How to innovate more effectively
Recently released research done by Accenture reveals that innovation is a top priority for companies seeking to increase their revenues, but they usually get a poor return on their investment because of flaws in managing it, such as not having a single executive in charge.
We believe those poor returns can be turned into profitable, sustainable growth if innovation is systematically managed end to end, with the same rigor and discipline as other major business processes.
The survey results strongly indicate that more companies should appoint a high-level executive to focus on innovation.
To raise the return on innovation investment, companies need to treat innovation with the same discipline as other functions.
Despite efforts to add structure to innovation, current management practices and processes have numerous shortcomings. Fewer than half of the respondents (44%) said their company had an effective, holistic approach to new product or service development and introduction. Even fewer, 41%, said their company had a well-defined innovation strategy.
Source: FORBES
