Top stats, facts, surveys and research highlighting the incredible value that results from investing in innovation systems – the innovation investment benefits of operationalizing and building a sustainable culture of innovation. The research and stats presented here and our Strategic Operational Financial Impact Analysis (Sofia) will help you prepare your innovation investment pitch.
2/3 of companies innovate in order to grow or differentiate themselves from their competitors. Half of the companies surveyed innovation to attract new customers or to build more authentic relationships with their current customers to build loyalty.
-Deloitte Innovation Survey 2015 of top CIOs and CEOs
Innovation is increasingly viewed as critical to sustaining a competitive advantage in the changing global marketplace.
– Deloitte Innovation Survey 2015 from 300 CEOs in organizations with over 2000 employee’s
61% of CEO’s worldwide say that innovation is a priority or a primary focus within their businesses. Business leaders surveyed believe in placing a high premium value on the ability to regularly pioneer new ideas and approaches.
– PwC 2013 Innovation Survey
Companies that have successful innovation programs with a formal approach perform better and grow significantly faster than companies without a formal structured system in place- growing 3-fold difference in 5 years.
– Bain Innovation Performance survey 2013
Organizations with a formal innovation system and structure in place see significant yields; 51% are first to market with most innovations, products and new services.
– Accenture US Innovation Survey 2015
50% say failure to collaborate puts them at a disadvantage. 53% can no longer rely solely on internal innovation In the Age of Innovation 2015+ Companies that place innovation at the heart of their purpose, transforming experiences, processes and business models win.
– EY Agile Innovation Study – March 2015
Leading businesses that have a structured innovation program are 37% more likely to embrace open forms of innovation, 79% more likely to establish dedicated innovation teams and 48% more likely to measure the financial returns from innovation investments.
– IBM Innovation Study 2014
(Planbox note: our findings also show that measuring innovation investment benefits is a critical factor for the long term commitment to the innovation program)
Crowdsourcing and formal innovation management programs are two of the most impactful but least used (under 30% penetration) “bimodal IT” disciplines that can contribute to business success. Innovation acceleration is one of the most reliable and attractive routes to competitive differentiation. It can enhance new product and service development, transform operations internally, improve customer service and support externally, and even help to redefine an organization’s core business model.
– Gartner, Market Guide for Innovation Management, March 2016
(Planbox note: developing a sustainable competitive advantage is one of the most important innovation investment benefits – competitors who can’t catch you can’t beat you)
You need an innovation management solution, because without operational changes and an open working culture no agile innovation is possible in the age of the customer. Many businesses turn to innovation management solutions because innovation initiatives based on communication and collaboration tools like Google for Work, Jive, Slack, or Quip have clear limits for driving innovation.
-Forrester Innovation Management Wave April 2016
Meeting changing employee, customer, and partner expectations will become the differentiator of companies that remain competitive. Companies need to find new ways to meet and serve these needs, through solutions that harness feedback from all business constituents.
-IDC Market Scope: Worldwide Innovation Management Solutions 2013
Technological innovation is driven by either the fear of disruption or the desire to disrupt. Both equal the need to be competitive. It takes an entire organization to innovate. Once an organization adopts a shared mandate for innovation, it will be empowered to uncover pains, signals, and trends. This intelligence helps the organization not to predict, but to prepare adequately for the future. The role for the truly transformational and strategic CIO moving forward will be to leverage this intelligence to help the organization become more proactive about competition and disruption. In a recent survey of over 20,000 IT and business executives, it has been determined that Innovation Leadership is three times as important as it is perceived to be in determining overall satisfaction with IT.
-Info-Tech Research Group