83% Rank Innovation High, Only 3% Ready

By Author: Ben Gross
Total Articles: 460
Comment this article

Companies are placing a higher emphasis on innovation than ever before, but they are not adequately prepared to meet those goals. A recent report from Boston Consulting Group (BCG) revealed that while 83% of senior executives consider innovation a top priority, only 3% of companies are considered "innovation ready" in 2024, a significant decrease from 20% in 2022.

BCG's 18th annual innovation study, titled Innovation Systems Need a Reboot, evaluated companies' innovation maturity and surveyed over 1,000 senior innovation executives globally.

Despite the high priority given to innovation, less than half (48%) of the executives surveyed believed that their organization was effectively linking business and innovation strategies, with only 12% reporting strong connections that led to tangible results. However, the level of innovation activity has remained consistent.

Justin Manly, a BCG managing director and partner, expressed concern over organizations merely going through the motions of innovation without a clear strategy. He emphasized the importance of strengthening the connection between innovation and business strategies to regain focus and drive progress.

More Information : https://www.techdogs.com/tech-news/pr-newswire/83-of-companies-rank-innovation-as-a-top-three-priority-yet-just-3-are-ready-to-deliver-on-those-innovation-goals