How Widespread Collaboration Advances Innovation
How Widespread Collaboration Advances Innovation
The majority of organizations surveyed are deploying so-called “open” innovation models while “co-creating” with customers, partners and suppliers.
Rare Accomplishment
Just over 25% of the global executives surveyed said their company is an innovation leader, and 20% of those respondents expect their revenue growth to increase more than 15% over the next five years.
Ways and Means, Part I
61% said their company deploys an “open innovation” model to drive innovation, and 59% said their organization uses design thinking.
Ways and Means, Part II
55% said they “co-create” with customers, partners and suppliers to drive innovation, while just 34% said they deploy traditional R&D methods.
Most Important Partners for Innovation
Internal employees: 60%,
Tech partners: 50%,
Channel and business model partners: 44%,
Customers (via focus groups, data mining, feedback): 35%,
Supply chain partners, vendors and suppliers: 29%
Top Metrics to Measure Innovation
Sales growth: 69%,
Customer satisfaction ratings: 43%,
Number of ideas in the pipeline: 40%,
Market share: 36%,
Number of products in the pipeline: 31%
Biggest Success Drivers for Innovation
Innovative behaviors and culture: 65%,
Fresh thinking: 63%,
Strong C-suite leadership: 52%,
A clear business model: 47%,
Increased budget for innovation: 32%
Off-Kilter
54% of the global executives surveyed said their organization struggles to align their innovation strategy with their business strategy.
Consumer-Focused
54% said their company’s customer engagement strategy helps define innovation from the early stages.