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How Companies Are Pursuing Innovation

By Dennis McCafferty  |  Posted 2015-09-30
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    How Companies Are Pursuing Innovation

    How Companies Are Pursuing Innovation

    The majority of U.S. executives said their company is leveraging innovation to stay ahead of the competition, and most expect to increase budgets for innovation.

The vast majority of U.S. executives surveyed said their company is leveraging innovation to stay ahead of the competition, according to a recent survey from NineSigma. Most of these executives expect their organization to increase budgets for innovation programs next year. When it comes to advancing such efforts, business leaders are willing to get creative, adopting gamification-styled approaches to motivate employees to find better ways to increase the level of innovation in their products and services. Another notable trend is the emerging concept of "open innovation," in which organizations embrace greater collaboration both internally and externally to fuel lasting growth and success. "We're pleased to see companies embracing open innovation, and now is the time to take it to the next level," said Andy Zynga, CEO of NineSigma. "It's crucial to bring the strategic planning functions together—marketing, R&D, procurement, etc.—with a unified understanding of how open innovation can deliver the most important competitive advantages." The findings contain generational comparisons for key topic points, and we've included some of those here.

Dennis McCafferty is a freelance writer for Baseline Magazine.
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