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Fortune 1000 Execs Cite Lack of Innovation Tools, Processes

Posted on Thu, Oct 21, 2010
  
  
  
  

A new survey from Harris Interactive looks at  Fortune 1000 Executives' Perspectives on Enterprise Innovation. 

While 95% of the 300 Fortune 1000 executives surveyed recognize the criticality of innovation to future growth, more than half of those surveyed admit that their company has no system, tools or processes for fostering enterprise innovation and at least a third of those surveyed see the lack of such tools and processes as barriers to innovation at their company.

Certainly, in order to promote innovation, companies should foster an innovation culture from the CEO down.  In the survey, the executives overwhelmingly saw the role of the CEO as critical in defining and supporting a company's overall innovation strategy - with 92% saying the CEO should foster a culture of innovation and another 78% saying the CEO should fund innovation initiatives.

But fostering and funding innovation is not enough.  To achieve optimal product innovation, the overall survey findings suggest that compinnovation legupanies must first develop or improve operations and processes that can serve as the foundation for their creations.  More than half of the executives surveyed conceded that their organization does not focus enough on enterprise innovation.

For innovation to truly prosper, companies must arm innovation workers with innovation tools and methods and access to relevant innovation content to help them collaborate, conceive and vet ideas and tackle inventive problem solving.  Doing so will bring about new efficiencies, accelerated time-to-market, more differentiated products and greater innovation ROI (not to mention a leg up on competition).

What is your organization doing to bring structure, content and tools to the innovation process?

 

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Comments

Innovation in organizations is a challenge for sure. In many cases companies are expecting the innovation they come up with to lead to great new sources of revenue. A productive alternative view is focus on how external change and innovation creates new challenges and issues for customers and then to think innovatively to create and deliver experiences and outcomes they will find meaningful and of value. Social computing tools can foster collaboration and collective intelligence to make this happen but it won't happen unless people become engaged. To make this happen it is critical that employees engage in roles rather than the tasks or jobs they are typically assigned in a command/control organization. They must be free to engage in implicit learning where they think about the implication of external change and are free to share their ideas with people in their organization who have overlapping roles. 
 
The Alliance for Business Innovation is a nonprofit organization dedicated to helping companies make this shift. Check us out atwww.alliancebi.org and join us in this journey. 
 
John I. Todor, CEO
Posted @ Friday, October 22, 2010 3:49 PM by John I. Todor
"In many cases companies are expecting the innovation they come up with to lead to great new sources of revenue." You hit the nail on the head. Too many executives fail to understand that unless innovation delivers a payback, it is essentially a useless exercise. Why would you try anything new if you did not anticipate a gain of some sort? Yes, the whole purpose of innovation is to swim out of red oceans and to obtain more profitability than competitors. This also makes sense from a Darwinian point of view, where evidence suggests Darwin's finches morphed into various sub-groups in order to avoid competing with one another for food. The birds innovated. Their payback was survival.
Posted @ Sunday, October 24, 2010 7:33 AM by Jonathan Hayes
I think I may be able to "add value" to this topic. In ireland the national Standards Authority of Ireland have recently developed the "Guide to Good Practice in Innovation and Product Development Processes.  
 
The Scope of the document is defined thus"This document describes the innovation process. it is intended to raise the standard of innovation in organisations and outlines the minimum requirments ffor sucessful innovation. It allows the reader to consider elements of the porcess in an overall business context, typically: 
 
-What opportunities will provide the best chance of business success? 
 
-how should they be developed to maximise the benefits to the companies." 
 
It was developed through a National Workshop Agreement forum where mainly senior managers from sucessful Irish and international companies operating in ireland together with professors from leading Irish universities participated. 
 
As a consultant in innovation operating mainly with SME's i have begun to use this framework as a model on which to sell the concept to senior managers and owners. They are more receptive when they see an approved guide being used to outline a process rather than consultant speak. 
 
i would be interested in finding out if there are any other similar national guides to innovation available. 
 
Should anybody be interested in a copy let me know and I will provide information on where the guide may be acquired.
Posted @ Monday, November 01, 2010 12:16 PM by Micheál Finnegan
For optimal product innovation, the overall survey results suggest that legupanies compinnovation must first develop or improve operations and processes 
 
Posted @ Tuesday, July 12, 2011 5:44 AM by Business Directory
Der Artikel ist lesenswert, Ich mag. Ich halte die neuen Elemente
Posted @ Friday, May 11, 2012 3:54 AM by new era casquette
Vielen Dank für einen anderen großen Blog. Wo sonst bekommen Sie diese Informationen in schriftlicher Form so vollständig aufzuhetzen? Ich schon immer gesucht haben.
Posted @ Monday, May 14, 2012 3:04 AM by mbt prix
 
Nuttige info. Gelukkig mij persoonlijk ontdekte ik uw site per ongeluk, maar ook Iam de reden verbaasd waarom dit specifieke incident didnat zich eerder! Wij redden dit
Posted @ Wednesday, May 16, 2012 3:48 AM by maillot football
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