Thoughts

Innovation management

If 75% of CEOs claim that their strongest competitive advantage is unique products and services supported by processes that can power them to market why do only 20% of them have an innovation management system? Or a clear “journey” of how ideas get selected, backed and taken to market.  Just under half have a well defined innovation strategy but 47% say that they lack clear cut competencies for innovation.  Innovation management, that curious blend of creativity and discipline, is a long way off from being seen as a professional function like marketing, HR or client management.

It is interesting that some companies do see innovation as a function and create R&D labs or innovation departments, whereas others see it as more of an organic process that should exist everywhere and not be siloed. Whilst the latter is generally considered the best strategy quite often it is just left to chance. Whose job is it to ensure that innovation is seen as an integral way of working for everyone?