Although innovation is increasingly led by the C-Suite, organizations still struggle to show results
Boston, Mass.— Dec. 4, 2013—Imaginatik (LSE:IMTK.L), a leading innovation management company providing a range of consulting and software services for enterprises, today released results from its 2013 State of Global Innovation Report. Based on a survey of senior business professionals, the survey results reveal an increasingly clear picture of the emerging role innovation plays in today’s business world.
The survey, conducted in Spring 2013, shows that companies are focusing on innovation as a dedicated response to competitive and technology pressures. Nearly two thirds of companies (63%) reported that innovation has been on the management agenda for more than two years, and more than half (56%) said that innovation is already an organization-wide competency being actively managed at the corporate level.
Furthermore, innovation is increasingly rising onto the C-level agenda. More than three-quarters (77%) of respondents named the CEO as the partial or primary driver of innovation initiatives, with sizable numbers also mentioning the Chief Strategy Officer (53%), Chief Marketing Officer (46%), and Chief Innovation Officer (42%). The majority of organizations (72%) also cited a cross-functional executive team as a driver of innovation activities.
Yet despite the newfound enthusiasm, actual progress on implementing innovation strategies is uneven. More than half of respondents (56%) mention that innovation strategy is a key unresolved challenge, and more than three-quarters (81%) say that lackluster follow-through on good ideas is a major impediment to innovation success. As a consequence, most organizations have not yet demonstrated clear business results from innovation activities.
“These findings suggest that innovation is emerging as a long-term, strategic business priority,” said Matt Cooper, CEO at Imaginatik. “However, it will take time and effort for companies to make headway on delivering consistent results through innovation. Imaginatik’s goal is to help them accelerate that process.”
The 2013 State of Global Innovation survey was conducted in the form of an online survey, and was fielded during the last two weeks of May 2013. Respondents were asked questions about the nature of innovation at their firms, including many open-ended questions that allowed for richer commentary and explanations than more traditional questions. In total, 204 qualified respondents (mid-senior level managers with a stake in innovation) answered the survey and their responses were included in the survey findings. Responding companies represent many industries, particularly weighted toward industrial manufacturing and professional services.
For further information please contact:
Lora Kratchounova – Scratch Media + Marketing
Bryan Mahoney – Imaginatik plc
Imaginatik is the world’s first full-service innovation firm with 17 years of experience building innovation into a sustainable competence at some of the world’s largest and most respected companies. Through a mix of consulting and advisory, hands-on innovation projects and program managements, and our award-winning enterprise software platform, Imaginatik helps clients develop innovation capability into a permanent competitive advantage. Imaginatik is the trusted partner of leading organizations including CSC, Ladbrokes, The World Bank, Cargill, Mayo Clinic, The Chubb Group of Insurance Companies, HCA, Windsor Foods, Dow Chemical and Goodyear.
Imaginatik is a public company whose shares are traded on the AIM market of the London Stock Exchange (LSE: Imaginatik.L) and is a World Economic Forum Technology Pioneer with offices in Boston, MA, and Fareham, UK. For more information visit www.imaginatik.com.