development.
- 81% of respondents report that innovation is an important or critically important factor in achieving their organisational objectives.
- 79% report that innovation is an important variable in their intellectual property development activities.
- 76% state that innovation is an important or critically important factor in their service/product delivery strategies.
- 71% believe that innovation is important to remaining competitive by improving internal operational processes.
- As the user experience becomes an increasingly critical basis for establishing competitive differentiation, 68% report that innovation in this area of activity is also important’.
However, frustration with overcoming obstacles remains common throughout the innovation process. Half of the respondents said that implementing innovations took more time than expected, and 41% reported the same issue with implementing external initiatives.
Check out the full report here.