The report offers rich insights into the structural approaches and strategies for innovation management at leading organizations across industries and geographies
The State of Corporate Innovation Report is available for download HERE.
Wilmington, Delaware – Planbox, a pioneer in cloud-based AI-powered agile innovation management solutions, today announced the release of the State of Corporate Innovation Report, based on the results of the survey conducted in Q1 2020.
The report features responses from 114 participants spanning several sectors from across the globe, with more than half of participating organizations employing a workforce greater than 1,000 employees, and half of which have an annual revenue exceeding $1B. Nearly half of respondents reported working in innovation-specific roles such as innovation leaders, innovation specialists, and Chief Innovation Officers.
The report is divided into five fundamental sections that shed light on the current state of innovation management maturity, and encompass an extensive analysis of innovation culture, planning, activities, investments, strategies, processes, metrics, and business outcomes (see the full table of contents). The survey sections are as follows:
- Structuring Your Innovation Program
- Innovation Drivers
- Establishing a Culture of Innovation
- Enabling Your Innovation Ecosystem
- Crisis Prevention & Risk Mitigation
The latter chapter on crisis prevention and risk mitigation highlights the importance of innovation to adequately prepare, plan for and overcome future disruptions such as the COVID-19 pandemic. Highly relevant to the current environment, the survey results helped identify how organizations can be best positioned to quickly pivot and successfully adapt to the emerging challenges and pressures of a global crisis.
Some of the report’s key findings include:
- The majority of respondents said turning innovative ideas into tangible business outcomes is one of the biggest roadblocks faced by their organization.
- Organizations that have less-established innovation programs tend to see innovation as a way to improve existing processes and services, while companies with more mature innovation programs generally look to innovation to help create long term value, new business models, improve culture and employee retention, and gain a competitive advantage.
- Organizations with a more strategic focus on adjacent and transformational innovation plans are significantly more likely to implement projects than those that take on projects only as a need arises.
“The State of Corporate Innovation report ultimately provides senior executives with a data-rich approach to support making the case for innovation management as a core competency, and additionally offers unique perspectives on driving a broader portfolio of innovation efforts, all of which is based on authoritative research conducted by the top-ranking innovation management platform in strategy and offering,” said Sara Husk, Chief Customer Officer at Planbox.
Learn more about pressing issues such as top innovation roadblocks and creative campaigns leveraged by leading innovators. The State of Corporate Innovation Report is available for download HERE.
Planbox is the pioneering cloud-based AI-powered agile innovation management platform trusted by some of the world’s most recognized brands, including Blue Cross, Cargill, Caterpillar, Dow Chemical, Exxon Mobil, Honeywell, John Deere, Novartis, Ontario Power Generation, Sun Life Financial, Whirlpool and Verizon, with millions of internal and external users. By leveraging a single system of record for innovation, its clients have built an agile innovation management capability that allows them to innovate consistently and experiment cost-effectively within their ecosystem of employees, customers, strategic partners, universities, virtual net-works of R&D problem solvers, entrepreneurs and startups. Planbox’s Agile Innovation Management Suite is a modular platform for full lifecycle Innovation Portfolio Management, Emerging Tech Empowerment and Ecosystem Enablement. The AI engine mines your data for insights while your community collaborates to discover, develop and capitalize on the best strategically aligned ideas within your innovation ecosystem. Planbox accelerates business outcomes by pursuing breakthrough innovations, creating a sustainable continuous improvement program, building a framework for corporate venturing and actioning on consumer insights.