Nurturing an innovation culture can be something of a challenge for companies today, especially across different functions. Yet organisations who do so successfully are more likely to be high-performers, according to a recent study.
The State of Innovation report shows that high-performing companies – those in the top 15% of financial performance compared to competitors – nurture a culture of innovation across every business function, including HR, finance, sales, product and marketing.
By benefitting from an environment in which creativity and innovation is encouraged across the board, the study found that these successful organisations are almost three times more effective at idea generation than lower performers.
Building a culture of innovation, founded on the collaboration between a company’s various levels and departments, is not an easy feat. We share our insights on how to build a collaborative innovation culture to drive business growth here.