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How Innovation Stacks Up Around the World

 
 
By Karen A. Frenkel  |  Posted 04-20-2015 Email
 
 
 
 
 
 
 
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    Innovation’s Time to Market
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    Innovation’s Time to Market

    64% of surveyed U.S. organizations take up to six months to bring new products to market; only 38% of British and 47% of German organizations do so.
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    U.S. Intention to Innovate
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    U.S. Intention to Innovate

    All U.S. respondents said they expect to innovate this year, as follows: Products and services (59%), IT and technology systems (49%), Customer service (41%)
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    European Intention to Innovate
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    European Intention to Innovate

    European priorities for innovation differ from U.S. companies' as follows: Products and services (41%), IT and technology systems (61%), Customer service (31%)
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    History of Innovation
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    History of Innovation

    50% of U.S. organizations have developed an innovative product, service or function to enhance an existing service within the last six months. 46% of European companies have done the same.
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    Budget Barrier Less in U.S.
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    Budget Barrier Less in U.S.

    41% of U.S. organizations site budget constraints as a barrier to innovation, whereas 49% of European companies do.
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    U.K. Leads Big Data Strategies
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    U.K. Leads Big Data Strategies

    76% of respondents in the U.K. have a big data strategy underway, are in the early stages of developing one, or think their big data strategy has been or will be successful.
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    Concerns About Big Data
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    Concerns About Big Data

    60% of respondents said their organization has either implemented a big data strategy or is in the early stages of doing so. But 29% are unsure how to implement it.
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    Concerns About IT Failures
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    Concerns About IT Failures

    31% of respondents are very concerned about the impact of an IT failure on their business. 52% are slightly concerned. 14% are not very concerned.
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    Lack of IT Investment
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    Lack of IT Investment

    Worldwide, 33% of business development managers (BDMs) think the failure to innovate and keep up with evolving technological change in the next five years will have the biggest negative impact on their company's business.
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    Revenue and Customer Reduction Expected
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    Revenue and Customer Reduction Expected

    79% of BDM's expect a decline in revenue, 80% forecast reduction in number of customers, and 73% expect international operations to decline.
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    Biggest Barriers to Innovation
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    Biggest Barriers to Innovation

    96% of respondents said there are barriers to innovation in their company. The biggest ones are budget constraints (47%) and a dearth of knowledge and skills (35%)
 

U.S. companies are innovating faster and more frequently than their European counterparts, according to a new study. The study also finds that automation is the key to managing an increasingly diverse, complex business environment and delivering fast, flexible services that meet escalating demand. But there is global concern that lack of innovation will deter business. "Without automation, businesses are doomed to fail at keeping pace with the new and disruptive technologies changing the global marketplace," according to the study, "Innovate or Perish," which was sponsored by business automation firm Automic. Conducted by Vanson Bourne, the study surveyed 4,400 individuals in France, Germany, the United Kingdom and the United States. Respondents included 400 senior business and IT leaders (100 in each country) and consumers from a broad demographic profile. These executives' companies were in energy and utilities, financial services, retail and telecommunications. "The global marketplace is changing and the IT factory has to be more responsive, agile and creative in the way it engages with the business and more importantly, the customer base," said Chris Boorman, Chief Marketing Officer at Automic. "This research highlights the growing importance of utilizing technology as a key instrument in engendering disruptive and strategic innovation."

 
 
 
 
 
Karen A. Frenkel writes about technology and innovation and lives in New York City.

 
 
 
 
 
 

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