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The
State of Innovation - by Jessie Scanlon and Reena Jana
It's not just a
buzzword—three recent surveys find innovation is still a high priority with
a majority of executives across industries and across the world |
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For
most business leaders, the dusk of 2007 is a time of transition and, well,
uncertainty: Will the U.S. dollar continue its slide? How deeply will the
problems of the home mortgage market affect the broader
international
economy? Do China, Google (GOOG), and the next presidential administration
pose threats or opportunities?
But when it comes to "innovation," there is at least some agreement among
senior executives. This year, surveys from three leading
consultancies—Boston Consulting Group, McKinsey & Company, and Booz Allen
Hamilton—show innovation remains a high priority for most corporate leaders
around the world. There's consensus across industries that innovation is a
key growth driver. Unfortunately, the surveys also reflect a broad belief
that most companies don't have the leadership, systems, or tools to
successfully and consistently innovate.
Implementing innovation isn't as straightforward as running a Six Sigma
program, which makes it harder to do and harder to measure. The studies take
a variety of approaches, often combining more than one. The McKinsey and BCG
studies are essentially opinion surveys, with respondents
answering
questions about how innovation happens in their companies and, in the case
of BCG, identifying other companies they believe are most innovative. Both
surveys leave it to the respondents to define the term.
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