What Turns Companies Into World-Class Innovators?
Did you ever carefully consider what separates the greatest innovative companies from the also-rans? A key differentiator is that organizations that can claim elite status aren't afraid to accept failure, according to a recent survey from the Boston Consulting Group (BCG). These companies also frequently approach innovation in a systemic manner, coming up with "intelligent" launch plans and defined product specifications. It's also essential to staff projects with proven, strong managers. With this, organizations can overcome common innovation barriers, which include lengthy development times, a risk-adverse corporate culture and a lack of great ideas, findings reveal. The growing significance of innovation within business strategies has also redefined the role of technology, with the IT department acquiring a broader, more impactful presence organization-wide. "In most companies, technology used to live in its own silo—the IT department," according to the report. "Today, digital, mobile, big data and other technologies are used to support and enable innovation across the organization, from new-product development to manufacturing to go-to-market strategies in multiple industries. … Innovation is one of a handful of growth strategies that companies employ. At a few companies, it's the primary strategy." The research also includes a ranked listing of the 50 most innovative companies, and we've highlighted the top 10 here. Approximately 1,500 global executives took part in the research.