Too many companies 'failing to embrace innovation', survey finds
PA Consulting Group survey finds UK companies are potentially limiting progress and profitability by not embracing technological innovation due to a lack of "vision and passion" among executives.
11 April 2017
A survey of more than 800 business leaders has found that too many UK companies are missing out on the potential of technical innovation to drive progress and profitability.
The report said that organisations successfully embracing innovation showed a clear path for others, which should include deploying technology to meet customers' needs; design for innovation to take new products and services to the market faster; create an innovation culture within companies; and build a network for innovation, sourcing ideas from outside the organisation and building executive and leadership teams with a diverse range of skills and professional backgrounds.Frazer Bennett, chief innovation officer at PA Consulting Group said, "As we face the uncertainties of a post Brexit world, it is frustrating to see that many companies not yet taking advantage of the opportunities that offer potential for growth. The good news is that there are clearly identifiable steps for success, a set of tried and tested behaviours which are consistently displayed by those organisations who do succeed at innovation."We've found that innovation leaders design innovation into the heart of their business, use agile techniques right across their business, and are quicker to kill off 'zombie' projects. They have strong external networks and foster a culture that learns from innovation failures, as well as recognising success. We're optimistic that organisations can address the innovation conundrum and get better at employing innovative practices. This will help companies all around the world set themselves up for future health."For more related news and features, visit our Technology section.Access hundreds of global services and suppliers in our Online Directory
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Innovation crucial to survival, companies believe
The survey by PA Consulting Group found that, while two-thirds of organisations believed innovation was crucial to survival, only 28 per cent accepted that their own programmes were good enough to drive growth and increase revenue.Additionally, the survey found unease among senior executives over the ability of their own CEOs to lead from the front when it came to embracing innovation - 66 per cent said they felt their chief executives "lack the vision and passion necessary to make innovation happen".Also, only 24 per cent considered that their company boards prioritised innovation, with 40 per cent considering that business heads rejected potentially revolutionary ideas for fear of failure."At a time when some organisations are adopting a cautious posture in the face of global political and economic headwinds, investing in innovation is more important than ever," PA said in a statement.Innovation starts with leaders and leadership
"PA's research on 'innovation leaders' - organisations realising a substantial increase in revenue and growth as a direct result of their innovation activity - makes clear that innovation not only helps organisations survive but thrive amidst uncertainty. "Innovation starts with leaders who recognise its importance and are willing to do something about it. Globally, 81% of the innovation leaders profiled in the report offer their employees an inspirational sense of purpose. Yet in the UK, over three-fifths of senior executives feel that UK CEOs are not fully leading from the front and lack the vision and passion necessary to make innovation happen."Related articles:
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The report said that organisations successfully embracing innovation showed a clear path for others, which should include deploying technology to meet customers' needs; design for innovation to take new products and services to the market faster; create an innovation culture within companies; and build a network for innovation, sourcing ideas from outside the organisation and building executive and leadership teams with a diverse range of skills and professional backgrounds.Frazer Bennett, chief innovation officer at PA Consulting Group said, "As we face the uncertainties of a post Brexit world, it is frustrating to see that many companies not yet taking advantage of the opportunities that offer potential for growth. The good news is that there are clearly identifiable steps for success, a set of tried and tested behaviours which are consistently displayed by those organisations who do succeed at innovation."We've found that innovation leaders design innovation into the heart of their business, use agile techniques right across their business, and are quicker to kill off 'zombie' projects. They have strong external networks and foster a culture that learns from innovation failures, as well as recognising success. We're optimistic that organisations can address the innovation conundrum and get better at employing innovative practices. This will help companies all around the world set themselves up for future health."For more related news and features, visit our Technology section.Access hundreds of global services and suppliers in our Online Directory
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