Companies that govern innovation extensively achieve twice the revenue growth of those who don’t, achieving a compound annual growth of 5.9% (CAGR), on average. Yet according to a recent report by Accenture, fewer than one in eight companies actually do this.
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.
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.