Challenges in Dealing With the Innovation Gap
While most senior executives recognize the importance of innovation within their organization, only a minority of companies have implemented a dedicated innovation process, according to a recent survey from Twisthink. On the encouraging side, most executives believe their organizations are innovative, especially in business-impacting areas such as the customer experience, products and services improvements, and developments in IT. In terms of technology, mobility, automation and the internet of things (IoT) are playing a lead role in enabling innovation. That said, companies face a number of formidable challenges in their innovation efforts, including a lack of involvement from the leadership team, inadequate staffing and budgets, and the need for the less tangible but critical innovation culture. "Innovation is not simply summoned," said Bob Niemiec, managing partner at Twisthink. "It requires process, discipline, and the vision and alignment from the highest levels of leadership to thrive. [C-Suite executives] must be actively engaged, invested and open in order to enable the innovation they are seeking. … Innovative leaders embrace emerging technologies, excellence in design and are students of new business models that exist beyond their own industries." An estimated 200 senior executives took part in the research.