U.S. Companies Falling Behind on Innovation

 
 
By Dennis McCafferty  |  Posted 11-12-2013 Email Print this article Print
 
 
 
 
 
 
 
 
 
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    All Aboard
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    All Aboard

    Executives at six of 10 global organizations say their company drives innovation throughout all business units and territories.
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    Game Plan
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    Game Plan

    67% of U.S. companies have a well-defined innovation strategy, compared to 79% of global top innovator organizations.
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    Tech Talk
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    Tech Talk

    37% of the U.S. companies expect their innovation in IT to be "breakthrough" or even "radical," compared to 53% of top innovators worldwide, over the next three years.
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    Consumer Driven
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    Consumer Driven

    29% of the U.S. companies anticipate that their customer-experience innovation will be "breakthrough" or "radical," compared to 44% of top innovators worldwide.
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    Whiteboard Opp
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    Whiteboard Opp

    51% say their greatest concern about innovation is developing the right strategies for the growth they need to achieve.
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    Welcome Feedback
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    Welcome Feedback

    84% of the U.S. companies say they'll collaborate with customers over the next three years to deliver innovation, compared to 91% of top innovators worldwide.
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    Friendly Rivalry
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    Friendly Rivalry

    26% of the U.S. companies say they plan to collaborate with competitors over the next three years to deliver innovative products and services, compared to 41% of top innovators worldwide.
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    Market Gap
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    Market Gap

    58% say it's challenging to take innovative ideas to market quickly, in a scalable way.
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    Recruitment Issue
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    Recruitment Issue

    57% are struggling to find and retain the best talent to make innovation happen.
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    Culture Clash
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    Culture Clash

    51% say they're challenged to establish an innovation culture internally.
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    Three Innovation Questions to Ask About Your Company: Can Breakthroughs Happen Here Day-to-Day?

    To create the business of the future, you sometimes need to step away from running the business of today. Consider setting up innovation facilities on site to encourage this.
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    When this becomes part of the vetting process for employees and external partners, breakthroughs emerge in a more natural, intrinsic manner.
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    It's easier to move forward with an innovation culture when roles are assigned, with expectations set.
 

When it comes to innovation, U.S.-based companies have some catching up to do: More than eight of 10 of the "most aggressive" global organizations are based outside of the U.S., according to a recent survey from PwC. The topic remains critical for domestic, competitive interests, as top innovator companies expect to grow by more than 60 percent over the next five years, creating more than $250 billion in new revenue. This means that CIOs and other company leaders can't afford to view innovation as something that "simply happens when it happens." Instead, they must establish a formal system and culture of collaboration and creativity to ensure that innovation is a product of determined efforts—and even accountability. "A transformation is under way," says Rob Shelton, advisory managing director and global innovation strategy leader for PwC. "Designing an innovation-operating model involves getting leadership involvement, finding the right talent, working with your ecosystem of collaborators and putting the metrics and motivators in place to drive the right actions." More than 1,750 global C-Suite and executive-level respondents participated in the overall research, and the U.S.-specific results involved more than 325 such executives. For more about the survey, click here.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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