Now that the year comes to an end, we have good news and bad news. Let’s start with the bad news: Arthur D. Little’s Innovation Excellence Survey found a growing number of companies realise that they have failed to make innovation everyone’s business. And this is costing them dearly.
As they lag behind their competitors, they discover that industry leaders are companies that make a real effort to engage everyone, every single day. Those companies are reaping significant rewards such as committed and engaged employees producing great ideas from every corner of the organisation.
Now the good news, for the years to come: Boston Consulting Group’s Innovation Survey shows that many companies consider innovation management a key weapon in their efforts to seize the benefits of a tentatively emerging economic recovery.
The report also postulates that a new world order in innovation is taking hold. One in which rapidly developing economies, led by China, India, and Brazil, will increasingly assume more prominent positions, while the United States and other mature economies will continue to play major roles but gradually become less dominant. And the movement is accelerating.
Living up to the innovation hype
There are great expectations for innovation to drive corporate success. However, in many cases, innovation has not been living up to its own hype. It often fails to deliver expected returns, leaving companies wandering in the desert rather than arriving at the Promised Land.
Does this mean we should avoid innovation in the year ahead? Absolutely not.
What it means is that companies need to find their own processes and methods. They need to set aside appropriate resources and recruit the necessary sponsorship from leaders. In other words, companies must understand and map their own Path of Innovation to their Promised Land of Opportunity.
So, for 2015, remember Andy Warhol’s words:
“They always say time changes things, but you actually have to change them yourself”.
FROM THE START: Innovation looks easy – it’s not