Why business leaders continue to struggle with innovation
Roger Trapp | Forbes | 10 April 2017
PA’s new research, ‘Innovation Matters’ which surveyed 821 global business leaders, is the focus of a news article at Forbes. The article looks at what enterprises of all sorts can learn from the innovation leaders.
PA’s Chief Innovation Officer, Frazer Bennett speaks about the UK’s productivity problem with a “sense of frustration” about “how little has changed” since PA first published research on this topic. The article says that despite these challenges there are many pointers for companies to innovate successfully.
The article explores that while technologies have facilitated innovation, they are not the whole story. PA’s Chief Executive, Alan Middleton is quoted as saying that “companies are redefining what they do, and change is taking place so fast that established organisations suddenly find they exist in entirely new industries.”
It goes on to note that companies are finding it harder than ever before to define which industry they belong to. “Boundaries are blurring. And many organisations feel less in control than ever before,” Alan adds.
Innovation Matters: What are the 'innovation leaders' doing right?
Download the report
Despite there being opportunities when it comes to innovation, Alan says that: “The inconvenient truth is that, despite the power of new technologies, and the ability of innovation to unlock new growth opportunities, too many organisations are missing out.”
The article explains that companies can learn from the innovation leaders. Frazer notes that: “the good news is that there are clearly identifiable steps for success, a set of tried and tested behaviours which are consistently displayed by those organisations who do succeed at innovation.” It goes on to identify four characteristics of innovation leaders, identified by PA in the report.
It concludes that leadership is important when it comes to innovation and that innovation requires “a clear purpose statement, quantifiable goals and a strategy for engaging the organisation.” With uncertain times ahead innovation has a key role to play for all companies, so it’s important that we learn from the successful innovators.