What do the world’s most innovative companies have in common?
For today’s business leaders, innovation is the art and science of anticipating the future. It is about understanding what the full potential of new technologies might be. It is knowing what customers need and want. It is about building organizational capabilities to execute and deliver.
The most successful companies, sharing the following approach towards innovation, are:
- Organized in ways that support systemic innovation. Ideas can come from anywhere. These companies align innovation activities directly with business objectives, pursue “open” innovation structures and create specialized innovation teams.
- Aligned to make innovation thrive as part of their culture. Innovation should not be sporadic or reactionary. Successful companies maintain a clear focus on innovation across all business activities.
- Using processes that convert ideas into real innovation. High-growth companies measure the impact of everything, relentlessly. The most successful organizations are 48% more likely to measure the financial returns from innovation investments.
Innovation is a systematic discipline that can be embraced by all organizations. Adopting a more rigorous approach to innovation is the first step to position as innovation leaders of the future.
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