About the Report
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.