This month, the Busines Performance Innovation (BPI) Network published a report, Innovation: The New Competitive Equation. The report examines innovation strategies and roadblocks in today's enterprise. According to the report, 79% of survey respondents currently rate their companies' commitment to innovation as very high or growing. While the intention is there, companies are still experiencing significant roadblocks.
BPI's report points out that as executives across industries are responding to profound global competition and business realignment, commitment to innovation is at the forefront of the minds of top companies around the world. Jim Stikeleather, Chief Innovation Officer at Dell, says: 'In the old model, one became successful by being efficient, and people were rewarded for achieving scale and efficiency within scale. But now the economy has shifted. Efficiency is not the key, innovation is. Future profits are going to come from your ability to consistently innovate. The problem is, policies and procedures are still stuck in that old model.'
The infographic below is based off of the report and provides a snapshot of why, and how, many companies are investing in innovation. Two hundred top executives across the globe were surveyed to get a deeper understanding of the state of innovation in the enterprise today.
To read the full report from the BPI Network, visit: http://www.bpinetwork.org/innovation-competitive-equation